Yatra Online Ltd has announced the acquisition of Globe All India Services Ltd (Globe Travels) from Ramkrishna Forgings Ltd for ₹128 crore, aiming to enhance its corporate travel services and drive growth. The acquisition, expected to finalize this quarter, will expand Yatra’s corporate client base by 40%, adding 360 new companies to its existing roster of approximately 850.
This strategic move will bolster Yatra’s capabilities in corporate and leisure travel, including reservation services, tour planning, and car rentals. The deal is set to increase Yatra’s market penetration and revenue opportunities by providing access to new geographies and enhancing its service offerings.
Globe Travels contributed ₹250 crore, or 6.3%, to Ramkrishna Forgings’ consolidated turnover for the fiscal year ending March FY24, with net revenue of ₹18.82 crore. The agency has seen substantial growth, with its turnover rising from ₹161 crore in FY22 to ₹214 crore in FY23.
Dhruv Shringi, Yatra’s co-founder and CEO, highlighted that the acquisition aligns with their strategy to deepen their presence in corporate travel and MICE (Meetings, Incentives, Conferences, and Exhibitions), offering a more comprehensive travel experience across India.
Ramkrishna Forgings, which acquired Globe Travels in April 2013, plans to use the sale proceeds to enter the aluminium forgings segment, focusing on the electric vehicle (EV) market. Naresh Jalan, managing director of Ramkrishna Forgings, emphasized the company’s shift towards its core segments, including automotive and industrial forgings, to leverage growth opportunities.
Yatra Online reported a consolidated revenue of ₹100.8 crore for Q1FY25, a 9% decline from ₹110.1 crore in the same quarter of FY24. Net profit decreased to ₹4.3 crore from ₹7.3 crore year-over-year, attributed to reduced consumer business volumes and competitive market conditions. Standalone revenue also fell to ₹69.7 crore from ₹78.6 crore a year ago, although profit doubled to ₹2.1 crore from ₹1.04 crore in the previous year.
