BENGALURU: India’s second largest online travel platform Yatra has closed Rs 100 crore (around $15.4 million) in venture debt from Temasek-backed venture debt firm Innoven Capitals. The funds will largely be used for its growth needs. This is the biggest the venture debt deal for any Indian business.
The NASDAQ-listed company had recently ramped up its corporate travel services platform by acquiring corporate travel service Air Travel Bureau for cash-and debt deal for undisclosed amount. The company had previously got $4 million as venture debt from InnoVen in 2013.
“We are very happy to partner again with InnoVen in the largest venture debt deal for any Indian business. After having raised $92 million through our Nasdaq listing in December 2016, this debt funding provides us additional capital for our growth needs. InnoVen’s credit exposure to Yatra is another strong reaffirmation of our business fundamentals,”
-said Alok Vaish, Yatra’s Group CFO.