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Yatra raises $23 mn for business expansion

Delhi

Gurgaon-based Yatra Online Travel, the company behind the online travel portal Yatra.com, has raised Rs 140 crore ($23 million) led by IDG Ventures and Vertex Venture Management, the VC investment arm of Singapore’s sovereign wealth fund Temasek. Existing investors including seed investor Norwest Venture Partners (NVP) also participated in this round.

The fresh capital will be used to accelerate the company’s growth plans by enabling Yatra to further strengthen its position in the domestic hotels and holidays businesses, besides strategically investing in mobile technology, the firm said in a statement.

“We are focused on expanding our reach in the market and further diversifying our business by growing the hotels and holiday packages business. This new investment will enable us to enhance our mobile technology, and also strengthen our execution capabilities,” said Dhruv Shringi, co-founder and CEO of Yatra.com.

“The investment in Yatra represents our Fund II’s strategy of selective growth investments in market leading technology companies. This is a highly experienced and cohesive team that has demonstrated an outstanding track record and shown continued growth in the expanding online travel market in India,” said Sudhir Sethi, founder, chairman and MD of IDG Ventures.

Read the full report here, VCCircle

 

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