Yatra Online : Investor Presentation – September 2022(opens in new window)

Yatra Online, Inc.

Sept 2022

Flights	Hotels	Trains	Holidays	Bus	Freight	Activities

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;

(4) 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".

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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 has further accelerated.

Focus on the cost rationalization through the pandemic driven by disciplined marketing spend, and execution.

Adjusted Revenue of $15.9M in Q1FY23 (June-22) was up 28% QoQ and up 157% YoY, due to onset of seasonally strong travel season along with opening of international routes from end of March'22. AdJ. EBITDA of $1.6M (10% EBITDA Margin) was up by $0.9M sequentially showing the leverage in our business model.

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Yatra - At a glance

Business Overview

• Leading OTAacross travel segments with significant scale vis-à-vis peers
• Go-to-marketstrategy that spans the entire value chain of travel and hospitality covering B2C and B2B segments
• Real-timeand Integrated SaaS Platform that meets all the needs of corporate travelers in a seamless way
• Customer base of ~ 740 large corporate customers with addressable employee base of ~ 7 million employees
• Customer touchpoints include website, mobile applications, travel agents and call centers
• Experienced management team comprising industry executives with deep roots in the travel industry with 90+ years of accumulated experience

Financial and Operational Snapshot

Market Leadership		Large Scale Operations			Strong Tech Platform		Financial Metrics
		~12.7 Mn Cumulative Customers		~98.1%- Booking Success Rate
Largest Player			~184.5 Mn Visits		INR 85.3 Bn
	~51,000 Corporate Clients(3)
in Corporate Travel in India(1)		~29,400 Travel Agents(2)		~24.3 Mn Mobile		Gross Booking Revenue (FY20)
			application downloads
		Tie ups:(2)
		~101,500 Domestic (largest in India)			~91% Organic Traffic		INR 7.3 Bn
2nd Largest OTA in India(1)		and 2Mn+ International Hotels			~98 Corporate Customer
				Net Operating Revenue (FY20)
		7 Domestic and			Retention Rate (2)
		400+ International Airlines

(1) In terms of Gross Booking and Operating Revenue for FY 20; (2) As on June 30, 2022; (3) approximately 740 large corporate clients & 50,344 SME clients as on June 30, 2022

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Strong Track Record of Sustained Growth…

…Growth of business impacted by Ebix merger in FY2020 and Covid in FY2021, however now recovering strongly with improving profitability.

Gross Bookings

(INR billion)

20% growth		111.1		Impact of EBIX merger
13.5		related restrictions and						20% growth
	92.6							Covid			Performance impacted by second
				85.3
									7,407
13.4			7.9						wave of Covid in Apr, May-21, along
							697
											with Omicron variant in Jan'22
								Impact of Covid						1,697
		97.6					pandemic
79.2	77.4										31.1
										3.5
									14.7
													17.0		5,013
										1.7
											27.6	2.2
								13.0
											14.8
F Y 1 8		F Y 1 9	F Y 2 0		F Y 2 1	F Y 2 2	Q 1 F Y 2 3		F Y 1 8
							Air					Hotels

*Business under constraints of now terminated EBIX MergerAgreement

Adjusted Revenue

(INR million)

				Impact of EBIX merger
8,911
		related restrictions and
1,323				Covid			Performance impacted by second
									wave of Covid in Apr, May-21, along
1,880											with Omicron variant in Jan'22
			5,983
				1,240		Impact of Covid
						pandemic
				785
										3,302
														492
5,708										2,191
										599
				3,958			353
										1,254
										351
											2,211	156
										1,487			303
												795
F Y 1 9		F Y 2 0			F Y 2 1	F Y 2 2	Q 1 F Y 2 3
			Air				Hotels				Others (inc other income)

Quarterly Gross Bookings

Quarterly Adjusted Revenue

(INR million)

(INR million)

21,102

Pre Covid

Impacted by

1,587

Pre Covid

Impacted by

performance

Omicron in Jan 2022

performance

Omicron in Jan 2022

17,042

Decline due to

1,254

Decline due to

970

second wave

1,045

980

10,913

second wave

10,490

789

5,943

7,709

7,613

607

489

2,587

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O C T - D E C ' 1 9

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A P R - J U N E ' 2 1

J U L Y - S E P T ' 2 1

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