Yatra Online : Investor Presentation – February 2021

November 2016

February 2021

Disclaimer

This presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of any offer to buy, or a recommendation to purchase any securities of or any of its affiliates (as such term is defined under the U.S. federal securities laws). The presentation shall not constitute a solicitation of a proxy, consent or authorization with respect to

any securities. This presentation shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions

in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward-Looking Statements

The statements in this presentation that are not historical facts are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "project", "budget", "forecast",

"intend", "plan", "may", "will", "could", "should", "predicts", "potential", "continue", and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Yatra operates. Yatra's

beliefs and assumptions are made by its management and are not predictions or guarantees of actual performance. Accordingly, actual results and performance may materially differ from results or performance expressed or implied by the forward-looking statements. No representation is made as to the reasonableness of the assumptions made within or the

accuracy or completeness of any forward-looking statements or other information contained herein. Factors that could cause future results and performance to differ from the forward- looking statements include but are not limited to: (1) Yatra's history of operating losses; (2) competition in the Indian travel industry; (3) declines or disruptions in the Indian economy;

1. risks relating to any unforeseen liabilities of Yatra;(5) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial
   condition, losses and future prospects; businesses and management strategies and the expansion and growth of the operations of Yatra; (6) the limited liquidity and trading of Yatra's securities; (7) changes in applicable laws or regulations; (8) the possibility that Yatra may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in Yatra's filings with the Securities and Exchange Commission (the "SEC").

Yatra cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in Yatra's most recent filings with the SEC. All subsequent written and oral forward looking statements or other matters are expressly qualified in their entirety by the cautionary statements above. Yatra cautions readers not to

place undue reliance upon forward looking statements, which speak only as of the date made. Yatra undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-IFRS Financial Measures

In addition to the IFRS financial measures, this presentation includes certain non-IFRS financial measures, including Adjusted Revenue, Adjusted EBITDA (Loss), Net Revenue Margin and Gross Bookings. The non-IFRS measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results

under IFRS as issued by the IAB. The Company considers these non-IFRS financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance, and are used by the Company's management

for that purpose. All non-IFRS financial measures are reconciled to their directly comparable IFRS financial measures. These reconciliations are presented in the Appendix at the end

of this presentation.

Industry and Market Data

Industry and market data used in this presentation have been obtained from industry publications and sources as well as from research reports prepared for other purposes. While Yatra believes such information to be reliable, it has not independently verified the data obtained from these sources.

Other

All years are calendar years unless otherwise noted as "fiscal year" or "FY".

PAGE 1

Key Highlights

Yatra is one of the most well recognized "home-grown" Indian Internet brands and the largest Corporate Travel Services provider in India.

Yatra remains well-positioned to benefit from India's massive and growing travel market that is rapidly shifting online. Due to COVID this shift is accelerating.

Focus on the bottom line in a challenging market environment driven by cost optimization, disciplined marketing spend, and execution.

Pre-COVID Annual Adjusted Revenue run-rate (based on Dec'19 quarterly results) and Adjusted EBITDA Margin was at US$89.2M and 13% respectively.

Adj. Revenue was up 61% sequentially in Q3FY21 (Dec'20 qtr.) to US$8.3M. Adjusted EBITDA losses improved from US$1.7M in Q2FY21 (Sep'20 qtr.) to US$0.5M in Q3FY21 (Dec'20 qtr.).

PAGE 2

Yatra - A Comprehensive Online Travel Platform

We are India's 2nd largest B2C OTA and the leader in corporate travel1

		Gross Bookings2,3								Adjusted Revenue 2,3
			(INR billion)										(INR million)
CAGR		111.2	Decline by						CAGR			8,911	Decline by
28%					23% YoY								33% YoY
	92.5	13.5	85.3	Increase in Q321 by	31%			1,323
												Increase in Q321 by
	13.4				241% primarily on				697
68.0				7.9	account of air travel				1,880	5,983		61%	primarily on
							recovery post	5,203		1,697				account of air travel
10.4										1,240
							lockdown	399						recovery post
		97.6											785		lockdown
								1,147
	79.2	77.4
57.6													5,708					61%
							1.7		5.8				5,013
									3,657			3,958
							0.1	1.6	5.1	0.6					378	607
																			68
																			46	79
FY17	FY18		FY19	FY20	Q2FY21	Q3FY21									110
	FY17	FY18	FY19	FY20		253	429
											Q2FY21	Q3FY21
				Air		Hotels						Air			Hotels		Others (Inc. Other Income)
*Business under constraints of now terminated EBIX Merger Agreement

11.1M	212M	102k+	88%	83%	700+
cumulative	Visits5	hotels in	of transactions	of traffic	large
customers4		1,300+ cities6	from repeat	from mobile	corporate
			customers5		customers7

1. Management estimates
2. Numbers for FY18 Include ATB performance for 8 months
3. FY numbers are as per audited results;
4. Cumulative as of March 31, 2020; does not include data for B2B businesses
5. Data for 12 months ended March 31, 2020 for flagship brand Yatra.com only and excludes data from B2E and B2B businesses
6. As of June 30, 2020
7. As of Mar 31, 2020

PAGE 3