In a move to fortify its presence
in southern India, Nasdaq-listed Yatra online, Inc. has bought the corporate
travel business of Chennai-based offline travel services provider PL Worldways
Ltd.
This acquisition will help
strengthen Yatra's foothold in the southern India region along with adding more
than 100 corporate clients to its existing client base of over 700. The
company’s local connect and customer service expertise will complement Yatra’s
technology platform and leverage the largest hotel network in the country. This
will help clients optimize their travel spend and improve their travel processes.
PL Worldways was formed in 1985 as
is a fully owned subsidiary of Peirce Leslie & Co, UK, even though the
group’s history dates back to the pre-Independence era of India. Currently, PL
Worldways has 11 offices across India with over 200 employees.
In
July 2016, Yatra had signed a reverse-merger agreement with
US-based special purpose acquisition company Terrapin 3 Acquisition Corp, which
was listed on the Nasdaq, paving the way for a back-door listing of the second
Indian online travel services provider in the US after MakeMyTrip.
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