New Delhi: Yatra said it has completed the transaction with Terrapin 3 Acquisition Corporation (TRTL), which will result in TRTL becoming a partially owned subsidiary of Yatra.
Shares of the new entity will start trading on the US stock exchange Nasdaq under the ticker symbol YTRA, Yatra Online said in a statement.
As a part of this process, Yatra has raised more than USD 92.5 million of primary capital from global investors, and the merged entity, ‘Yatra Online Inc’, will continue to be led by Yatra’s management team, Yatra Online Inc said in a statement.
Commenting on the development, Yatra Co-founder and CEO Dhruv Shringi said: “It’s a matter of great pride for us to be one of the few Indian companies to be listed on Nasdaq”.
Over the course of the past decade, Yatra has established itself as one of the leading brands and companies in the Indian Internet space, he added.
“We believe Yatra is uniquely positioned to benefit from the continued vibrant expansion of India mobile technology by India’s flourishing consumer class,” Terrapin 3 Acquisition Corporation Chairman Nathan Leight said.
In July 2016, Yatra Online Inc and Nasdaq listed Terrapin 3 Acquisition Corporation had entered into a merger agreement that puts Yatra enterprise value at USD 218 million.
“Yatra will be the surviving company in the transaction and intends to be listed on the Nasdaq stock market under the symbol ‘YTRA’ following completion of the transaction,” Yatra had said in a statement.
Founded in 2006, Yatra has investors comprising of Reliance Capital, IDG Ventures, Norwest Venture Partners, Valiant, Network 18, Vertex Ventures, Macquarie, Intel Capital and RVCF.
Yatra has hotel network of 61,000 hotels in India. With more than four million customers, it has emerged as a trusted e-commerce travel brand in India.
PTI