InnoVen Capital announces Rs.100 crore funding to Yatra for global expansion
Venture debt firm InnoVen Capital recently closed a cross-border funding deal of Rs.100 crores with online travel firm Yatra, making it 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.
The debt capital will be utilised to meet the growth and diversification needs of Yatra and to add to its list of services that further enrich travel offerings for its users.
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.
Yatra recently announced the acquisition of Air Travel Bureau Ltd., an independent corporate travel services provider, making the combination the largest corporate travel services platform in India.
"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," said Chin Chao, Interim CEO, InnoVen Capital India and CEO, InnoVen Capital South-East Asia
Yatra recently announced the acquisition of Air Travel Bureau Ltd., an independent corporate travel services provider, making the combination the largest corporate travel services platform in India.
"After having raised USD 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," said Group CFO Yatra, Alok Vaish.
-ANI
