Online travel platform Yatra Online is all set to acquire Globe All India Services Ltd. (Globe Travels) from Ramkrishna Forgings Ltd for Rs 1280 million in cash.
The company informed the same on September 2 in an exchange filing and mentioned that with the help of the acquisition, Yatra will gain Globe Travel’s portfolio of approximately 360 corporate customers. This strategic acquisition further strengthens Yatra's leadership in the corporate travel sector and expands its corporate customer base in India, according to a company statement.
Dhruv Shringi, co-founder and CEO of Yatra, mentioned in an exchange filing, “We are thrilled to welcome Globe Travels to the Yatra family. This acquisition aligns with our strategy to deepen our presence in key verticals and markets while further strengthening our corporate travel and MICE capabilities.” Shringi further stated that the acquisition would help give a “tailored travel experience to our clients across India.”
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Through this acquisition, Yatra Online has incorporated 360 Globe customers into its existing base of over 850 corporate clients. This move will also enable Yatra to capitalize on cross-selling opportunities for hotels and its expense management platform, offering tailored travel solutions to meet the specific needs of these customers, according to a company filing.
Another key area of the acquisition is the fact that the corporate self-booking platform of Yatra Online can be integrated into Globe Travel’s customer base, which is mostly offline. “Globe Travel’s corporate clients will benefit from increased efficiencies and reduced costs through Yatra’s digital platform,” the company mentioned in an exchange filing.
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Yatra Online Limited is a corporate travel service provider with over 850 business clients. The company offers information, pricing, availability, and booking options for both domestic and international flights, hotel reservations, and more. Globe Travels is also a corporate travel service provider, well-known for its expertise in managing corporate travel and MICE.
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