Yatra Online Limited announced on Monday that it has entered into a definitive agreement to acquire 100% of Globe All India Services Limited (Globe Travels), a corporate travel services provider for Rs 128 crore in cash.
The company said through this acquisition, it will gain Globe Travel’s portfolio of approximately 360 corporate customers and annual gross bookings of approximately $ 90 million. “This strategic acquisition further solidifies Yatra’s position as the leader in the corporate travel sector and marks a significant expansion of its corporate customer footprint in India,” the company said in a statement. Yatra said it adds 360 Globe customers to its current base of over 850 corporate clients through this acquisition. Globe Travels is known for its presence in the Meetings, Incentives, Conferences, and Exhibitions (MICE) space. The company said this acquisition will enable it to leverage cross-selling opportunities for hotels and its expense management platform.
“With annual gross bookings of $ 90 million and Adjusted EBITDA margins of over 20%, this acquisition is expected to be immediately accretive to Yatra’s financials, with further potential for margin expansion as synergies are realized. Given that the majority of Globe Travel’s business is currently offline, this acquisition presents a strategic opportunity to integrate our Corporate Self Booking Platform in to Globe Travel’s customer base, thereby enhancing synergies and driving further value creation,”, Yatra said in a statement.
Dhruv Shringi, co-founder and CEO of Yatra said the acquisition aligns with the company’s strategy to deepen its presence in key verticals and markets while further strengthening its corporate travel and MICE capabilities.
“Globe Travels’ expertise in corporate travel and MICE and outstanding service record complement Yatra’s existing offerings, allowing us to provide an even more comprehensive and tailored travel experience to our clients across India,” he added.
