Yatra Online, Inc.
Investor Presentation
February 2023
Disclaimer
This presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of any offer to buy, or a recommendation to purchase any securities of or any of its affiliates (as such term is defined under the U.S. federal securities laws). The presentation shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities. This presentation shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Forward-Looking Statements
The statements in this presentation that are not historical facts are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "project", "budget", "forecast", "intend", "plan", "may", "will", "could", "should", "predicts", "potential", "continue", and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Yatra operates. Yatra's beliefs and assumptions are made by its management and are not predictions or guarantees of actual performance. Accordingly, actual results and performance may materially differ from results or performance expressed or implied by the forward-looking statements. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any forward-looking statements or other information contained herein. Factors that could cause future results and performance to differ from the forward- looking statements include but are not limited to: (1) Yatra's history of operating losses; (2) competition in the Indian travel industry; (3) declines or disruptions in the Indian economy; (4) risks relating to any unforeseen liabilities of Yatra;(5) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, losses and future prospects; businesses and management strategies and the expansion and growth of the operations of Yatra; (6) the limited liquidity and trading of Yatra's securities;
- changes in applicable laws or regulations; (8) the possibility that Yatra may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in Yatra's filings with the Securities and Exchange Commission (the "SEC").
Yatra cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in Yatra's most recent filings with the SEC. All subsequent written and oral forward looking statements or other matters are expressly qualified in their entirety by the cautionary statements above. Yatra cautions readers not to place undue reliance upon forward looking statements, which speak only as of the date made. Yatra undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-IFRS Financial Measures
In addition to the IFRS financial measures, this presentation includes certain non-IFRS financial measures, including Adjusted Revenue, Adjusted EBITDA (Loss), Net Revenue Margin and Gross Bookings. The non-IFRS measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under IFRS as issued by the IAB. The Company considers these non-IFRS financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance and are used by the Company's management for that purpose. All non-IFRS financial measures are reconciled to their directly comparable IFRS financial measures. These reconciliations are presented in the Appendix at the end of this presentation.
Industry and Market Data
Industry and market data used in this presentation have been obtained from industry publications and sources as well as from research reports prepared for other purposes. While Yatra believes such information to be reliable, it has not independently verified the data obtained from these sources.
Other
All years are calendar years unless otherwise noted as "fiscal year" or "FY".
Yatra Online Inc. | Investor Presentation | Private & Confidential | 2 |
About Yatra
Yatra - At a Glance
Zero to billion $ TTV
in 10 years
Largest corporate travel player
in India
Only Integrated Corporate Tech player
in India
Superior Corporate Governance
Yatra Online Inc. | Investor Presentation
Business Overview
- Founded in 2006 having a long demonstrable history of building scalable businesses
- Go-to-marketstrategy that spans the entire value chain of travel and hospitality covering B2C and B2B segments
- Yatra's multi-channel approach is a competitive advantage in the emerging Indian market
- Customer base of ~ 800+ large corporates with addressable employee base of 7+ million employees
- Well diversified corporate customer base with no customer accounting for more than 2% of TTV (per FY23 performance)
- Real-timeand Integrated Tech Platform that meets all the needs of corporate travelers in a seamless way
- Accessible through Desktop and Mobile apps.
- Experienced management team and strong corporate governance comprising industry executives with deep roots in the travel industry with 90+ years of accumulated experience
- Experience of being a NASDAQ listed company and managing public shareholders
Private & Confidential | 4 |
Yatra US (YTRA) vs. Yatra India (YATRA) - Valuation
Yatra US listed Shares (YTRA) Trading at a Significant Discount to Yatra India Shares
NASDAQ: YTRA | NSE: YATRA | ||||
A | Current Share Price | $1.25 | J | 147.45 | In INR |
B | Listing Country | US | INDIA | ||
C | Shares Outstanding (in Milions) | 64.37 | K | 156.3 | |
Shares Bought back | 2.33 | ||||
Adjusted Shares Outstanding | 62.04 | ||||
D | Market Cap ($Millions) | 107.19 | L | 276.1 | |
E | YTRA Ownership of YATRA India (64.46%) (no. of YATRA shares in Mill) | 101.16 | |||
F | YTRA ownership value of YATRA (In $Million) | $178.67 | M | 83.48 | USD/INR Exchange Rate |
(E * J / M) | |||||
G | YTRA per share value based on YATRA Valuation | $2.88 | |||
H | YATRA India shares trading at a premium of | 130% | to YTRA | ||
OR | |||||
I | YTRA US Shares trading at a discount of | 57% | to YATRA |
* Assuming an outstanding share count of 63,795,829
Yatra Online Inc. | Investor Presentation | Private & Confidential | 5 |
Key Highlights
Unique "go-to-market" strategy that spans across the entire value chain of travel and hospitality
-
§ Largest Corporate travel services provider;
§ One of the largest OTAs in India
Corporate Business -
- Driven by deep tech capabilities and customer stickiness
Scaled Up B2C business -
- Yatra one of the most well recognized travel brands in India
Emerged Stronger Thru Covid -
- Poised for Margin Expansion
Comprehensive and scalable Tech platform providing seamless customer experience
Strong Corporate Governance and seasoned management team with proven execution capabilities
Multiple growth levers to deliver sustainable growth
5
6
7
Yatra Online Inc. | Investor Presentation | Private & Confidential | 6 |
1 Unique Multi channel approach - Only player in India
While other Indian OTAs focus mainly on the B2C segment, we deliver a full suite of leisure and corporate offering that enables us to target travelers holistically and get better leverage on customer acquisition and technology cost
The Yatra Platform
B2B - Corporate | B2C | |||||
Focus on the "right demographics" | Leverage our brand and business footprint to grow | |||||
- the business traveler, India's main consuming class | our B2C business | |||||
~$32 B | <5-10% | ~90% | ~800 | ~$19 B | ~38% | ~14 M |
Corporate travel | Online penetration for | Offline consumer | Corporate clients(6) | Consumer travel | Online consumer | Consumers(3) |
industry market(4) | corporate travel(5) | travel market(7) | Industry market(1) | penetration for Hotel | ||
and Air(2) |
- Research done by Strategy& for the company- Market in 2017
- Phocuswright; Online Travel in India: 10th Edition (2017); online refers to online leisure / unmanaged business travel in India consumer market
- Cumulative as of March 31, 2023; does not include data for B2B businesses
- Research done by Strategy& for the company- Market in 2017
- Management estimates for India online penetrations for corporate travel
- Count as of March 31, 2023
- Phocuswright Offline Market percentage for Air & Hotels for 2017E in India consumer market
Yatra Online Inc. | Investor Presentation | Private & Confidential | 7 |
Access to Multiple Revenue Streams
Convenience fee | Fees, incentives and extras |
Management fee | GDS revenue |
Customers | Suppliers |
Product and services revenue | Marketing and other revenue |
1 | 2 | 3 | 4 | 5 | 6 | |||||
Less dependency on | Diversified revenue base - | Revenue mix - | Income such as Deposit | GDS income - | Revenue received from | |||||
incentive, Target linked | ||||||||||
transaction fee as compared | No customer accounting for | ~70% of revenue contributed | Yatra is paid a fixed fee for | services such as | ||||||
bonuses and special tactical | ||||||||||
to competitors due to higher | more than 2% of total | by Air, ~16% from H&P while | each booking made through | advertisement, tactical | ||||||
discounts, upsell etc. are | ||||||||||
corporate mix | transaction value in FY23. | balance is contributed from | the GDS system | partnerships with other | ||||||
received from LCCs | ||||||||||
other services such as Cabs, | brands, insurance etc. | |||||||||
rail, advertisement | Ability to grow this income | |||||||||
income etc. | further, post the funds | |||||||||
received from India IPO. | ||||||||||
Yatra Online Inc. | Investor Presentation | Private & Confidential | 8 |
India's Leader in B2B Travel
16 years of travel experience with 8 years of specialization in Corporate Travel
India's leading B2B Corporate platform by total spend and number of customers
Proprietary end-to-enddigital solution powering an omni- channel service platform
Real-timeand Integrated SaaS Platform that meets all the needs of corporate travelers in a seamless way
Customer base of ~800 large corporate customers with addressable employee base of 7+ million employees
Highly diversified customer base
Customer touchpoints include website, mobile applications, travel agents and call centers
(1) Data as of 31 March 2023
Yatra Online Inc. | Investor Presentation
Industry overview
Yatra Overview
US$32B
Indian Corporate Travel Market Size
400,000+
SMEs
~50K
SME customers(1)
~800
Corporate Customers(1)
~30K
Travel Agents(1)
Private & Confidential
13,000+
Total Corporate Customers
~10%
Online penetration for corporate
travel market
~98%
Customer Retention(1)
68% of Top 100
Customers with tenure > 5 years
91% of Top 100
Customers with tenure > 3 years
One of India's Largest OTA Platform
Yatra is one of the most well recognized travel brands in the country, having won numerous awards
A one-stop-shop for customers leisure travel needs
~90% of our total traffic comes from direct and organic channels - testament to our strong brand recall
Comprehensive and scalable tech platform providing seamless customer experience
Industry
US$19B
B2C Travel Market Size
~14M
Registered Customers(1)
~38%
Online penetration for Air and Hotel
~75%
Business from Repeat Customers(3)
Customer touchpoints include website, mobile applications, | Overview | ~184M |
Total Consumer Visits(2) | ||
retail stores and call centers | ||
Largest platform among all Indian OTAs with ~106k domestic | Yatra | ~106K |
hotels and homestays contracted in ~1490 cities, with strong | ||
presence across Tier II & III cities | Largest Hotel Listings among all OTAs(3) | |
Supplier of choice for Hotel inventory to other players in the | ~26M | |
industry including Domestic & International OTA's and B2B | ||
players. | ||
Mobile App Downloads |
(1) Cumulative as of March 31, 2023; does not include data for B2B businesses (2) For the period April 2022 to March 2023 (3) For the period Fiscal year FY23
Yatra Online Inc. | Investor Presentation | Private & Confidential |
~90%
Direct and Organic traffic(3)
97.5%
Booking Success rate(3)
10
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Disclaimer
Yatra Online Inc. published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 17:40:23 UTC.