Tanishk_Ojha Our Company is India’s largest corporate travel services provider in terms of number of corporate clients and the third largest online travel company in India among key OTA players in terms of gross booking revenue and operating revenue, for Fiscal Year 2023. We have largest number of hotel and accommodation tie-ups amongst key domestic OTA players of over 2,105,600 tie-ups, as on March 31, 2023. The Indian travel industry is expected to grow at 9-11% CAGR, expanding to ₹ 4,540-4,560 billion by fiscal 2028 from ₹ 2,825-2,845 billion in fiscal 2023, driven by development of tourism infrastructure, rising income levels translating to higher discretionary spending on travel and tourism, and an increase in the frequency of travel for business and leisure purposes. Online penetration within the industry is expected to reach 73-75%. As a result, the online travel market in India is estimated to grow to Rs 3,335 billion – 3,355 billion in fiscal 2028 from Rs 1,900 – 1,920 billion in fiscal 2023, or at a 11.5-12.5% CAGR. Within the online travel market, the share of OTAs is expected to increase faster than captive players. Yatra Online, Inc., a Cayman Islands limited company with shares listed in the United States of America on NASDAQ Capital Market under the symbol “YTRA”, is the holding company of our Promoters, THCL Travel Holding Cyprus Limited and Asia Consolidated DMC Pte. Ltd.
Tanishk_Ojha Reliance Retail AR-22 On September 26, 2016, our Company entered into a preload agreement with Reliance Retail Limited. Pursuant to the preload agreement, Reliance Retail Limited has agreed to pre-install the Yatra mobile applications on Reliance Jio LYF smartphones for consideration to be settled in equity shares of our Company. Subsequently, our Company and Reliance Retail Limited (the “Investor”) entered into the RRL Share Subscription Agreement pursuant to which Reliance Retail Limited subscribed to 9,539 fully paid-up equity shares of our Company of face value of ₹ 10 each and at a premium of ₹ 824 each.
Tanishk_Ojha We propose to utilize the Net Proceeds to undertake acquisitions for which targets have not been identified. Our Company intends to utilize INR 1,500 million from our Net Proceeds to fund inorganic growth opportunities over a period of next three to five Fiscals from the date of listing of Equity Shares. We intend to utilise such portion of the Net Proceeds for strategic acquisition opportunities that will enable us to gain access to new geographies, categories and services. Further, attrition rate of employees of our Company for fiscals 2023, 2022, and 2021 were 60.92%, 48.37%, and 58.92%. We will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the net proceeds from the Offer for Sale. In 2015, we launched a marketplace platform, on our website www.yatra.com, that enables us to sell our own inventory and the inventory of third-party vendors to provide travellers a wider selection of products and services on a single platform. This platform allows third-party suppliers or travel services to manage and sell products and services on yatra.com directly to consumers. Commission earned by the Company from the inventory sold by third party vendors on its marketplace platform available on www.yatra.com for Fiscals 2023, 2022 and 2021 were INR 7.51 million, INR 5.71 million and INR 1.80 million. .We may not be able to adequately monitor these third-party vendors to ensure that they provide high-quality travel products and services to our customers on a consistent basis. Our Company has been involved in certain consumer complaints including the complaints wherein consumers have sought damages from the Company on account of deficiency in services provided by the Company, which are pending before various forums.
Tanishk_Ojha Our technology development cost was ₹ 154.34 million, ₹ 136.90 million, and ₹ 133.99 million during Financial Year 2023, 2022 and 2021, respectively and constituted 3.88%, 6.26% and 9.33% of our total income for such periods, respectively. Our aggregated Information technology and communication expense and marketing and business promotion including customer inducement and acquisition cost constituted 84.12%, 71.86% and 70.12% of our total income for Financial Year 2023, 2022 and 2021, respectively.
