MUMBAI and NEW YORK, September 26, 2017 /PRNewswire/ --
InnoVen Capital, Asia's leading venture debt firm, recently closed a cross-border funding deal of USD 15.4 million with Yatra (http://www.yatra.com). NASDAQ-listed Yatra (NASDAQ: YTRA,OTCQX: YTROF) is India's leading online travel company and provides a full range of travel-related services such as domestic and international air ticketing, hotel booking, homestays, holiday packages, bus ticketing, rail ticketing, activities, attractions and ancillary services. Yatra recently announced the acquisition of Air Travel Bureau Ltd., which is India's largest independent corporate travel services provider, making the combination the largest corporate travel services platform in India. This financing round by InnoVen Capital is the largest venture debt funding provided to any Indian business and also the largest venture debt deal funded by any venture debt firm in India.
InnoVen Capital India had previously extended a USD 4 million venture debt facility to Yatra in 2013 while the latest funding is the second round of financing to the company. The debt capital will be utilized to meet the growth and diversification needs of Yatra and to add to its list of unique services that further enrich travel offerings for its users.
Commenting on the investment, Chin Chao, Interim CEO, InnoVen Capital India and CEO, InnoVen Capital South East Asia said, "Having observed Yatra and its excellent progress over the last five years, we are proud to again partner with the Company, this time at a different stage in its lifecycle. Through InnoVen's cross-border funding capability and our confidence in Yatra's management team, we were able to meet the financing needs of Yatra across different geographies."
Speaking on the relationship with InnoVen, Alok Vaish, Yatra's Group CFO said, "We are very happy to partner again with InnoVen in the largest venture debt deal for any Indian business. After having raised US$92 million through our NASDAQ listing in December 2016, this debt funding provides us additional capital for our growth needs. InnoVen is a market leader in venture debt funding in India and their credit exposure to Yatra is another strong reaffirmation of our leadership position in Indian online travel space and strong business fundamentals."
About InnoVen Capital
InnoVen Capital is Asia's leading venture lending firm providing debt capital to high growth ventures. Started in 2008 as the first dedicated venture debt provider in India, the platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. The firm has since then expanded to South East Asia and China. Till date, InnoVen Capital has provided over 165 loans to more than 120 startups across various stages and geographies, including Oyo Rooms, Swiggy, Pepperfry in India and 123RF, Red Doorz and Oway in South East Asia. For more information, please visit http://www.innovencapital.com and follow us at @InnoVenCap_IN | @InnoVenCap_SG.
SOURCE InnoVen Capital