India's Yatra raises $15m from InnoVen

The company will use the new debt capital to expand its customer base and diversify its services. This is InnoVen’s second investment in Yatra, after providing the company with $4 million in 2013. That investment was paid off at the time of Yatra’s backdoor listing last year.

Launched in 2006, Yatra offers online travel services aimed at both leisure and business travelers in India, including domestic and international air ticketing, hotel booking, and holiday packages. The company recently acquired corporate travel services provider Air Travel Bureau, making the combined company the largest such operator in India.

NASDAQ-listed Terrapin 3 Acquisition Corporation agreed to acquire Yatra last year and relist under the Yatra brand in order to accelerate Yatra’s growth through increased access to capital and financial flexibility. The stock debuted in December at $10 per share and has dropped as low as $7.88 in March. It most recently closed at $11.83.

The Yatra deal represents the biggest investment to date for InnoVen, which was founded in 2008 as SVB India and renamed after its acquisition in 2015 by Singapore’s Temasek Holdings. The firm sees venture debt as a promising asset class as Indian companies mature and seek funding options beyond venture capital.

InnoVen co-founders Ajay Hattangdi and Vinod Murali recently departed the firm to start their own venture debt business. Their new firm, Alteria Capital, is targeting $155 million for its first fund, which it plans to close early next year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Consumer
• Technology
• Financing
• Expansion
• India
• Innoven Capital
• TMT
• Structured finance