Yatra, an India-based online travel booking platform backed by semiconductor maker Intel and media company Network18, has listed in the US after completing a reverse merger with special purpose vehicle (SPV) Terrapin 3 Acquisition Corporation.
Yatra operates a travel services booking platform that has provides more than 4 million customers with access to a network of more than 61,000 hotels.
The company had raised approximately $125m since it was founded in 2006, Network 18, venture capital firm Norwest Venture Partners (NVP) and Reliance Capital, the financial services arm of conglomerate Reliance Group, supplying its initial funding.
Intel Capital, Intel’s corporate venturing unit, provided an undisclosed amount of funding for Yatra in 2008, and took part in a $45m round featuring NVP and Valiant Capital Management in 2011.
Intel Capital, Reliance Capital, Network18, Valiant Capital and NVP returned for a $14.5m series D round in 2012 that also featured Intel Capital, Intel’s corporate venturing unit.
Network18, Intel Capital, NVP and Reliance subsidiary Reliance Venture Asset Management subsequently contributed to a $23m round for Yatra in 2014 that was co-led by IDG Ventures India, an affiliate of media firm International Data Group, and Vertex Venture Holdings.
Reliance Capital held an 13.8% share of Yatra that was diluted to 8.2% in the deal, while Network18’s stake was cut from 11.4% to 6.7%, and Intel Capital’s from 9.9% to 5.9%.
NVP will emerge with an 18.5% share, while Macquarie Group, an affiliate of Terrapin 3, will have 18.2% of the combined company, Valiant 11.8% and Terrapin 3 itself 11.7%.