Ebix buys Yatra at USD 338 million making it largest travel site

Mumbai: The US-based NRI-run Ebix group announced acquisition of the Nasdaq-listed domesitc travel portal Yatra for an enterprise valuation of USD 337.8 million(over Rs 2,300 crore) through a merger, creating the country's largest travel services platform.

The country's largest and the most profitable travel services platform, and the merger follows a growing list of acquisitions by Ebix to emerge as a leader in various segments through buyouts.

Ebix already has two travel portfolios--Via and Mercury--which operate globally. The deal, which is the largest by the company in the country, marks a string of buyouts that the Robin Raina group has carried out in the past two years.

Ebix had in April 2018 bought out the forex card business of the Centrum group--Centrum Direct--for around Rs 1,200 crore and was merged with EbixCash, an end-to-end financial exchange of the acquirer.

Centrum Direct is into forex, overseas remittances, prepaid travel cards and travellers' cheques and has a network of 165 outlets spanning 55 cities and is the largest airport forex player with presence in 24 airports.

Ebix, a global supplier of on-demand software and e- commerce services, had also acquired two financial services firms early this year--Essel Forex ($8 million); and Weizmann Forex ($49 million).

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