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Yatra Online Limited (YOL) is India's largest corporate travel service provider and the third-largest online travel company. They offer integrated travel solutions to corporate clients as well as direct consumers. YOL has an impressive client base with approximately 813 major corporate clients and around 49,800 MSME clients, boasting a remarkable 98% retention rate.

YOL has an extensive network of hotel tie-ups, including 1,05,600 domestic hotels and more than 2 million international hotels, making it a leader among online travel agency (OTA) players. They also collaborate with over 7 domestic and 400+ international carriers. Airline and hotel bookings are the primary revenue drivers, contributing 84% and 12% of gross booking revenue for FY23, respectively. Additionally, YOL offers other services like train, cab, bus bookings and ancillary services.

The company aggregates corporate demand by integrating with client’s software, enhancing user-friendliness, personalized services through data analytics and scalability for clients and creating switching costs. They provide services through a mobile application with over 26 million downloads and a website with 184 million+ visitors in FY23. The corporate business creates an opportunity to build direct consumer market through cross selling. The bookings for Air Passengers have grown at a CAGR of 46% from 2.6mn in FY21 to 5.6mn in FY23 whereas the hotels room nights bookings grew from 0.5mn in FY 21 to 1.7mn in FY23. In terms of financial performance, YOL generated revenue of 380 Cr. for FY23 and achieved an EBITDA of 670 Cr. with a blended margin of 17.62%. Segment-wise margins are 7.6% for air ticketing, 13% for hotels, and 6.3% for other services.

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