Yatra Online is an Indian online travel agency and a travel search engine based in Gurgaon, Haryana, founded by Dhruv Shringi, Manish Amin and Sabina Chopra in August 2006.

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As per the latest development, Yatra Online, which owns and operates travel portal Yatra.com, has agreed to be acquired by Nasdaq-listed special purpose acquisition firm Terrapin 3 Acquisition Corp (TRTL) in a reverse merger deal, which has an enterprise value of $218 million.

Terrapin 3 Acquisition Corporation  is a public ‘blank-check’ Special Purpose Acquisition Company (“SPAC”) that raised $212,750,000 for the purpose of effecting a business combination with a public or privately-held operating business.  They are seeking to combine with a company that has an enterprise value of between $200 million and $1.25 billion, although an entity with a smaller or larger enterprise value may be considered.  After Terrapin’s investment, the combined business will be publicly-traded.

According to filings submitted to the US SEC, the market cap of the newly-merged entity will be between $350-$402 million. Yatra’s net revenue for the fiscal ending March 2016 was Rs 415 crore, up from Rs 346 crore in the year-ago period. It is projecting a revenue of Rs 1,363 crore by fiscal 2020.

Dhruv Shringi, CEO of Yatra while speaking about the development mentioned,

“Given the volatility in the markets, and also after Brexit, we couldn’t be sure of a direct listing. This procedure gives us more certainty and is a lot quicker to implement. Also, getting a PE investor wouldn’t give existing shareholders the kind of liquidity that this does,”

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