UsetheselinkstorapidlyreviewthedocumentTABLEOFCONTENTSINDEXTOFINANCIALSTATEMENTS

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UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM20-F

DateofeventrequiringthisshellcompanyreportCommissionfilenumber001-37968

YATRAONLINE,INC.(Exactnameofregistrantasspecifiedinitscharter)

AlokVaishChiefFinancialOfficer

1101-03,11thFloor,Tower-B,UnitechCyberPark,

Sector39,Gurgaon,Haryana122002,India

01243995500(Name,Telephone,E-mailand/orfacsimilenumberandAddressofCompanyContactPerson)

SecuritiesregisteredortoberegisteredpursuanttoSection12(b)oftheAct.

SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct.

SecuritiesforwhichthereisareportingobligationpursuanttoSection15(d)oftheAct.

(MarkOne)

o REGISTRATIONSTATEMENTPURSUANTTOSECTION12(B)OR(G)OFTHESECURITIESEXCHANGEACTOF1934

OR

ý ANNUALREPORTPURSUANTTOSECTION13OR15(D)OFTHESECURITIESEXCHANGEACTOF1934

ForthefiscalyearendedMarch31,2018

OR

o TRANSITIONREPORTPURSUANTTOSECTION13OR15(D)OFTHESECURITIESEXCHANGEACTOF1934

Forthetransitionperiodfromto

OR

o SHELLCOMPANYREPORTPURSUANTTOSECTION13OR15(D)OFTHESECURITIESEXCHANGEACTOF1934

NotApplicable(TranslationofRegistrant'sNameIntoEnglish)

CaymanIslands

(JurisdictionofIncorporationorOrganization)

(TitleofClass) (NameofExchangeOnWhichRegistered)OrdinaryShares,parvalue$0.0001pershare NasdaqCapitalMarket

None(TitleofClass)

None(TitleofClass)

Indicatethenumberofoutstandingsharesofeachoftheissuer'sclassesofcapitalorcommonstockasofthecloseoftheperiodcoveredbytheAnnualReport.

AsofMarch31,2018,29,077,373ordinaryshares,parvalue$0.0001pershare,2,392,168ClassAnon-votingshares,parvalue$0.0001pershareand3,159,375ClassFshares,parvalue$0.0001persharewereissuedandoutstanding.

Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.

oYesýNo

Ifthisreportisanannualortransitionreport,indicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934.

oYesýNo

Note—CheckingtheboxabovewillnotrelieveanyregistrantrequiredtofilereportspursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934fromtheirobligationsunderthoseSections.

Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.

ýYesoNo

Indicatebycheckmarkwhethertheregistranthassubmittedelectronicallyandpostedonitscorporatewebsite,ifany,everyInteractiveDataFilerequiredtobesubmittedandpostedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitandpostsuchfiles).

ýYesoNo

Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,oranemerginggrowthcompany.Seethedefinitionsof"largeacceleratedfiler,""acceleratedfiler,"and"emerginggrowthcompany"inRule12b-2oftheExchangeAct.(Checkone):

IfanemerginggrowthcompanythatpreparesitsfinancialstatementsinaccordancewithU.S.GAAP,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.o

Indicatebycheckmarkwhichbasisofaccountingtheregistranthasusedtopreparethefinancialstatementsincludedinthisfiling:

If"Other"hasbeencheckedinthepreviousquestion,indicatebycheckmarkwhichfinancialstatementitemtheregistranthaselectedtofollow.

oItem17oItem18

IfthisisanAnnualReport,indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheSecuritiesExchangeActof1934).

oYesýNo

(APPLICABLEONLYTOISSUERSINVOLVEDINBANKRUPTCYPROCEEDINGSDURINGTHEPASTFIVEYEARS)

IndicatebycheckmarkwhethertheregistranthasfiledalldocumentsandreportsrequiredtobefiledbySections12,13or15(d)oftheSecuritiesExchangeActof1934subsequenttothedistributionofsecuritiesunderaplanconfirmedbyacourt:

oYesoNo

Largeacceleratedfilero Acceleratedfilero Non-acceleratedfilerý Emerginggrowthcompanyý

USGAAPo InternationalFinancialReportingStandardsasissuedbytheInternationalAccountingStandardsBoardý

Othero

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TABLEOFCONTENTS

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Page PARTI 5

Item1.IDENTITYOFDIRECTORS,SENIORMANAGEMENTANDADVISERS 5

Item2.OFFERSTATISTICSANDEXPECTEDTIMETABLE 5

Item3.KEYINFORMATION 5

Item4.INFORMATIONONTHECOMPANY 40

Item5.OPERATINGANDFINANCIALREVIEWANDPROSPECTS 66

Item6.DIRECTORS,SENIORMANAGEMENTANDEMPLOYEES 95

Item7.MAJORSHAREHOLDERSANDRELATEDPARTYTRANSACTIONS 110

Item8.FINANCIALINFORMATION 113

Item9.THEOFFERANDLISTING 114

Item10.ADDITIONALINFORMATION 116

Item11.QUANTITATIVEANDQUALITATIVEDISCLOSURESABOUTMARKETRISK 130

Item12.DESCRIPTIONOFSECURITIESOTHERTHANEQUITYSECURITIES 131

PARTII 131

Item13.DEFAULTS,DIVIDENDARREARAGESANDDELINQUENCIES 131

Item14.MATERIALMODIFICATIONSTOTHERIGHTSOFSECURITYHOLDERSANDUSEOFPROCEEDS 131

Item15.CONTROLSANDPROCEDURES 131

Item16A.AUDITCOMMITTEEFINANCIALEXPERT 133

Item16B.CODEOFETHICS 133

Item16C.PRINCIPALACCOUNTANTFEESANDSERVICES 133

Item16D.EXEMPTIONSFROMTHELISTINGSTANDARDSFORAUDITCOMMITTEES 134

Item16E.PURCHASESOFEQUITYSECURITIESBYTHEISSUERANDAFFILIATEDPURCHASERS 134

Item16F.CHANGEINREGISTRANT'SCERTIFYINGACCOUNTANT 135

Iteml6G.CORPORATEGOVERNANCE 135

Item16H.MINESAFETYDISCLOSURE 135

PARTIII 135

Item17.FINANCIALSTATEMENTS 135

Item18.FINANCIALSTATEMENTS 135

Item19.EXHIBITS 135

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CONVENTIONSUSEDINTHISANNUALREPORT

InthisAnnualReport,referencesto"U.S.,"the"UnitedStates"or"USA"aretotheUnitedStatesofAmerica,itsterritoriesanditspossessions.Referencesto"India"aretotheRepublicofIndia.Referencesto"$","US$"and"U.S.Dollars"aretothelawfulcurrencyoftheUnitedStatesofAmerica,andreferencesto"Rs.""INR"and"rupee"eachrefertotheIndianrupee,theofficialcurrencyoftheRepublicofIndia.

ThedataprovidedhereinexpressedinIndianrupeesperU.S.dollarisbasedonthenoonbuyingrateinTheCityofNewYorkforcabletransfersofIndianrupeesascertifiedforcustomspurposesbytheFederalReserveBankofNewYork.OnMarch31,2018,theexchangeratebetweentheU.S.dollarandtheIndianrupeeexpressedinIndianrupeesperU.S.dollarwas$1.00=Rs.65.11.WemakenorepresentationthattheIndianRupeeamountsrepresentU.S.dollaramountsorhavebeen,couldhavebeenorcouldbeconvertedintoUSdollarsatsuchratesoranyotherrates.

OnDecember16,2016,weconvertedourpreferencesharesintoordinarysharesandeffectuatedareverse5.4242194-for-onesharesplitofourordinarysharesaswellasareverse5.4242194-for-oneadjustmentwithrespecttothenumberofordinarysharesunderlyingourshareoptionsandacorrespondingadjustmenttotheexercisepricesofsuchoptions.Unlessotherwisespecificallystatedorthecontextotherwiserequires,allshareinformationandpersharedataincludedinthisAnnualReportpriortoDecember16,2016hasbeenpresentedonapost-sharesplitbasis.

Inaddition,onDecember16,2016,wecompletedthebusinesscombinationwithTerrapin3AcquisitionCorporation,orTerrapin3,pursuanttowhichTerrapin3becameourpartiallyownedsubsidiary,whichisreferredtohereinastheBusinessCombination.Terrapin3isnowknownasYatraUSACorp.

Unlessotherwiseindicated,ourconsolidatedstatementoffinancialpositionasofMarch31,2018and2017andtherelatedconsolidatedstatementsofprofitorlossandothercomprehensiveloss,changesinequityandcashflowsforeachofthethreeyearsintheperiodendedMarch31,2018,includedelsewhereinthisAnnualReporthavebeenpreparedinaccordancewithInternationalFinancialReportingStandards,orIFRS,asissuedbytheInternationalAccountingStandardsBoard,orIASB.Referencestoaparticular"fiscalyear"aretoourfiscalyearendedMarch31ofthatyear.OurfiscalquartersendonJune30,September30,December31,andMarch31.Referencestoayearotherthana"fiscal"yeararetothecalendaryearendedDecember31.WereferinvariousplaceswithinthisAnnualReporttoRevenueLessServiceCost,AdjustedEBITDAAdjustedEBITDA(Loss),AdjustedResultsfromOperations,AdjustedLossforthePeriodandAdjustedBasicandDilutedLossPerShare,whicharenon-IFRSmeasures.Thepresentationofnon-IFRSmeasuresisnotmeanttobeconsideredinisolationorasasubstituteforourconsolidatedfinancialresultspreparedinaccordancewithIFRS.See"Item5.OperatingandFinancialReviewandProspects."

InthisAnnualReport,werelyonandrefertoinformationandstatisticsregardingthetravelserviceindustryandourcompetitorsfrommarketresearchreportsandotherpubliclyavailablesources,includingfromPhoCusWrightInc.,orPhoCusWright,anindependenttravelindustryresearchcompany.Wehavesupplementedsuchinformationwherenecessarywithourowninternalestimatesandinformationobtainedfromdiscussionswithourcustomers,takingintoaccountpubliclyavailableinformationaboutotherindustryparticipantsandourmanagement'sbestviewastoinformationthatisnotpubliclyavailable.Whilewebelievethatallsuchinformationisreliable,wehavenotindependentlyverifiedindustryandmarketdatafromthirdpartysources.Inaddition,whilewebelievethatourinternalcompanyresearchisreliableandthedefinitionsofourindustryandmarketareappropriate,neitherourresearchnorthesedefinitionshavebeenverifiedbyanyindependentsource.Further,whilewebelievethemarketopportunityinformationincludedinthisAnnualReportisgenerallyreliable,suchinformationisinherentlyimprecise.Projections,assumptionsandestimatesofthefutureperformanceoftheindustryinwhichweoperateandourfutureperformancearenecessarilysubjectto

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ahighdegreeofuncertaintyandriskduetoavarietyoffactors,includingthosedescribedin"RiskFactors."Theseandotherfactorscouldcauseresultstodiffermateriallyfromthoseexpressedintheestimatesmadebytheindependentpartiesandbyus.See"SpecialNoteRegardingForward-LookingStatements."

Weoperateunderanumberoftrademarksandtradenames,including,amongothers,"Yatra"and"Travelguru."ThisAnnualReportcontainsreferencestoourtrademarksandtradenamesandtothosebelongingtootherentities.Solelyforconvenience,trademarksandtradenamesreferredtointhisAnnualReportmayappearwithoutthe®orTMsymbols,butsuchreferencesarenotintendedtoindicate,inanyway,thatwewillnotassert,tothefullestextentpossibleunderapplicablelaw,ourrightsortherightsoftheapplicablelicensortothesetrademarksandtradenames.Wedonotintendouruseordisplayofothercompanies'trademarks,tradenamesorservicemarkstoimplyarelationshipwith,orendorsementorsponsorshipofusby,anyothercompanies.

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SPECIALNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS

SomeofthestatementsinthisAnnualReportconstituteforward-lookingstatementsthatdonotdirectlyorexclusivelyrelatetohistoricalfacts.Youshouldnotplaceunduerelianceonsuchstatementsbecausetheyaresubjecttonumerousuncertaintiesandfactorsrelatingtoouroperationsandbusinessenvironment,allofwhicharedifficulttopredictandmanyofwhicharebeyondourcontrol.Forward-lookingstatementsincludeinformationconcerningourpossibleorassumedfutureresultsofoperations,includingdescriptionsofourbusinessstrategy.Thesestatementsareoften,butnotalways,madethroughtheuseofwordsorphrasessuchas"believe,""anticipate,""could,""may,""would,""should,""intend,""plan,""potential,""predict,""will,""expect,""estimate,""project,""positioned,""strategy,""outlook"andsimilarexpressions.Allsuchforward-lookingstatementsinvolveestimatesandassumptionsthataresubjecttorisks,uncertaintiesandotherfactorsthatcouldcauseactualresultstodiffermateriallyfromtheresultsexpressedinthestatements.Amongthekeyfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseprojectedintheforward-lookingstatementsarethefollowing:

• ourfuturefinancialperformance,includingourrevenue,costofrevenue,operatingexpensesandourabilitytoachieveandmaintainprofitability;

• ourabilitytogeneratepositivecashflowandthesufficiencyofouroperatingcashflowtomeetourliquidityneeds;

• ourabilitytoaccesscapitalthroughdebtandequitymarketsinamountsandatratesandcostsacceptabletous;

• ourexpectationsregardingthedevelopmentofourindustryandthecompetitiveenvironmentinwhichweoperate;

• ourabilitytorealizetheanticipatedbenefitsoftheacquisitionofAirTravelBureauLimited("ATB");

• ourabilitytoincreasethenumberofvisitstooursearchplatformandreferralstoouradvertisers;

• ourabilitytomaintainand/orexpandrelationshipswith,anddevelopnewrelationshipswith,travelcompaniesandtravelresearchcompaniesaswellasonlinetravelagents("OTAs");

• thegrowthintheusageofmobiledevicesandourabilitytosuccessfullymonetizethisusage;

• ourabilitytosuccessfullyimplementourgrowthstrategy;

• ourabilitytomaintainandincreaseourbrandawareness;

• ourrelianceonsearchengines,whichmaychangetheiralgorithms;

• theabilitytoadaptservicestochangesintechnologyorthemarketplace;

• ourabilitytoattract,trainandretainexecutivesandotherqualifiedemployees;

• increasingcompetitionintheIndiantravelindustry;

• risksassociatedwithonlinecommercesecurity;

• geopoliticalriskandchangesinapplicablelawsandregulations;

• politicalandeconomicstabilityinandaroundIndiaandotherkeytraveldestinations;

• litigationandregulatoryenforcementrisks;

• fluctuationsinexchangeratesbetweentheIndianrupeeandtheU.S.dollar;and

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• theriskthatcompliancewithrulesandrequirementsapplicabletopubliccompanies,includingfulfillingourobligationsasaforeignprivateissuer,willbeexpensiveandtimeconsuming.

Wehavebasedtheforward-lookingstatementscontainedinthisAnnualReportprimarilyonourcurrentexpectationsandprojectionsaboutfutureeventsandtrendsthatwebelievemayaffectourbusiness,financialcondition,resultsofoperations,prospects,businessstrategyandfinancialneeds.Youarecautionedtoconsidertheseandanyotherfactorsdiscussedinthesectionentitled"RiskFactors"elsewhereinthisAnnualReport.Theserisksarenotexhaustive.Theseriskscouldcauseactualresultstodiffermateriallyfromthoseimpliedbyforward-lookingstatementsinthisAnnualReport.OthersectionsofthisAnnualReportincludeadditionalfactorsthatcouldadverselyimpactourbusinessandfinancialperformance.Moreover,weoperateinaverycompetitiveandrapidlychangingenvironment.Youarecautionednottoplaceunduerelianceontheseforward-lookingstatementsthatspeakonlyasofthedatehereof.Newrisksanduncertaintiescomeupfromtimetotime,anditisimpossibleforustopredicttheseeventsorhowtheymayaffectus.Wedonotundertakeanyobligationtoupdateorreviseanyforward-lookingstatementsafterthedateofthisAnnualReport,whetherasaresultofnewinformation,futureeventsorotherwise,exceptasrequiredbylaw.Inlightoftheserisksanduncertainties,youshouldkeepinmindthatanyeventdescribedinaforward-lookingstatementmadeinthisAnnualReportorelsewheremightnotoccur.

Inaddition,statementsthat"webelieve"andsimilarstatementsreflectourbeliefsandopinionsontherelevantsubject.ThesestatementsarebaseduponinformationavailabletousasofthedateofthisAnnualReport,andwhilewebelievesuchinformationformsareasonablebasisforsuchstatements,suchinformationmaybelimitedorincomplete,andourstatementsshouldnotbereadtoindicatethatwehaveconductedanexhaustiveinquiryinto,orreviewof,allpotentiallyavailablerelevantinformation.Thesestatementsareinherentlyuncertainandinvestorsarecautionednottoundulyrelyuponthesestatements.

PARTI

ITEM1.IDENTITYOFDIRECTORS,SENIORMANAGEMENTANDADVISERS

Notapplicable.

ITEM2.OFFERSTATISTICSANDEXPECTEDTIMETABLE

Notapplicable.

ITEM3.KEYINFORMATION

A. SelectedConsolidatedFinancialData

Thefollowingselectedconsolidatedstatementofprofitorlossandothercomprehensivelossdataforfiscalyears2018,2017and2016andtheselectedconsolidatedstatementoffinancialpositiondataasofMarch31,2018and2017havebeenderivedfromourauditedconsolidatedfinancialstatementsincludedelsewhereinthisAnnualReport.TheselectedconsolidatedstatementoffinancialpositiondataasofMarch31,2016hasbeenderivedfromourauditedfinancialstatementsincludedinourannualreportonForm20-FforthefiscalyearendedMarch31,2017filedonJune30,2017.TheselectedconsolidatedstatementoffinancialpositiondataasofMarch31,2015havebeenderivedfromourauditedconsolidatedfinancialstatementsthatwerepartofthefinalprospectusincludedintheRegistrationStatementonFormF-4filedonNovember21,2016butarenotincludedinthisAnnualReport.Thefinancialdatasetforthbelowshouldbereadinconjunctionwith,andisqualifiedbyreferenceto,"Item5.OperatingandFinancialReviewandProspects"andtheconsolidatedfinancialstatementsandnotestheretoincludedelsewhereinthisAnnualReport.Ourhistoricalresultsdonotnecessarilyindicateresultsexpectedforanyfutureperiod.

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YatraOnline,Inc.hasadoptedIFRSasissuedbytheIASBasofApril1,2014andhaspreparedconsolidatedfinancialstatementswitheffectfromthatdate.WehavenotincludedfinancialinformationfortheyearendedMarch31,2014orconsolidatedbalancesheetdataasofMarch31,2014,assuchinformationisnotavailableonabasisthatisconsistentwiththeconsolidatedfinancialinformationforthefiscalyearsendedMarch31,2018,2017,2016and2015andcannotbeobtainedwithoutunreasonableeffort.

ThetranslationsofIndianrupeeamountstoUSdollarsamountssetforthbelowaresolelyfortheconvenienceofthereaderandarebasedonthenoonbuyingrateofinTheCityofNewYorkforcabletransfersofINR65.11per$1.00ascertifiedforcustomspurposesbytheFederalReserveBankofNewYorkonMarch31,2018.WemakenorepresentationthattheIndianrupeeamountsrepresentUSdollaramountsorhavebeen,couldhavebeenorcouldbeconvertedintoUSdollarsatsuchratesoranyotherrates.

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Thefollowinginformationshouldbereadinconjunctionwith,andisqualifiedinitsentiretybyreferenceto,"Item5.OperatingandFinancialReviewandProspects"andtheauditedconsolidatedfinancialstatementsandthenotestheretoincludedelsewhereinthisAnnualReport.

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FiscalYearEndedMarch31,

Consolidatedstatementofprofitorlossandothercomprehensiveloss(amountsinthousands,exceptpersharedataandnumberofshares)

2015INR 2016INR 2017INR 2018INR 2018USD Revenue: Airticketing 2,331,028 2,876,688 3,656,976 5,012,931 76,992Hotelsandpackages 4,007,138 5,225,136 5,326,414 6,628,236 101,801Otherservices 14,525 28,886 52,896 105,249 1,616Otherrevenue 175,003 214,524 320,527 502,097 7,712Totalrevenue 6,527,694 8,345,234 9,356,813 12,248,513 188,121Otherincome 53,293 26,662 25,282 90,001 1,382Servicecost 3,140,865 4,164,352 4,179,486 4,930,757 75,730Personnelexpenses 1,155,332 1,524,055 2,115,308 2,902,840 44,584Marketingandsalespromotionexpenses 1,471,126 1,687,541 2,457,242 4,155,420 63,822Otheroperatingexpenses 1,590,188 1,967,162 2,217,887 3,284,030 50,438Depreciationandamortization 208,939 233,703 275,587 425,600 6,537Resultsfromoperations (985,463) (1,204,917) (1,863,415) (3,360,133) (51,608)Shareoflossofjointventure (11,005) (11,802) (9,441) (10,559) (162)Financeincome 93,474 95,072 139,158 91,912 1,412Financecost (87,578) (111,973) (149,863) (153,056) (2,351)Listingandrelatedexpenses — — (4,242,526) — —Changesinfairvalueofwarrants 85 (3,167) 230,111 (563,253) (8,651)Lossbeforetaxes (990,487) (1,236,787) (5,895,976) (3,995,089) (61,360)Tax(expense)/credits 42,720 (6,515) (40,987) (56,887) (874)Lossfortheyear (947,767) (1,243,302) (5,936,963) (4,051,976) (62,234)Lossattributableto: OwnersoftheParentCompany (936,504) (1,218,824) (5,901,483) (3,993,140) (61,330)Noncontrollinginterest (11,263) (24,478) (35,480) (58,836) (904)Lossfortheyear (947,767) (1,243,302) (5,936,963) (4,051,976) (62,234)Losspershare Basic (47.98)* (58.10)* (237.89) (116.41) (1.79)Diluted (47.98)* (58.10)* (237.89) (116.41) (1.79)Weightedaveragenumberofordinarysharesoutstandingusedincomputingbasic/dilutedearningspershare

Basic** 19,518,909** 20,976,502** 24,807,122** 34,301,152** 34,301,152**Diluted** 19,518,909** 20,976,502** 24,807,122** 34,301,152** 34,301,152**

* IncludesordinaryshareswhichhavebeenissuedonaccountofconversionofmandatorilyconvertiblePreferenceShares(SeriesAtoSeriesF),andhavebeenusedinthecalculationofweightedaveragebasicearningspershare.

** OnDecember16,2016,preferencesharesissuedbyYatraOnline,Inc.wereconvertedintoordinarysharesofYatraOnline,Inc.Wethereaftereffectuatedareverse5.4242194-for-onesharesplitofourordinarysharesaswellasareverse5.4242194-for-oneadjustmentwithrespecttothenumberofordinarysharesunderlyingourshareoptions.Consequently,thebasicanddilutedearningspershareforallperiodspresentedareadjustedretrospectivelytoreflectthesharesplit.

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ThefollowingtablesetsforthasummaryofourconsolidatedstatementoffinancialpositionasofMarch31,2018,2017,2016and2015:

OtherData:

Thefollowingtablesetsforthfortheperiodsindicated;certainselectedconsolidatedfinancialandotherdata:

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March31, Consolidatedstatementoffinancialpositiondata(amountsinthousands) 2015INR 2016INR 2017INR 2018INR 2018USD Tradeandotherreceivables 1,364,840 1,362,838 1,970,375 4,008,871 61,571Termdeposits 777,405 1,024,890 3,027,861 1,012,144 15,545Cashandcashequivalents 234,474 389,664 1,532,629 2,465,073 37,860Totalassets 4,680,673 5,354,026 9,574,433 11,616,787 178,419TotalequityattributabletoequityholdersoftheCompany 728,206 429,472 3,137,487 (224,918) (3,455)Borrowings 235,985 469,433 44,876 851,829 13,083Tradeandotherpayables 2,106,123 2,267,824 3,148,544 5,049,630 77,555Totalliabilities 3,945,715 4,912,968 6,384,864 11,842,066 181,880Totalequityandliabilities 4,680,673 5,354,026 9,574,433 11,616,787 178,419

FiscalYearEndedMarch31, 2015 2016 2017 2018 Figuresinthousands Quantitativedetails* Airpassengers 4,207 5,698 6,869 8,875Hotelroomnights 944 1,139 1,383 2,098Holidaypackagespassengerstravelled 100 130 143 168AmountinINRthousandsexcept% GrossBookings** AirTicketing 40,438,326 49,268,781 57,562,263 79,156,190HotelsandPackages 7,368,475 9,614,004 10,435,643 13,386,288Total 47,806,801 58,882,785 67,997,906 92,542,478RevenueLessServiceCost*** AirTicketing 2,331,028 2,876,688 3,656,976 5,012,931HotelsandPackages 866,273 1,060,784 1,146,928 1,697,479Others 189,528 243,410 373,422 607,346Total 3,386,829 4,180,882 5,177,326 7,317,756NetRevenueMargin%**** AirTicketing 5.8% 5.8% 6.4% 6.3%HotelsandPackages 11.8% 11.0% 11.0% 12.7%

* QuantitativedetailsareconsideredonGrossbasis.

** GrossBookingsrepresentthetotalamountpaidbyourcustomersforthetravelservicesandproductsbookedthroughus,includingfeesandothercharges,andarenetofcancellationsandrefunds.

*** Ascertainpartsofourrevenuearerecognizedona"net"basisandotherpartsofourrevenuearerecognizedona"gross"basis,weevaluateourfinancialperformancebasedonRevenueLessServiceCost,whichisanonIFRSmeasure.WebelievethatRevenueLessServiceCostprovides

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B. CapitalizationandIndebtedness

Notapplicable.

C. ReasonsfortheOfferandUseofProceeds

Notapplicable.

D. RiskFactors

ThisAnnualReportcontainsforward-lookingstatementsthatinvolverisksanduncertainties.Ouractualresultscoulddiffermateriallyfromthoseanticipatedintheseforward-lookingstatementsasaresultofanumberoffactors,includingthosedescribedinthefollowingriskfactorsandelsewhereinthisAnnualReport.Ifanyofthefollowingrisksactuallyoccur,ourbusiness,financialconditionandresultsofoperationscouldsuffer.

RisksRelatedtoOurBusinessandIndustry

We have a history of operating losses.

Wehaveahistoryoflossesandmaycontinuetoincuroperatingandnetlossesfortheforeseeablefuture.Yatra'snetlosseswereINR4,052.0millionforfiscalyear2018ascomparedtoalossofINR5,937.0millioninfiscalyear2017andalossofINR1,243.3millioninfiscalyear2016.Ifourrevenuesgrowslowerthananticipated,orifouroperatingexpensesexceedexpectations,thenwemaynotbeabletoachieveprofitabilityinthenearfutureoratall,whichmaydepressthepriceofourordinaryshares.

The Indian travel industry is highly competitive and we may not be able to effectively compete in the future.

TheIndiantravelindustryishighlycompetitive.Oursuccessdependsuponourabilitytocompeteeffectivelyagainstnumerousestablishedandemergingcompetitors,includingotheronlinetravelagencies,orOTAs,traditionalofflinetravelcompanies,travelresearchcompanies,paymentwallets,searchenginesandmeta-searchcompanies,bothinIndiaandabroad,suchasAgodaCompanyPte.Ltd.,Booking.comB.V.,CleartripPvt.Ltd.,ExpediaSoutheastAsiaPte.Ltd.,LeTravenuesTechnologyPvt.Ltd.India,MakeMyTrip(India)Pvt.Ltd.(includingtherecentlyconcludedacquisitionofIbiboGroup),andOne97CommunicationsLimited.Ourcompetitorsmayhavesignificantlygreaterfinancial,marketing,personnelandotherresourcesthanwehave.Factorsaffectingourcompetitivesuccessincludeprice,availabilityoftravelproducts,abilitytopackagetravelproductsacrossmultiplesuppliers,brandrecognition,customerserviceandcustomercare,feeschargedtocustomers,easeofuse,accessibility,reliabilityandinnovation.Ifwearenotabletocompeteeffectivelyagainstourcompetitors,ourbusinessandresultsofoperationsmaybeadverselyaffected.

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investorswithusefulsupplementalinformationaboutthefinancialperformanceofourbusinessandmoreaccuratelyreflectsthevalueadditionofthetravelservicesthatweprovidetoourcustomers.ThepresentationofthisnonIFRSinformationisnotmeanttobeconsideredinisolationorasasubstituteforourconsolidatedfinancialresultspreparedinaccordancewithIFRSasissuedbytheIASB.OurRevenueLessServiceCostmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompaniesduetopotentialdifferencesinthemethodofcalculation.

**** NetRevenueMarginsaredefinedasRevenueLessServiceCostasapercentageofGrossBookings.

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Large,establishedInternetsearchengineswithaglobalpresenceandmeta-searchcompanieswhocanaggregatetravelsearchresultscompeteagainstusforcustomers.Certainofourcompetitorshavelaunchedbrandmarketingcampaignstoincreasetheirvisibilitywithcustomers.Someofourcompetitorshavesignificantlygreaterfinancial,marketing,personnelandotherresourcesthanwedoandcertainofourcompetitorshavealongerhistoryofestablishedbusinessesandreputationsintheIndiantravelmarketascomparedwithus.Somemeta-searchsites,includingTripAdvisor,TrivagoandKayak,offeruserstheabilitytomakereservationsdirectlyontheirwebsites,whichmayreducetheamountoftrafficandtransactionsavailabletousthroughreferralsfromthesesites.Ifadditionalmeta-searchsitesbegintooffertheabilitytomakereservationsdirectly,thatwillfurtheraffectourabilitytogeneratetraffictooursites.Fromtimetotime,wemayberequiredtoreduceservicefeesandNetRevenueMarginsinordertocompeteeffectivelyandmaintainorgainmarketshare.

Wemayalsofaceincreasedcompetitionfromnewentrantsinourindustry.Thetravelindustryisextremelydynamicandnewchannelsofdistributioninthetravelindustrymaynegativelyaffectourmarketshare.Additionalsourcesofcompetitionincludelargecompaniesthatofferonlinetravelservicesasonepartoftheirbusinessmodel,suchasAlibabaGroupHoldingLtd,aswellas"dailydeal"websites,suchasGroupon,Inc.'sGetaways,orpeer-to-peerinventorysources,suchasAirbnbInc.,HomeAway.com,Inc.andOravelStaysPvt.Ltd.,whichprovidehomeandapartmentrentalsasanalternativetohotelrooms.Thegrowthofpeer-to-peerinventorysourcescouldaffectthedemandforourservicesinfacilitatingreservationsathotels.Wecannotassureyouthatwewillbeabletosuccessfullycompeteagainstexistingornewcompetitorsinourexistinglinesofbusinessaswellasnewlinesofbusinessintowhichwemayventure.Ifwearenotabletocompeteeffectively,ourbusinessandresultsofoperationsmaybeadverselyaffected.

Inaddition,manyairlines,hotels,carrentalcompaniesandtouroperatorshavecallcentersandhaveestablishedtheirowntraveldistributionwebsitesandmobileapplications.Suppliersmayofferadvantagesforcustomerstobookdirectly,suchasmember-onlyfares,bonusmilesorloyaltypoints,whichcouldmaketheirofferingsmoreattractivetocustomers.Somelow-costairlinesdistributetheironlinesupplyexclusivelythroughtheirownwebsitesandotherairlineshavestoppedprovidinginventorytocertainonlinechannelsandattempttodrivecustomerstobookdirectlyontheirwebsitesbyeliminatingorlimitingsalesofcertainairlineticketsthroughthirdpartydistributors.Additionally,airlinesuppliersareincreasinglypromotinghotelsupplyontheirwebsitesinconnectionwithairlinetickets.Ifweareunabletocompeteeffectivelywithtravelsupplier-relatedchannelsorothercompetitors,ourbusinessandresultsofoperationsmaybeadverselyaffected.

WealsofaceincreasingcompetitionfromsearchengineslikeGoogle,BingandYahoo!.Searchengineshavegrowninpopularityandmayoffercomprehensivetravelplanningorshoppingcapabilities,whichmaydrivemoretrafficdirectlytothewebsitesofoursuppliersorcompetitors.GooglehasincreaseditsfocusonappealingtotravelcustomersthroughitslaunchesofGooglePlaces,GoogleFlightsandGoogleHotelPriceAds.Google'seffortsaroundtheseproducts,aswellaspossiblefuturedevelopments,maychangeorundermineourabilitytoobtainprominentplacementinpaidorunpaidsearchresultsatareasonablecostoratall.

Therecanbenoassurancethatwewillbeabletocompetesuccessfullyagainstanycurrentandfuturecompetitorsoronemergingplatforms,orprovidedifferentiatedproductsandservicestoourcustomerbase.Increasingcompetitionfromcurrentandemergingcompetitors,theintroductionofnewtechnologiesandthecontinuedexpansionofexistingtechnologies,suchasmeta-searchandothersearchenginetechnologies,mayforceustomakechangestoourbusinessmodels,whichcouldaffectourfinancialconditionandresultsofoperations.Increasedcompetitionhasresultedinandmaycontinuetoresultinreducedmargins,aswellaslossofcustomers,transactionsandbrandrecognition.

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The slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular could adverselyaffect our business and financial performance.

SubstantiallyallofouroperationsarelocatedinIndiaand,therefore,ourfinancialperformanceandgrowtharenecessarilydependentoneconomicconditionsprevalentinIndia.TheIndianeconomymaybemateriallyandadverselyaffectedbypoliticalinstabilityorregionalconflicts,ageneralriseininterestrates,inflation,andadverseeconomicconditionsoccurringelsewhereintheworld,suchasaslowdownineconomicgrowthinChina,therepercussionsfromtheJune2016UnitedKingdomreferendumtowithdrawfromtheEuropeanUnionandothermatters.WhiletheIndianeconomyhasgrownsignificantlyinrecentyears,ithadexperiencedaslowdowninitseconomicgrowthafewquartersago.TheIndianeconomycouldbefurtheradverselyimpactedbyinflationarypressures,anyincreaseorvolatilityinoilprices,currencydepreciation,thepoorperformanceofitslargeagriculturalandmanufacturingsectors,tradedeficits,recentinitiativesbytheIndiangovernmenttowardsdemonetizationofcertainIndiancurrency,theIndiangovernment'srecentimplementationofacomprehensivenationwidegoodsandservicestax('GST')regime,andotherfactors.Indiaalsofacesmajorchallengesinsustainingitsgrowth,whichincludetheneedforsubstantialinfrastructuredevelopmentandimprovingaccesstohealthcareandeducation.

Inthepast,economicslowdownsintheIndianeconomymayhaveharmedthetravelindustryascustomershadlessdisposableincomefortheirtravels,especiallyholidaytravel.IfthereisaslowdownintheIndia'seconomicgrowthitwilllikelyhaveamaterialadverseeffectonthedemandforthetravelproductsweselland,asaresult,onourfinancialconditionandresultsofoperations.Wedonearlyallofourbusinesswithawidevarietyoftravel-relatedcompaniesbasedinIndia,includingairlines,largehotelchainsandothers.WeareexposedtorisksassociatedwiththeseIndianbusinesses,includingbankruptcies,restructurings,consolidationsandalliancesofitspartners,thecreditworthinessofthesepartners,andthepossibleobligationtomakepaymentstoourpartners.Forexample,theIndianairlineindustryinrecentyearshasexperiencedsignificantlossesandhasundergonebankruptcies,restructurings,consolidationsandothersimilarevents.Futurebankruptciesandincreasingconsolidationcouldcreatechallengesforourrelationshipswithairlines,includingbyreducingtheprofitabilityofourairlineticketingbusiness.

IfthegrowthintheIndiantravelindustrycannotbesustainedortheIndianeconomyasawholecontinuestoexperienceaslowdowningrowth,ourbusinessandresultsofoperationscouldbeadverselyaffected.

The travel industry is particularly sensitive to safety concerns, and terrorist attacks, regional conflicts, health concerns, natural calamities or other catastrophicevents could have a negative impact on the Indian travel industry and cause our business to suffer.

Thetravelindustryisparticularlysensitivetosafetyconcerns,suchasterroristattacks,regionalconflicts,healthconcerns,naturalcalamitiesorothercatastrophicevents.Ourbusinesshasinthepastdeclinedandmayinthefuturedeclineafterincidents,suchasthosedescribedbelow,thatcausetravelerstobeconcernedabouttheirsafety.Decreasedtravelexpenditurescouldreducethedemandforourservices,therebycausingareductioninrevenue.

Indiahasexperiencedterrorattacksinthepast,includingthecoordinatedattacksin2008inmultiplelocationsinMumbai,andmayexperiencesimilarattacksinthefuture.Inrecentyears,hotels,airlines,airportsandcruiseshavebeenthetargetsofterroristattacks,includingintheGulfofAden,India,Spain,Egypt,Russia,Turkey,SriLanka,France,UnitedKingdomandBelgium.Asmanyterroristattackstendtobefocusedontouristsortouristdestinations,suchacts,eventhoseoutsideofIndiaorotherneighboringcountries,mayresultinadeclineinthetravelindustryandadverselyimpactourbusinessandprospects.

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Inaddition,SouthAsiahas,fromtimetotime,experiencedinstancesofcivilunrestandhostilitiesamongneighboringcountries,includingbetweenIndiaandPakistan.TherehavealsobeenincidentsinandnearIndiasuchastroopmobilizationsalongtheborder.SuchmilitaryactivityorotheradversesocialandpoliticaleventsinIndiainthefuturecouldadverselyaffecttheIndianeconomybydisruptingcommunicationsandmakingtravelmoredifficult.ResultingpoliticaltensionscouldcreateagreaterperceptionthatinvestmentsinIndiancompaniesinvolveahighdegreeofriskandcouldhaveanadverseimpactonourbusinessandthepriceofourordinaryshares.Furthermore,ifIndiaweretobecomeengagedinarmedhostilities,wemaynotbeabletocontinueouroperations.Theoccurrenceofanyoftheseeventsmayresultinalossofbusinessconfidenceandhaveanadverseeffectonourbusinessandresultsofoperations.

Theoutbreakofsevereillnesses,suchastheEbolavirus,MiddleEastRespiratorySyndrome,SevereAcuteRespiratorySyndrome,malaria,H1N1influenzavirus,avianfluandtheZikavirus,couldmateriallyaffectthetravelindustry,reduceourrevenuesandadverselyimpacttravelbehavior,particularlyiftheyweretopersistforanextendedperiod.

Indiahasexperiencednaturalcalamitiessuchasearthquakes,tsunamis,floodsanddroughtinpastyears.Forexample,inSeptember2014,thestateofJammuandKashmirinnorthernIndia,apopulartourismdestination,experiencedwidespreadfloodsandlandslides,andinApril2015,anearthquakeoccurredintheFederalDemocraticRepublicofNepalwithaftershocksandlandslidessubsequentlyaffectingthecountry.TheextentandseverityofthesenaturaldisastersdeterminestheirimpactontheIndianeconomy.SubstantiallyallofouroperationsandemployeesarelocatedinIndiaandtherecanbenoassurancethatwewillnotbeaffectedbynaturaldisastersinthefuture.Furthermore,ifanyofthesenaturaldisastersoccurintouristdestinationsinIndia,traveltoandwithinIndiacouldbeadverselyaffected,whichcouldhaveanadverseimpactonourbusinessandresultsofoperations.

Theoccurrenceofanyoftheseeventscouldresultinchangestocustomers'travelplansandrelatedcostsandlostrevenueforourcompany,aswellastheriskofaprolongedandsubstantialdecreaseintravelvolume,anyofwhichcouldhaveamaterialadverseeffectonourbusiness,financialconditionandresultsofoperations.

Our business and financial results are subject to fluctuations in currency exchange rates.

Giventhenatureofourbusiness,anyfluctuationinthevalueoftheIndianrupeeagainsttheU.S.dollar,Euro,Britishpoundsterlingorothermajorcurrencieswillaffectcustomers'travelbehaviorand,therefore,willhaveanimpactonourresultsofoperations.Forexample,infiscalyear2016,thedropintheaveragevalueoftheIndianrupeeascomparedtotheU.S.dollaradverselyimpactedtheIndiantravelindustryasitmadeoutboundtravelforIndianconsumersmoreexpensive.Inaddition,ourexposuretoforeigncurrencyriskalsoarisesinrespectofournon-Indianrupee-denominatedtradeandotherreceivables,tradeandotherpayables,andcashandcashequivalents.Wecurrentlydonothaveanyhedgingagreementsorsimilararrangementswithanycounter-partytocoverourexposuretoanyfluctuationsinforeignexchangerates.

We have limited experience operating as a public company, and fulfilling our obligations as a U.S. reporting company may be expensive and time consuming.

AsaU.S.reportingcompany,weincursignificantlegal,accountingandotherexpenses.PriortobecomingaU.S.reportingcompany,wehadnotpreviouslybeenrequiredtoprepareorfileperiodicandotherreportswiththeSECortocomplywiththeotherrequirementsofU.S.federalsecuritieslawsapplicabletopubliccompanies.WehavenotpreviouslybeenrequiredtoestablishandmaintaindisclosurecontrolsandproceduressuchasSection404oftheSarbanesOxleyActof2002andinternalcontrolsoverfinancialreportingapplicabletoapubliccompanywithsecuritiesregisteredintheUnitedStates.Compliancewithreportingandcorporategovernanceobligationsfromwhichforeignprivate

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issuersarenotexemptmayrequiremembersofourmanagementandourfinanceandaccountingstafftodiverttimeandresourcesfromotherresponsibilitiestoensuringtheseadditionalregulatoryrequirementsarefulfilledandmayincreaseourlegal,insuranceandfinancialcompliancecosts.Wecannotpredictorestimatetheamountofadditionalcostswemayincurorthetimingofsuchcosts.Inaddition,ifwefailtocomplywithanysignificantruleorrequirementassociatedwithbeingapubliccompany,suchfailurecouldresultinthelossofinvestorconfidenceandcouldharmourreputationandcausethemarketpriceofourordinarysharestodecline.

If we fail to establish and maintain proper and effective internal controls over financial reporting, our results of operations and our ability to operate ourbusiness may be harmed.

WearesubjecttotheSarbanes-OxleyAct,whichrequires,amongotherthings,thatweestablishandmaintaineffectiveinternalcontrolsoverfinancialreportinganddisclosurecontrolsandprocedures.UndertheSEC'scurrentrules,startinginfiscalyear2018wehavebeenrequiredtoperformsystemandprocessevaluationandtestingofourinternalcontrolsoverfinancialreportingtoallowmanagementtoassesstheeffectivenessofourinternalcontrols.However,ourindependentregisteredpublicaccountingfirmisnotrequiredtoattesttotheeffectivenessofourinternalcontroloverfinancialreportingunderSection404oftheSarbanes-OxleyActuntilthefilingofourannualreportonForm20-Ffollowingthedateonwhichwearenolongeranemerginggrowthcompany.

Ourtestingmayrevealdeficienciesinourinternalcontrolsthataredeemedtobematerialweaknessesorsignificantdeficienciesandrenderourinternalcontrolsoverfinancialreportingineffective.Weexpecttoincuradditionalaccountingandauditingexpensesandtospendsignificantmanagementtimeincomplyingwiththeserequirements.Ifwearenotabletocomplywiththeserequirementsinatimelymanner,orifweorourmanagementidentifiesmaterialweaknessesorsignificantdeficienciesinourinternalcontrolsoverfinancialreportingthataredeemedtobematerialweaknesses,orifourindependentregisteredpublicaccountingfirmisunabletoexpressanopinionastotheeffectivenessofourinternalcontroloverfinancialreportingwhenrequired,investorsmayloseconfidenceintheaccuracyandcompletenessofourfinancialreportsandthemarketpriceofourordinarysharesmaydecline,andwemaybesubjecttoinvestigationsorsanctionsbytheSEC,theFinancialIndustryRegulatoryAuthority,Inc.orotherregulatoryauthorities.Inaddition,wemayberequiredtoexpendsignificantmanagementtimeandfinancialresourcestocorrectanymaterialweaknessesthatmaybeidentifiedortorespondtoanyregulatoryinvestigationsorproceedings.

Our business depends on our relationships with a broad range of travel suppliers, and any adverse changes in these relationships, or our inability to enter intonew relationships, could negatively affect our business and results of operations.

Werelysignificantlyonourrelationshipswithairlines,hotels,railways,buslines,activityvendors,globaldistributionsystem,orGDS,serviceprovidersandothertravelsupplierstoenableustoofferourcustomerscomprehensiveaccesstotravelservicesandproducts.Adversechangesinanyofourrelationshipswithtravelsuppliers,ortheinabilitytoenterintonewrelationshipswithtravelsuppliers,couldreducetheamountofinventorythatwemaybeabletooffer.Ourarrangementswithtravelsuppliersarenottypicallysubjecttolong-termcommitmentsandmaynotremainineffectoncurrentorsimilarterms,andthenetimpactoffuturepricingoptionsmayadverselyimpactourrevenue.Travelsuppliersareincreasinglyfocusedondrivingonlinedemandtotheirownwebsitesandmayceasetosupplyuswiththesamelevelofaccesstotravelinventoryinthefuture.

Asignificantchangeinourrelationshipswithourmajorsuppliersforasustainedperiodoftime,includinganinabilitybyanytravelsuppliertofulfilltheirpaymentobligationtousinatimelymannerorasupplier'scompletewithdrawalofinventory,couldhaveamaterialadverseeffectonourbusiness,financialconditionorresultsofoperations.Furthermore,noassurancecanbegiventhatourtravelsupplierswillnotfurtherreduceoreliminatefeesorcommissionsorattempttochargeusforcontent,

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terminateourcontracts,maketheirproductsorservicesunavailabletousaspartofexclusivearrangementswithourcompetitorsordefaultonordisputetheirpaymentorotherobligationstowardsus,anyofwhichcouldreduceourrevenueandNetRevenueMarginsormayrequireustoinitiatelegalorarbitrationproceedingstoenforcetheircontractualpaymentobligations,whichmayadverselyaffectourbusinessandresultsofoperations.

Some of our airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of airtickets, and this could adversely affect our business and results of operations.

InourAirTicketingbusiness,wegeneraterevenuethroughcommissionsandincentivepaymentsfromairlinesuppliers,servicefeeschargedtoourcustomersandfeesfromourGDSserviceproviders.Ourairlinesuppliersmayreduceoreliminatethecommissionsandincentivepaymentstheypaytous.Totheextentanyofourairlinesuppliersfurtherreduceoreliminatethecommissionsorincentivepaymentstheypaytousinthefuture,ourrevenuemaybefurtherreducedunlessweareabletoadequatelymitigatesuchreductionbyincreasingtheservicefeeswechargetoourcustomersinasustainablemanner.Anyincreaseinservicefees,tomitigatereductionsinoreliminationofcommissionsorotherwise,mayalsoresultinalossofpotentialcustomers.Further,ourarrangementswiththeairlinesthatsupplyairticketstousmaylimittheamountofservicefeesthatweareabletochargeourcustomers.Ourbusinesswouldalsobenegativelyimpactedifcompetitionorregulationinthetravelindustrycausesustoreduceoreliminateourservicefees.

We rely on third-party systems and service providers, and any disruption or adverse change in their business may have a material adverse effect on ourbusiness.

Wecurrentlyrelyonavarietyofthird-partysystems,serviceprovidersandsoftwarecompanies,includingtheGDSandotherelectroniccentralreservationsystemsusedbyairlines,variousofflineandonlinechannelmanagingsystemsandreservationsystemsusedbyhotelsandaccommodationsuppliersandaggregators,systemsusedbyIndianRailways,andsystemsusedbybusandcaroperatorsandaggregators,aswellasothertechnologiesusedbypaymentgatewayproviders.Inparticular,werelyonthirdpartiesto:

• assistinconductingsearchesforairfaresandprocessairticketbookings;

• processhotelreservations;

• processcreditcard,debitcard,netbankingande-walletpayments;

• providecomputerinfrastructurecriticaltoourbusiness;and

• providecustomerrelationshipmanagement,orCRM,softwareservices.

Thesethirdpartiesaresubjecttogeneralbusinessrisks,includingsystemdowntime,hackerattack,fraudulentaccess,naturaldisaster,humanerrororothercausesleadingtounexpectedbusinessinterruptions.Anyinterruptionintheseorotherthirdpartyservicesordeteriorationintheirperformancecouldimpairthequalityofourservice.Forexample,technicalglitchesinthirdpartysystemsmayresultintheinformationprovidedbyustoourcustomers,suchastheavailabilityofhotelroomsonacentralreservationssystemofahotelsupplier,tonotbeaccurate,andwemayincurmonetaryand/orreputationallossasaresult.Furthermore,ifourarrangementswithanyofthesethirdpartiesaresuspended,terminatedornolongeravailableoncommerciallyacceptableterms,wemaynotbeabletofindanalternatesourceofsupportonatimelybasisandoncommerciallyreasonableterms,oratall.

Oursuccessisalsodependentonourabilitytomaintainourrelationshipswiththesethird-partysystemsandserviceproviders,includingourtechnologypartners.Intheeventourarrangementswith

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anyofthesethirdpartiesareimpairedorterminated,wemaynotbeabletofindanalternativesourceofsystemssupportonatimelybasisoroncommerciallyreasonableterms,whichcouldresultinsignificantadditionalcostsordisruptionstoourbusiness.

We may not be able to adequately control and ensure the quality of travel products and services sourced from our travel suppliers. If there is any deteriorationin the quality of their performance, our customers may seek damages from us and not continue using our online platform.

Asweincreasethenumberofthirdpartyservicesavailablethroughourplatform,wemaynotbeabletoadequatelymonitororassurethequalityoftheseservices,andincreasesincustomerdissatisfactionmayadverselyimpactourbusiness.

In2015,welaunchedamarketplaceplatformthatenablesustosellourowninventoryandtheinventoryofthirdpartyvendorstoprovidetravelersawiderselectionofproductsandservicesonasingleplatform.Thisplatformallowsthirdpartysuppliersortravelservicestomanageandsellproductsandservicesonyatra.comdirectlytoconsumers.Wemaynotbeabletoadequatelymonitorthesethirdpartyvendorstoensurethattheyprovidehigh-qualitytravelproductsandservicestoourcustomersonaconsistentbasis.Certaintravelserviceprovidersmaylackadequatequalitycontrolfortheirtravelproductsandcustomerservice.Similarly,wecannotensurethateverytravelserviceproviderhasobtained,anddulymaintained,allofthelicensesandpermitsrequiredforittoprovidetravelproductstoconsumers.

Theactionsthatwetaketomonitorandenhancetheperformanceofourtravelsuppliersmaybeinadequatetotimelydiscoverthesequalityissues.Theremaybecustomercomplaintsandlitigationagainstusduetoourtravelsuppliers'failuretoprovidesatisfactorytravelproductsorservices.Ifourtravelersaredissatisfiedwiththetravelproductsandservicesprovidedbythirdpartyvendorstheyfindthroughourmarketplaceplatform,theymayreducetheiruseof,orcompletelyforgo,ourmarketplaceplatformaswellasourcoreplatform,includingourmobileapps.Theymayalsodemandrefundsoftheirpaymentstousorclaimcompensationfromusfordamagessufferedasaresultofourtravelsuppliers'performanceormisconduct.Increasesincustomerdissatisfactionwiththirdpartyvendorscoulddamageourbrand,reduceourtrafficandmateriallyandadverselyaffectourbusinessandresultsofoperations.

Failure to maintain the quality of customer services could harm our reputation and our ability to retain existing customers and attract new customers, whichmay materially and adversely affect our business, financial condition and results of operations.

Ourbusinessissignificantlyaffectedbytheoverallsizeofourcustomerbase,whichinturnisdeterminedby,amongotherfactors,theirexperiencewithourcustomerservices.Assuch,thequalityofcustomerservicesiscriticaltoretainingourexistingcustomersandattractingnewcustomers.Ifwefailtoprovidequalitycustomerservices,ourcustomersmaybelessinclinedtobooktravelproductsandserviceswithusorrecommendustonewcustomers,andmayswitchtoourcompetitors.Failuretomaintainthequalityofcustomerservicescouldharmourreputationandourabilitytoretainexistingcustomersandattractnewcustomers,whichmaymateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

We depend on a small number of airline suppliers in India for a significant percentage of our Air Ticketing revenue.

OurgrowthstrategyisheavilydependentonthecontinuedexpansionofourAirTicketingbusinessandourairlinesupplierrelationships.Wecurrentlyprovideourcustomerswithaccesstoeightdomesticairlinesaswellasover300internationalairlines;however,asubstantialportionofourAirTicketingrevenueisrepresentedbyfivedomesticairlines.Ourdependenceonalimitednumberofdomestic

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airlinesmeansthatareductionoreliminationinbasecommissionsandincentivepaymentsbyoneormoreoftheseairlinescouldhaveamaterialadverseeffectonourrevenue.Furthermore,ourrelianceontheseIndianairlinesexposesustotherisksassociatedwiththedomesticairlineindustry,suchasrisingfuelcosts,hightaxes,currencydepreciationandliquidityconstraints.Inaddition,ourrelianceontheseairlinesincreasestheirbargainingpowerinpriceandcontractnegotiations,andfurtherconsolidationofdomesticairlinesuppliersmayexacerbatethesetrends.Ifoneorallofthesedomesticairlinesexertsignificantpriceandmarginpressureonus,itcouldmateriallyandadverselyaffectourbusiness,financialconditionandresultsofoperations.

Any failure to maintain the quality of our brand and reputation could have a material adverse effect on our business.

Wehaveinvestedconsiderabletimeandresourcesindevelopingandpromotingour"Yatra"brand.Weexpecttocontinuetospendonmaintainingthehighqualityofourbrandinordertocompeteagainstalargeandgrowingnumberofcompetitors.Wealsobelievethatthestrengthofourbrandisoneofourkeyassetsthatwillallowustoexpandintonewgeographies,suchasTier2andTier3citiesinIndia,whereourbrandisnotaswellknown.Theseeffortsmaynotbesuccessfuland,evenifwearesuccessfulinourbrandingefforts,sucheffortsmaynotbecost-effective.Ifweareunabletomaintainorenhanceconsumerawarenessofourbrandsorgeneratedemandinacost-effectivemanner,itcouldhaveamaterialadverseeffectonourbusinessandfinancialperformance.

Inaddition,wereceivesignificantmediacoverageinIndiaandothergeographicmarkets.Wecouldreceiveunfavorablepublicityregarding,forexample,ourpracticesrelatingtopersonnel,business,operating,accounting,prospects,businessethics,privacyanddataprotection,productchanges,competitivepressures,theaccuracyofuser-generatedcontent,productquality,litigationorregulatoryactivity,.Suchallegationscouldadverselyaffectourreputationwithourusersandadvertisers.Suchallegations,directlyorindirectlyagainstus,maybepostedininternetchat-roomsoronblogsoranywebsitebyanyone,andmayevenbepostedonananonymousbasis.Wemayberequiredtospendsignificanttimeandincursubstantialcostsinresponsetosuchallegationsorotherdetrimentalconduct,andthereisnoassurancethatwewillbeabletoconclusivelyrefuteeachofthemwithinareasonableperiodoftime,oratall.Suchpotentialnegativepublicityalsocouldhaveanadverseeffectonthesize,engagementandloyaltyofouruserbaseandresultindecreasedrevenue,whichcouldadverselyaffectourbusinessandresultsofoperations.

We are exposed to the proceedings or claims arising from travel-related accidents or customer misconducts during their travels, the occurrence of which maybe beyond our control.

Accidentsarealeadingcauseofmortalityandmorbidityamongtourists.Weareexposedtorisksofourcustomers'claimsarisingfromorrelatingtotravel-relatedaccidents.Asweenterintocontractswithourcustomersdirectly,ourcustomerstypicallytakeactionsagainstusforthedamagestheysufferduringtheirtravels.However,suchaccidentsmayresultfromthenegligenceormisconductofourtravelsuppliersorotherserviceproviders,overwhichwehavenoorlimitedcontrol.Seealso"—RisksRelatedtoOurBusinessandIndustry—Wemaynotbeabletoadequatelycontrolandensurethequalityoftravelproductsandservicessourcedfromourtravelsuppliers.Ifthereisanydeteriorationinthequalityoftheirperformance,ourcustomersmayseekdamagesfromusandnotcontinueusingouronlineplatform."However,thereisnoassurancethatsuchinsuranceorindemnificationwillbesufficienttocoverallofourlosses.Inaddition,someofthetravel-relatedaccidentsresultfromadventureactivitiesundertakenbyourcustomersduringtheirtravels,suchasscubadiving,whitewaterrafting,windsurfingandskiing.Furthermore,wemaybeaffectedbyourcustomermisconductduringtheirtravels,overwhichwehavenoorlimitedcontrol.However,suchaccidentsandmisconduct,evenifnotresultingfromourorourtravelsuppliers'negligenceormisconduct,couldcreateapublicperceptionthatwearelessreliablethanourcompetitors,whichwouldharmourreputation,andcouldadverselyaffectourbusinessandresultsofoperations.

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We may be subject to legal or administrative proceedings regarding our travel products and services, information provided on our online platform or otheraspects of our business operations, which may be time-consuming to defend and affect our reputation.

Fromtimetotime,wehavebecomeandmayinthefuturebecomeapartytovariouslegaloradministrativeproceedingsarisingintheordinarycourseofourbusiness,includingbreachofcontractclaims,anti-competitionclaimsandothermatters.Suchproceedingsareinherentlyuncertainandtheirresultscannotbepredictedwithcertainty.Regardlessoftheoutcomeandmeritofsuchproceedings,anysuchlegalactioncouldhaveanadverseimpactonourbusinessbecauseofdefensecosts,negativepublicity,diversionofmanagement'sattentionandotherfactors.Inaddition,itispossiblethatanunfavorableresolutionofoneormorelegaloradministrativeproceedings,whetherinIndiaorinanotherjurisdiction,couldmateriallyandadverselyaffectourfinancialposition,resultsofoperationsorcashflowsinaparticularperiodordamageourreputation.Inaddition,ouronlineplatformcontainsinformationaboutourtravelproductsandservices,vacationdestinationsandothertravel-relatedtopics.Itispossiblethatifanycontentaccessibleonouronlineplatformcontainserrorsorfalseormisleadinginformation,ourcustomersmaytakeactionsagainstus.

We rely on assumptions and estimates to calculate certain of our key metrics, and real or perceived inaccuracies in such metrics may harm our reputation andnegatively affect our business.

Webelievethatcertainmetricsarekeytoourbusiness,includingtravelexpenditures,customers,repeatcustomers,totaltransactionvolume,customertraffic,monthlyvisitors,appdownloads,travelagentsandbookings.Astheindustryinwhichweoperatecontinuestoevolve,themetricsbywhichweevaluateourbusinessmaychangeovertime.Whilethesenumbersarebasedonwhatwebelievetobereasonableestimates,ourinternaltoolshaveanumberoflimitationsandourmethodologiesfortrackingthesemetricsmaychangeovertime.Forexample,asinglepersonmayhavemultipleaccountsorbrowsetheInternetonmultiplebrowsersordevices,someusersmayrestrictourabilitytoaccuratelyidentifythemacrossvisits,somemobileapplicationsautomaticallycontactourserversforregularupdateswithnouseraction,andwearenotalwaysabletocaptureuserinformationonallofourplatforms.Assuch,thecalculationsofourtrafficandmonthlyvisitorsmaynotaccuratelyreflectthenumberofpeopleactuallyvisitingourplatforms.Also,iftheinternaltoolsweusetotrackthesemetricsunder-countorover-countperformanceorcontainalgorithmicorothertechnicalerrors,thedataand/orreportswegeneratemaynotbeaccurate.Inaddition,historically,certainmetricswerecalculatedbyindependentthirdparties,andhavenotbeenverifiedbyus.Wecalculatemetricsusinginternaltools,whicharenotindependentlyverifiedbyathirdparty.Inaddition,wecontinuetoimproveuponourtoolsandmethodologiestocapturedataandbelievethatourcurrentmetricsaremoreaccurate;however,theimprovementofthesetoolsandmethodologiescouldcauseinconsistenciesbetweencurrentdataandpreviouslyreporteddata,whichcouldconfuseinvestorsorleadtoquestionsabouttheintegrityofthedata.

The roll-out of new features, improvements and strategies may not meet our expectations.

Weareconstantlyworkingtoimproveourwebsitesandmobileapplicationsandroll-outnewfeaturestoimproveouruserexperience,attractnewusers,expandourmarketreachanddevelopnewsourcesofrevenue.However,thereisnoguaranteethattheseinitiativeswillultimatelybesuccessfuland,iftheyarenot,ourbusinessandresultsofoperationsmaybemateriallyadverselyaffected.Forexample,in2014welaunchedoureCashprogramtorewardcustomersforrepeatpurchases.CustomersaccumulateeCashpointsontravelbookedthroughus,andthesepointsworkasacurrencythatcanberedeemedbycustomersduringfuturebookings.Thisprogrammaynothavethepositiveimpactontotaltransactionvolumeandcustomerretentionthatweoriginallyanticipated.Forexample,wecurrentlyexpectthatcustomerswhobookbusinesstravelthroughourcorporateplatformwillreceivetheeCashpointsassociatedwiththattravel.However,iftheeCashisheldbytheemployerratherthantheemployee,theimpactofthisinitiativemaynotbeassignificantasexpected.Evenifweareableto

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successfullyadoptnewfeatures,improvementsorstrategies,theimpactofsuchinitiativesmaytakelongertodevelopthanweexpectornotdevelopatall.Forexample,wearemovingrapidlytowarda"MobileFirst"businessmodel.However,wecanprovidenoassurancethatwewillnotexperiencedelaysordisruptionsasweimplementthisinitiativeorthat,oncewehavesuccessfullydoneso,themarketopportunityfora"MobileFirst"businesswillnothavechangedinawaythatcouldnegativelyimpactour"MobileFirst"business,oureffortstoattractnewcustomersandourresultsofoperations.

The online homestay market is rapidly evolving and if we fail to compete successfully, our business and results of operations may suffer.

WerecentlyaddedhomestaysthroughourYatraandTravelguruwebsites.Theonlinehomestaymarketisarapidlyevolvingmarket.Sincewebeganofferingsuchservices,therehavebeenandcontinuetobesignificantbusiness,marketingandregulatorydevelopments.Operatinginnewandrelativelyuntestedmarketsrequiressignificantmanagementattentionandfinancialresources.Wecannotprovideanyassurancethatoureffortstoexpandinthismarketwillbesuccessful,andtheinvestmentandadditionalresourcesrequiredtoestablishoperationsandmanagegrowthmaynotproducethedesiredfinancialresults.

We may not be successful in pursuing strategic partnerships and acquisitions, and future partnerships and acquisitions may not bring us anticipated benefits.

Partofourgrowthstrategyisthepursuitofstrategicpartnershipsandacquisitions.Therecanbenoassurancethatwewillsucceedinimplementingthisstrategyaswearesubjecttomanyfactorswhicharebeyondourcontrol,includingourabilitytoidentify,attractandsuccessfullyexecutesuitableacquisitionopportunitiesandpartnerships.Thisstrategymayalsosubjectustouncertaintiesandrisks,includingacquisitionandfinancingcosts,potentialongoingandunforeseenorhiddenliabilities,diversionofmanagementresourcesandthecostsofintegratingacquiredbusinesses.Wecouldfacedifficultiesintegratingthetechnologyofacquiredbusinesseswithourexistingtechnology,andemployeesoftheacquiredbusinessintovariousdepartmentsandranksinourcompany,anditcouldtakesubstantialtimeandefforttointegratethebusinessprocessesbeingusedintheacquiredbusinesseswithourexistingbusinessprocesses.Moreover,thereisnoassurancethatsuchpartnershipsoracquisitionswillachieveourintendedobjectivesorenhanceourbusiness.Anysuchfailurecouldnegativelyimpactourabilitytocompeteinthetravelindustryandhaveamaterialadverseeffectonourbusinessorresultsofoperations.

InthequarterendedSeptember30,2017,YatraOnlinePrivateLimited,asubsidiaryofYatraOnline,Inc.,acquireda51%shareholdinginATB,India'slargestindependentcorporatetravelservicesprovider,withtheobligationtoacquiretheremaining49%shareholdingpursuanttothetermsofasharepurchaseagreement.AsweintegrateATBintotheYatraportfolio,theremaybeunexpectedcostsanddifficultiesinintegratingthetwobusinesses.

As we increase our sales efforts toward larger corporate customers and B2B2C travel agents, our sales cycle, customer support efforts and collection effortsmay become more time consuming and expensive.

Inrecentyears,wehaveincreasedoursaleseffortstowardlargercorporatecustomers,includingleadingorganizationsfromaroundIndia.TheATBacquisitionwaspartofthiseffort.Asweattempttocapitalizeonthisinvestmentandincreaseoursaleseffortstargetedtolargecorporatecustomers,weexpecttofacegreatercosts,longersalescyclesandlesspredictabilityincompletingsomeofoursales.Additionally,wemayfacechallengesintegratingthedisparatesalesapproachesandstrategiesoftheformerlyseparateATBandYatrasegments.Furthermore,ifaprospectivecorporatecustomer'sdecisiontouseourtravelservicesisanenterprise-widedecision,thesesalesmayrequireustoprovidegreatereducationtotheprospectivecustomer.Consequently,thesecustomersmayrequireustodevotegreatersales,implementationandcustomersupportresourcestothem.

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Inaddition,wearetryingtoincreaseoursaleseffortstotheB2B2C(businesstobusinesstoconsumer)segmentbymakinginroadsinIndia'slargeandfragmentednetworkoftravelagents.Wearecurrentlytryingtomakeinroadstothismarketviaorganicgrowth.Totheextentthatwecannothelpthesetravelagentsprovidetheirclientswithtimeandmoney-savingopportunities,thegrowthinthissegmentmayslow.Slowergrowthinthissegmentmayhinderoureffortstoreachcustomersinsmallermarkets,suchastheTier2andTier3marketsinIndia,whooftenutilizeintermediariessuchastravelagentstoarrangetheirtravel.

AspartoftheseeffortstoattractcorporateandB2B2Ctravelagentsandretailcustomers,wetypicallyextendcreditperiodstocertainsegmentsofourcustomerbase.Wemayexperiencedifficultycollectingpaymentfullyandinatimelymanneronouroutstandingaccountsreceivablefromourcustomers.Asaresult,wemayfaceagreaterriskofnon-paymentofouraccountsreceivableand,asourcorporatetravelbusinessandB2B2Ctravelagentsbusinessgrowsinscale,wemayneedtomakeincreasedprovisionsfordoubtfulaccounts.WecannotprovideanyassurancethatwewillbeabletoincreaseourcorporatecustomerbaseandB2B2Ctravelagents,andoursaleseffortstoobtainsuchcustomersmaybecometimeconsuming,costlyandharmfultoourbusinessandresultsofoperations.

Our failure to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies in the future could reduce ourability to compete successfully and harm our results of operations.

Webelievethatourexistingcashandcashequivalentswillbesufficienttomeetouranticipatedcashrequirementsforatleastthenext12months.However,wemayneedtoraiseadditionalfunds,andwemaynotbeabletoobtainadditionaldebtorequityfinancingonfavorableterms,ifatall.Ifweraiseadditionalequityfinancing,ourshareholdersmayexperiencesignificantdilutionoftheirownershipinterestsandthevalueofourordinarysharescoulddecline.Ifweengageindebtfinancing,wemayberequiredtoaccepttermsthatrestrictourabilitytoincuradditionalindebtedness,forceustomaintainspecifiedliquidityorotherratiosorrestrictourabilitytopaydividendsormakeacquisitions.Inaddition,theavailabilityoffundsdependsinsignificantmeasureoncapitalmarketsandliquidityfactorsoverwhichweexertnocontrol.Inlightofperiodicuncertaintyinthecapitalandcreditmarkets,wecanprovidenoassurancethatsufficientfinancingwillbeavailableondesirabletermsoratalltofundinvestments,acquisitions,stockrepurchases,dividends,debtrefinancingorothercorporateneeds,orthatourcounterpartiesinanysuchfinancingswouldhonortheircontractualcommitments.Ifweneedadditionalcapitalandcannotraiseitonacceptableterms,oratall,wemaynotbeabletoexecuteonourgrowthstrategy,whichcouldreduceourabilitytocompetesuccessfullyandharmourbusinessandresultsofoperations.

Raising additional capital may cause dilution to our shareholders, restrict our operations or require us to relinquish substantial rights.

Totheextentthatweraiseadditionalcapitalthroughthesaleofequityorconvertibledebtsecurities,yourownershipinterestwillbediluted,andthetermsofthesenewsecuritiesmayincludeliquidationorotherpreferencesthatadverselyaffectyourrightsasaholderofourordinaryshares.Debtfinancing,ifavailableatall,mayinvolveagreementsthatincludecovenantslimitingorrestrictingourabilitytotakespecificactionssuchasincurringadditionaldebt,makingcapitalexpenditures,ordeclaringdividends,andmaybesecuredbyalloraportionofourassets.Further,wemayincursubstantialcostsinpursuingfuturecapitaland/orfinancing,includinginvestmentbankingfees,legalfees,accountingfees,printinganddistributionexpensesandothercostsandsucheffortsmaydivertourmanagementfromtheirday-todayactivities,whichmaycompromiseourabilitytodevelopandmarketourproducts.Wemayalsoberequiredtorecognizenon-cashexpensesinconnectionwithcertainsecuritieswemayissue,suchasconvertiblenotesandwarrants,whichwilladverselyimpactourfinancialcondition.

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We could be negatively affected by changes in Internet search engine algorithms and dynamics, or search engine disintermediation.

WerelyheavilyonInternetsearchengines,suchasGoogleandYahoo!India,togeneratetraffictoourwebsites,principallythroughthepurchaseoftravel-relatedkeywords.Searchengines,includingGoogle,frequentlyupdateandchangethelogicthatdeterminestheplacementanddisplayofresultsofauser'ssearch,suchthatthepurchasedoralgorithmicplacementoflinkstoourwebsitescanbenegativelyaffected.Inaddition,asearchenginecould,forcompetitiveorotherpurposes,alteritssearchalgorithmsorresults,causingourwebsitestoplacelowerinsearchqueryresults.Ifamajorsearchenginechangesitsalgorithmsinamannerthatnegativelyaffectsthesearchenginerankingofourwebsitesorthoseofourpartners,orifcompetitivedynamicsimpactthecostoreffectivenessofoursearchengineoptimizationorsearchenginemonetizationinanegativemanner,ourbusinessandfinancialperformancewouldbeadverselyaffected,potentiallytoamaterialextent.Furthermore,ourfailuretosuccessfullymanageoursearchengineoptimizationandsearchenginemonetizationstrategiescouldresultinasubstantialdecreaseintraffictoourwebsites,aswellasincreasedcostsifweweretoreplacefreetrafficwithpaidtraffic.Inaddition,totheextentthatGoogle,Yahoo!IndiaorotherleadingsearchormetasearchenginesinIndiadisruptthebusinessesofOTAsortravelcontentprovidersbyofferingcomprehensivetravelplanningorshoppingcapabilities,orreferthoseleadstosuppliersdirectly,ortootherfavoredpartners,therecouldbeamaterialadverseimpactonourbusiness.Totheextenttheseactionshaveanegativeeffectonoursearchtraffic,whetherondesktop,tabletormobiledevices,ourbusinessandresultsofoperationscouldbeadverselyaffected.

Any inability or failure to adapt to technological developments, the evolving competitive landscape or industry trends could harm our business andcompetitiveness.

Wedependupontheuseofsophisticatedinformationtechnologyandsystems.Ourcompetitivenessandfutureresultsdependonourabilitytomaintainandmaketimelyandcost-effectiveenhancements,upgradesandadditionstoourproducts,services,technologiesandsystemsinresponsetonewtechnologicaldevelopments,industrystandardsandtrendsandcustomerdemands.Adaptingtonewtechnologicalandmarketplacedevelopmentsmayrequiresubstantialexpendituresandleadtimeandwecannotguaranteethatprojectedbenefitswillactuallymaterialize.Wemayexperiencedifficultiesthatcoulddelayorpreventthesuccessfuldevelopment,marketingandimplementationofenhancements,upgradesandadditions.Moreover,wemayfailtomaintain,upgradeorintroducenewproducts,services,technologiesandsystemsasquicklyasourcompetitorsorinacost-effectivemanner.Inaddition,thetravelindustryismarkedbycontinuousinnovationandthedevelopmentofnewproducts,servicesandtechnologies.Asaresult,inordertomaintainitscompetitiveness,wemustcontinuetoinvestsignificantresourcestocontinuallyimprovethespeed,accuracyandcomprehensivenessofourtravelofferings.Changestoourtechnologyplatformsorincreasesinourinvestmentsintechnologycouldadverselyaffectourresultsofoperations.Ifwefacematerialdelaysinadaptingtotechnologicaldevelopments,ourcustomersmayforegotheuseofourservicesinfavorofthoseofourcompetitors.Anyoftheseeventscouldhaveamaterialadverseeffectonourbusinessandresultsofoperations.

Our success depends on maintaining the integrity of our systems and infrastructure, which may suffer from failures, capacity constraints, businessinterruptions and forces outside of our control.

Ourbusinessreliessignificantlyoncomputersystemstofacilitateandprocesstransactionsandwehaveexperiencedrapidgrowthinconsumertraffictoourwebsitesandthroughourmobileapps.However,wemaynotbeabletomaintainandimprovetheefficiency,reliabilityandintegrityofoursystems.Unexpectedincreasesinthevolumeofourbusinesscouldexceedsystemcapacity,resultinginserviceinterruptions,outagesanddelays.Suchconstraintscanalsoleadtothedeteriorationofourservicesorimpairourabilitytoprocesstransactions.Systeminterruptionsmaypreventusfrom

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efficientlyprovidingservicestoourcustomers,travelsuppliersorotherthirdparties,whichcouldcausedamagetoourreputationandresultinuslosingcustomersandrevenuesorcauseustoincurlitigationcostsandliabilities.Althoughwecontractuallylimitourliabilityfordamages,wecannotguaranteethatwewillnotbesubjecttolawsuitsorotherclaimsforcompensationfromourcustomersinconnectionwithsuchoutagesforwhichwemaynotbeindemnifiedorcompensated.

Oursystemsmayalsobesusceptibletoexternaldamageordisruption.Oursystemscouldbedamagedordisruptedbypower,hardware,softwareortelecommunicationfailures,humanerrors,naturaleventsincludingfloods,hurricanes,fires,winterstorms,earthquakesandtornadoes,terrorism,break-ins,hostilities,warorsimilarevents.Computerviruses,denialofserviceattacks,physicalorelectronicbreak-insandsimilardisruptionsaffectingtheInternet,telecommunicationservicesoroursystemscouldcauseserviceinterruptionsorthelossofcriticaldata,andcouldpreventusfromprovidingtimelyservices.Failuretoefficientlyprovideservicestocustomersorotherthirdpartiescouldcausedamagetoourreputationandresultinthelossofcustomersandrevenues,significantrecoverycostsorlitigationandliabilities.Moreover,suchrisksmightincreaseasweexpandourbusinessandasthetoolsandtechniquesinvolvedbecomemoresophisticated.Disastersaffectingourfacilities,systemsorpersonnelmightbeexpensivetoremedyandcouldsignificantlydiminishourreputationandourbrands,andwemaynothaveadequateinsurancetocoversuchcosts.

Our use of open source software could adversely affect our ability to offer our products and services and subject us to possible litigation.

Weuseopensourcesoftwareinconnectionwithourdevelopmentoftechnologyinfrastructure.Fromtimetotime,companiesthatuseopensourcesoftwarehavefacedclaimschallengingtheuseofopensourcesoftwareand/orcompliancewithopensourcelicenseterms.Wecouldbesubjecttosuitsbypartiesclaimingownershipofwhatwebelievetobeopensourcesoftware,orclaimingnoncompliancewithopensourcelicensingterms.Someopensourcelicensesrequireuserswhodistributesoftwarecontainingopensourcetomakeavailableallorpartofsuchsoftware,whichinsomecircumstancescouldincludevaluableproprietarycodeoftheuser.Whilewemonitortheuseofopensourcesoftwareandtrytoensurethatnoneisusedinamannerthatwouldrequireustodiscloseourproprietarysourcecodeorthatwouldotherwisebreachthetermsofanopensourceagreement,suchusecouldinadvertentlyoccur,inpartbecauseopensourcelicensetermsareoftenambiguous.Anyrequirementtodiscloseourproprietarysourcecodeorpaydamagesforbreachofcontractcouldbeharmfultoourbusiness,resultsofoperationsorfinancialcondition,andcouldhelpourcompetitorsdeveloptravelproductsandservicesthataresimilartoorbetterthanours.

We are exposed to risks associated with the payments business, including online security and credit card fraud.

ThesecuretransmissionofconfidentialinformationovertheInternetisessentialinmaintainingcustomerandsupplierconfidenceinus.Securitybreaches,whetherinstigatedinternallyorexternallyonoursystemorotherInternet-basedsystems,couldsignificantlyharmourbusiness.Wecurrentlyrequirecustomerstoguaranteetheirtransactionswiththeircreditanddebitcards,paymentwallets,etc.Werelyonlicensedencryptionandauthenticationtechnologytoeffectsecuretransmissionofconfidentialcustomerinformation,includingcreditanddebitcardnumbers,overtheInternet.However,advancesintechnologyorotherdevelopmentscouldresultinacompromiseorbreachofthetechnologythatweusetoprotectcustomerandtransactiondata.Weincursubstantialexpensetoprotectagainstandremedysecuritybreachesandtheirconsequences.However,oursecuritymeasuresmaynotpreventsecuritybreachesandwemaybeunsuccessfulinorincuradditionalcostsinconnectionwithimplementingaremediationplantoaddressthesepotentialexposures.

Wealsohaveagreementswithbanksandcertaincompaniesthatprocesscustomercreditanddebitcardtransactionsforthefacilitationofcustomerbookingsoftravelservicesfromus.Ifanyofthesethirdpartiesexperiencebusinessinterruptionsorotherwiseareunabletoprovidetheservicesweneed,

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oriftheyincreasethefeesassociatedwiththoseservices,wewillbeadverselyimpacted.Inaddition,theonlinepaymentgatewayforcertainofoursalesmadethroughourmobileplatformandthroughinternationalcreditanddebitcardsaresecuredbytherespectivecard'ssecurityfeaturesandwemaybeliableforcreditcardacceptanceonourwebsites.Wemayalsobesubjecttootherpaymentdisputeswithourcustomersforsuchsales.Ifweareunabletocombattheuseoffraudulentcreditanddebitcards,ourrevenuefromsuchsaleswouldbesusceptibletodemandsfromtherelevantbanksandcreditanddebitcardprocessingcompanies,andourresultsofoperationsandfinancialconditioncouldbeadverselyaffected.

Our processing, storage, use and disclosure of customer data of our customers or visitors to our website could give rise to liabilities as a result of governmentalregulation, conflicting legal requirements, differing views of personal privacy rights or data security breaches.

Intheprocessingofourcustomertransactions,wereceiveandstorealargevolumeofcustomerinformation.Suchinformationisincreasinglysubjecttolegislationandregulationsinvariousjurisdictionsandgovernmentsareincreasinglyactingtoprotecttheprivacyandsecurityofpersonalinformationthatiscollected,processedandtransmittedinorfromthegoverningjurisdiction,forexample,therecentenactmentofEuropeanGeneralDataProtectionRegulations.Wecouldbeadverselyaffectediflegislationorregulationsareexpandedoramendedtorequirechangesinourbusinesspracticesorifgoverningjurisdictionsinterpretorimplementtheirlegislationorregulationsinwaysthatnegativelyaffectourbusiness.AsprivacyanddataprotectionbecomemoresensitiveissuesinIndia,wemayalsobecomeexposedtopotentialliabilities.Forexample,undertheIndianInformationTechnologyAct,2000,asamended,wearesubjecttocivilliabilityforwrongfullossorgainarisingfromanynegligencebyusinimplementingandmaintainingreasonablesecuritypracticesandprocedureswithrespecttosensitivepersonaldataorinformationonourcomputersystems,networks,databasesandsoftware.Indiahasalsoimplementedprivacylaws,includingtheInformationTechnology(ReasonableSecurityPracticesandProceduresandSensitivePersonalDataorInformation)Rules,2011,whichimposelimitationsandrestrictionsonthecollection,useanddisclosureofpersonalinformation.Anyliabilitywemayincurforviolationofsuchlawsandregulationsandrelatedcostsofcomplianceandotherburdensmayadverselyaffectourbusinessandresultsofoperations.

Wecannotguaranteethatoursecuritymeasureswillpreventdatabreaches.Companiesthathandlesuchinformationhavealsobeensubjecttoinvestigations,lawsuitsandadversepublicityduetoallegedlyimproperdisclosureofpersonallyidentifiableinformation.Securitybreachescoulddamageourreputation,causeinterruptionsinouroperations,exposeustoariskoflossorlitigationandpossibleliability,andcouldalsocausecustomersandpotentialcustomerstoloseconfidenceinthesecurityofourtransactions,whichwouldhaveanegativeeffectonthedemandforourservicesandproducts.Moreover,publicperceptionconcerningsecurityandprivacyontheInternetcouldadverselyaffectcustomers'willingnesstouseourwebsitesormobileapplications.ApublicizedbreachofsecurityinIndiaorinothercountriesinwhichwehaveoperations,evenifitonlyaffectsothercompaniesconductingbusinessovertheInternet,couldinhibitthegrowthoftheInternetasameansofconductingcommercialtransactions,and,therefore,ourbusiness.

Theseandotherprivacyandsecuritydevelopmentsthataredifficulttoanticipatecouldadverselyaffectourbusiness,financialconditionandresultsofoperations.

Intellectual property rights are important to our business and we cannot be sure that our intellectual property is protected from copying or use by others, andwe may be subject to third party claims for intellectual property rights infringement.

Ourintellectualpropertyrightsareimportanttoourbusiness.Werelyonacombinationofcopyrightandtrademarklaws,tradesecrets,confidentialityproceduresandcontractualprovisionstoprotectourintellectualproperty.Ourwebsitesandmobileapplicationsrelyoncontentandin-house

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customizationsandenhancementsofthirdpartytechnology,muchofwhichisnotsubjecttointellectualpropertyprotection.Weprotectourlogos,brandname,websites'domainnamesand,toamorelimitedextent,ourcontentbyrelyingoncopyrights,trademarks,tradesecretlawsandconfidentialityagreements.Wehaveinteraliaappliedfortrademarkregistrationofourlogos,andwordmarksforyatra.cominIndiaandsuchapplicationsarecurrentlypendingwiththeRegistryofTrademarks.WehavefiledresponsestoobjectionsraisedbytheRegistryofTrademarkstocertainoftheseapplications.WehavealsofiledoppositionswiththeRegistryofTrademarksagainstcertaintrademarksinpursuanceoftheprotectionofourtrademarks.Evenwithalloftheseprecautions,therecanbenoassurancethatourintellectualpropertywillbeprotected.Itispossibleforsomeoneelsetocopyorotherwiseobtainanduseourcontent,techniquesandtechnologywithoutourauthorizationortodevelopsimilartechnology.Whileourdomainnamescannotbecopied,anotherpartycouldcreateanalternativedomainnameresemblingoursthatcouldbepassedoffasourdomainname.

Oureffortstoprotectourintellectualpropertymaynotbeadequate.Unauthorizedpartiesmayinfringeuponormisappropriateourservicesorproprietaryinformation.Inaddition,theglobalnatureoftheInternetmakesitdifficulttocontroltheultimatedestinationofourservices.Themisappropriationorduplicationofourintellectualpropertycoulddisruptourongoingbusiness,distractourmanagementandemployees,reduceourrevenuesandincreaseourexpenses.Inthefuture,litigationmaybenecessarytoenforceourintellectualpropertyrightsortodeterminethevalidityandscopeoftheproprietaryrightsofothers.Anysuchlitigationcouldbetimeconsumingandcostly.

Wecouldbesubjecttointellectualpropertyinfringementclaimsasthenumberofourcompetitorsgrowsandthecontentandfunctionalityofourwebsitesorotherserviceofferingsoverlapwithcompetitiveofferings.Ascompetitioninourindustryincreasesandthefunctionalityoftechnologyofferingsfurtheroverlaps,suchclaimsandcounterclaimscouldincrease.Therecanbenoassurancethatwehavenotorwillnotinadvertentlyinfringeontheintellectualpropertyrightsofthirdparties.Ourdefensesagainsttheseclaims,evenifnotmeritorious,couldbeexpensiveanddivertmanagement'sattentionfromoperatingourbusiness.Ifwebecomeliabletothirdpartiesforinfringingtheirintellectualpropertyrights,wecouldberequiredtopayasubstantialawardasdamageandforcedtodevelopnon-infringingtechnology,obtainalicenseorceasesellingtheapplicationsthatcontaintheinfringingtechnology.Wemaybeunabletodevelopnon-infringingtechnologyorobtainalicenseoncommerciallyreasonabletermsoratall.

Our quarterly results may fluctuate for a variety of reasons, including the seasonality in the leisure travel industry, and may not fully reflect the underlyingperformance of our business.

Ourquarterlyoperatingresultsmayvarysignificantlyinthefuture,andperiod-to-periodcomparisonsofitsoperatingresultsmaynotbemeaningful.Additionally,ourgrowthmaymasktheseasonalityofourbusiness.Accordingly,theresultsofanyonequartershouldnotberelieduponasanindicationoffutureperformance.Ourquarterlyfinancialresultsmayfluctuateasaresultofavarietyoffactors,manyofwhichareoutsideofourcontroland,asaresult,maynotfullyreflecttheunderlyingperformanceofourbusiness.Forexample,wetendtoexperiencehigherrevenuefromourHotelsandPackagesbusinessinthesecondandfourthcalendarquartersofeachyear,whichcoincidewiththesummerholidaytravelseasonandtheyear-endholidaytravelseasonforourcustomersinIndiaandothermarkets.InourAirTicketingbusiness,wemayhavehigherrevenuesinaparticularquarterarisingoutofperiodicdiscountedsalesofticketsbyoursuppliers.Otherfactorsthatmaycausefluctuationsinourquarterlyfinancialresultsinclude,butarenotlimitedto:

• foreignexchangerates;

• ourabilitytoattractnewcustomersandcross-selltoexistingcustomers;

• theamountandtimingofoperatingexpensesrelatedtothemaintenanceandexpansionofourbusiness,operationsandinfrastructure;

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• generaleconomic,industryandmarketconditions;

• changesinourpricingpoliciesorthoseofourcompetitorsandsuppliers;and

• thetimingandsuccessofnewservicesandserviceintroductionsbyusandourcompetitorsoranyotherchangeinthecompetitivedynamicsoftheIndiantravelindustry,includingconsolidationamongcompetitors,customersorstrategicpartners.

Fluctuationsinquarterlyresultsmaynegativelyimpactthevalueofourordinarysharesandmakequarter-to-quartercomparisonsofourresultslessmeaningful.

We may need to make additional investments in the event of any slowdowns or disruptions in ongoing efforts to upgrade Internet infrastructure in India.

ThemajorityofourbookingsaremadethroughourIndianwebsiteandmobileofferings.AccordingtoInternetWorldStats,Indiahad462millionInternetusersasofDecember2017.TherecanbenoassurancethatInternetpenetrationinIndiawillincreaseinthefuture,asslowdownsordisruptionsinupgradingeffortsforinfrastructureinIndiacouldreducetherateofincreaseintheuseoftheInternet.Assuch,wemayneedtomakeadditionalinvestmentsinalternativedistributionchannels.Further,anyslowdownornegativedeviationintheanticipatedincreaseinInternetpenetrationinIndiamayadverselyaffectourbusinessandresultsofoperations.

Our large shareholders exercise significant influence over our company and may have interests that are different from those of our other shareholders.

AsofJuly20,2018,MIHILLC,MacquarieCorporateHoldingsPtyLimited,AppleOrangeLLC,NoyacPathLLC,Periscope,LLC,TerrapinPartnersEmployeePartnership3,LLCandTerrapinPartnersGreenEmployeePartnership,LLC(collectively,theTerrapinSponsors)andcertainoftheiraffiliatedentities(includingNathanLeight),E-18Limited,Capital18FincapPrivateLimited,PandaraTrustSchemeI,IDGVenturesIndiaFundIILLC,IntelFoundation,RelianceInfrastructureLimited,VertexAsiaFundPte.Ltd.,RajasthanTrusteeCompanyPvtLtdA/cSMETechFundRVCFTrustII,FuhHwaSecuritiesInvestmentTrustCo.,Ltd.,entitiesandpeopleaffiliatedwithAltaiCapitalManagement,LLC,andentitiesandpeopleaffiliatedwithMillenniumManagementLLCbeneficiallyownapproximately54.71%oftheissuedandoutstandingsharesofourcompany(orapproximately49.96%ofthesharesofourcompany,assumingtheexerciseorconversionofallofouroutstandingwarrants),basedoninformationknowntousorascertainedbyusfrompublicfilingsmadebysuchshareholders.Byvirtueofsuchsignificantshareholdings,theseshareholdershavetheabilitytoexercisesignificantinfluenceoverourcompanyandouraffairsandbusiness,includingtheelectionofdirectors,thetimingandpaymentofdividends,theadoptionandamendmentstoourmemorandumandarticlesofassociation,theapprovalofamergerorsaleofsubstantiallyallofourassetsandtheapprovalofmostotheractionsrequiringtheapprovalofourshareholders.Theinterestsoftheseshareholdersmaybedifferentfromorconflictwiththeinterestsofourothershareholdersandtheirinfluencemayresultinthedelayorpreventionofachangeofmanagementorcontrolofourcompany,evenifsuchatransactionmaybebeneficialtoourothershareholders.

The loss of one or more of our key personnel could harm our business.

Ourfuturesuccessdependsuponthecontinuedcontributionsofourseniorcorporatemanagementandotherkeyemployees.Inparticular,thecontributionsofDhruvShringi,ourChiefExecutiveOfficer,andAlokVaish,ourChiefFinancialOfficer,arecriticaltoouroverallmanagement.Wehaveenteredintoemploymentagreementswiththeseindividualsaswellasothermembersofseniormanagement,whichcontainnon-competeprovisionsthatextendfor18monthsfollowingtheterminationofsuchexecutiveofficer'semployment.Ifwecannotretaintheservicesoftheseindividualsorotherkeypersonnel,ourbusinesscouldbeseriouslyharmed.

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Our ability to attract, train and retain qualified employees is critical to our business and results of operations.

Ourbusinessandfuturesuccessdepends,toasignificantextent,onourabilitytoattractandtrainnewemployeesandtoretainandmotivateourexistingemployees.Competitionremainsintenseforwell-qualifiedemployeesincertainaspectsofourbusiness,includingsoftwareengineers,developers,productmanagementanddevelopmentpersonnelwithexpertiseintheonlinetravelorsearchindustry.Ourindustryischaracterizedbyhighdemandandintensecompetitionfortalent.Wemayberequiredtoincreaseourlevelsofemployeecompensationmorerapidlythaninthepasttoremaincompetitiveinattractingthequalityofemployeesthatourbusinessrequires.Ifwedonotsucceedinattractingwell-qualifiedemployeesorretainingormotivatingexistingemployees,ourbusinessandresultsofoperationscouldbeadverselyaffected.

Inaccurate information from suppliers of hotel room inventory may lead to customer complaints.

Ourcustomersthatpurchasehotelroominventoryonlinethroughourwebsitesmayrelyonthedescriptionoftheaccommodationpresentedonsuchwebsitestoascertainthequalityofamenitiesandservicesprovidedattherelevantaccommodation.Wereceiveinformationutilizedintheaccommodationdescriptiononourwebsitesdirectlyfromtheaccommodationprovider.Totheextentthattheinformationpresentedonourwebsitesdoesnotreflecttheactualqualityofamenitiesandservicesattheaccommodation,wemayfacecustomercomplaintsthatmayhaveanadverseeffectonourreputationandthelikelihoodofrepeatcustomers,whichinturnmayadverselyaffectourbusinessandresultsofoperations.

There can be no assurance that our acquisition of the balance of ATB's outstanding shares will be consummated in the anticipated timeframe, on the termsdescribed herein, or at all, or that we will be able to successfully integrate any assets we acquire from ATB.

OnAugust4,2017,throughoursubsidiaryYatraOnlinePrivateLimited,weacquiredamajorityoftheoutstandingsharesofATBpursuanttotheATBPurchaseAgreementforanupfrontpaymentofapproximatelyINR510million.TheacquisitionofthebalanceofATB'soutstandingsharesisexpectedtooccurinthethirdquarterofthe2018calendaryear.BasedonthetermsoftheATBPurchaseAgreementandmanagementestimates,weexpectthetotalpurchasepricetobebetweenINR1,469milliontoINR1,796million.TheacquisitionoftheremainingATBshareswillbefinancedthroughacombinationofcashonhandandborrowingsunderourdebtfacility.However,wecannotassureyouthatanydebtfinancingthatwerequiretocompletetheacquisitionofATB'soutstandingshareswillbeavailableontermsacceptabletous,oratall,andtherecanbenoassurancesthatwewillconsummatethepurchaseofATB'soutstandingsharesonthetermsdescribedherein,oratall.FailuretocompletetheacquisitionofATB'sremainingoutstandingshareswouldpreventusfromrealizingtheanticipatedbenefitsofthisacquisition.Inaddition,themarketpriceofourordinarysharesmayreflectvariousmarketassumptionsastowhetherwewillcompletetheacquisitionofATBoutstandingshares.Consequently,anydelayorfailuretocompletethepurchasecouldresultinasignificantchangeinthemarketpriceofourordinaryshares.

We may fail to realize all of the anticipated benefits of our Business Combination or our ATB acquisition.

ThesuccessoftheBusinessCombinationwilldepend,inpart,onourabilitytosuccessfullymanageanddeploythecashreceivedupontheconsummationoftheBusinessCombination.AlthoughweintendtousethecashreceivedupontheconsummationoftheBusinessCombinationtoexpandfurtherourpositionintheIndianmarketandstrengthenourleadershippositioninthemarketsforonlinetravelservices,therecanbenoassurancethatwewillbeabletoachieveourintendedobjectivesorenhanceourbusiness.

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ThesuccessofouracquisitionofATBwilldepend,inlargepart,onourabilitytosuccessfullyintegrateATB'stechnologies,operationsandsystems,whichmaybeacomplex,costlyandtime-consumingprocess.Wemayfaceadditionalintegrationchallengesincluding:

• difficultiesinachievinganticipatedcostsavings,synergies,businessopportunitiesandgrowthprospectsfromtheacquisition;

• difficultiesinconformingstandards,controls,proceduresandaccountingandotherpolicies,businessculturesandcompensationstructures;

• difficultiesintheassimilationofemployees;and

• difficultiesinmanagingtheexpandedoperationsofasignificantlylargercompany.

Anyoneofthesefactorscouldresultinincreasedcosts,decreasesintheamountofexpectedrevenuesanddiversionofmanagement'stimeandenergy,whichcouldadverselyaffectourbusiness,financialconditionandresultsofoperationsandresultinusbecomingsubjecttolitigation.Inaddition,evenifATBisintegratedsuccessfully,thefullanticipatedbenefitsofthisacquisitionmaynotberealized,includingthesynergies,costsavingsorsalesorgrowthopportunitiesthatareanticipated.Thesebenefitsmaynotbeachievedwithintheanticipatedtimeframe,oratall.Further,additionalunanticipatedcostsmaybeincurredintheintegrationprocess.Allofthesefactorscouldcausereductionsinourearningspershare,decreaseordelaytheexpectedaccretiveeffectoftheacquisitionandnegativelyimpactthepriceofsharesofourordinaryshare.Asaresult,itcannotbeassuredthatouracquisitionofATBwillresultintherealizationofthefullanticipatedbenefits.

We may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on ourfinancial condition, results of operations and share price, which could cause you to lose some or all of your investment.

Wemayberequiredtotakewrite-downorwrite-offsofassets,restructureouroperations,orincurimpairmentorotherchargesthatcouldresultinreportinglosses.Eventhoughthesechargesmaybenon-cashitemsandnothaveanimmediateimpactonourliquidity,thefactthatchargesofthisnaturearereportedcouldcontributetonegativemarketperceptionsaboutourcompanyoroursecurities.Inaddition,chargesofthisnaturemaycauseourcompanytoviolatenetworthorothercovenantstowhichwemaybecomesubject.Accordingly,ourshareholderscouldsufferareductioninthevalueoftheirsecurities.Suchshareholdersareunlikelytohavearemedyforsuchreductioninvalueunlesstheyareabletosuccessfullyclaimthatthereductionwasduetothebreachbyourofficersordirectorsofadutyofcareorotherfiduciarydutyowedtothem,oriftheyareabletosuccessfullybringaprivateclaimundersecuritieslawsthatthisReportonForm20-Fcontainedanactionablematerialmisstatementormaterialomission.

The Internal Revenue Service, or the IRS, may not agree to treat us as a foreign corporation for U.S. federal income tax purposes.

AlthoughweareincorporatedintheCaymanIslands,theIRSmayassertthatweshouldbetreatedasaU.S.corporation(and,therefore,aU.S.taxresident)forU.S.federalincometaxpurposespursuanttoSection7874oftheInternalRevenueCodeof1986,asamended,ortheCode.ForU.S.federalincometaxpurposes,acorporationgenerallyisconsideredataxresidentinthejurisdictionofitsorganizationorincorporation.BecauseweareaCaymanIslandsincorporatedentity,wewouldgenerallybeclassifiedasaforeigncorporation(and,therefore,anon-U.S.taxresident)undertheserules.Section7874oftheCodeprovidesanexceptionunderwhichaforeignincorporatedentitymay,incertaincircumstances,betreatedasaU.S.corporationforU.S.federalincometaxpurposes.

ForourcompanytobetreatedasaforeigncorporationforU.S.federalincometaxpurposesunderSection7874oftheCode,immediatelyaftertheBusinessCombination,either(i)theformer

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stockholdersofTerrapinmusthaveowned(withinthemeaningofSection7874oftheCode)lessthan80%(bybothvoteandvalue)ofourordinarysharesbyreasonofholdingsharesinTerrapinimmediatelypriortotheBusinessCombination,or(ii)wemusthavesubstantialbusinessactivitiesintheCaymanIslands(takingintoaccounttheactivitiesofourexpandedaffiliatedgroup).

BasedontherulesfordeterminingshareownershipunderSection7874oftheCode,webelievethattheshareholdersofTerrapinshouldbetreatedashavingownedlessthan80%ofourordinarysharesaftertheBusinessCombinationandthat,therefore,weshouldbetreatedasaforeigncorporationforU.S.federalincometaxpurposes,althoughnoassurancescanbegiveninthisregard.IfweweretobetreatedasaU.S.corporation,incomeweearnedwouldbecomesubjecttoU.S.taxation,andthegrossamountofanydividendpaymentstoournon-U.S.shareholderscouldbesubjectto30%U.S.withholdingtax,dependingontheapplicationofanyincometaxtreatythatmightapplytoreducesuchwithholdingtax.

Future changes to the tax laws under which we should be treated as a foreign corporation for U.S. federal income tax purposes and changes in other tax lawsrelating to multinational corporations could adversely affect us.

Undercurrentlaw,asnotedabove,weshouldbetreatedasaforeigncorporationforU.S.federalincometaxpurposes.ChangestoSection7874oftheCodeortheU.S.TreasuryregulationspromulgatedthereunderorfutureIRSguidancecouldaffectourstatusasaforeigncorporationforU.S.federalincometaxpurposes,andanysuchchangesorfutureIRSguidancecouldhaveprospectiveorretroactiveapplication.Anyofthesechangestosuchlawsorregulations,orfutureIRSguidance,couldadverselyaffectourcompany.

If we were treated as a passive foreign investment company for U.S. federal income tax purposes, U.S. investors in our ordinary shares could be subject toadverse U.S. federal income tax consequences.

ForU.S.federalincometaxpurposes,aforeigncorporationisclassifiedasapassiveforeigninvestmentcompany,orPFIC,foranytaxableyearifeither(i)75%ormoreofitsgrossincomeforsuchtaxableyearis"passiveincome"(asdefinedforsuchpurposes)or(ii)50%ormoreofthevalueoftheassetsheldbysuchcorporation(basedonanaverageofthequarterlyvaluesoftheassets)duringsuchtaxableyearisattributabletoassetsthatproducepassiveincomeorthatareheldfortheproductionofpassiveincome.

Asdiscussedin"MaterialU.S.FederalIncomeTaxConsequences,"itisnotexpectedthatwewillbeaPFICforthecurrenttaxableyear,anditisnotanticipatedthatwewillbecomeaPFICintheforeseeablefuture;however,noassurancescanbeofferedinthisregard.ThetestsfordeterminingPFICstatusareappliedannuallyafterthecloseofthetaxableyear.ItisdifficulttoaccuratelypredictfutureincomeandassetsrelevanttothisdeterminationandnorulingfromtheIRSoropinionofcounselhasbeenorwillbesoughtwithrespecttoPFICstatus.WhetherweareaPFICwilldependontheparticularfactsandcircumstances(suchasthevaluationofassets,includinggoodwillandotherintangibleassets)andmayalsobeaffectedbydifferinginterpretationsofthePFICrules.Accordingly,therecanbenoassurancethatwearenotaPFIC,orwillnotbecomeaPFICinthefuture.

The expansion of our business to new geographic markets may expose us to additional risks.

Ourcomprehensivetravel-relatedofferingsarecustomizedtotheIndiantravelmarket.IfinthefuturewedeterminetosignificantlyexpandoutsideofIndia,wewillneedtoadjustourservicesandbusinessmodeltotheuniquecircumstancesofthosenewgeographicmarketsinordertosucceed,includingbuildingnewsupplierrelationshipsandcustomerpreferences.Adaptingourpracticesandmodelseffectivelytothesupplierandcustomerpreferencesinnewmarketscouldbedifficultandcostlyandcoulddivertmanagementandpersonnelresources.Wecannotassureyouthatwewillbeabletoefficientlyoreffectivelymanagethegrowthofouroperationsinnewmarkets.

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Inaddition,wemayexposeourselvestonewrisksthatmaynotexistinourIndianoperations,including:

• differencesandunexpectedchangesinregulatoryrequirementsandexposuretolocaleconomicconditions;

• differencesinconsumerpreferencesinsuchmarkets;

• increasedrisktoandlimitsonourabilitytoenforceourintellectualpropertyrights;

• competitionfromprovidersoftravelservicesinsuchforeigncountries;

• restrictionsontherepatriationofearningsfromsuchforeigncountries,includingwithholdingtaxesimposedbycertainforeignjurisdictions;and

• currencyexchangeratefluctuations.

Ifwechoosetoenternewmarketsandarenotabletoeffectivelymitigateoreliminatetheserisks,ourresultsofoperationscouldbeadverselyaffected.

RisksRelatedtoOurOperationsinIndia

Changing laws, rules and regulations and legal uncertainties in India, including adverse application of corporate and tax laws, may adversely affect ourbusiness and financial performance.

Theregulatoryandpolicyenvironmentinwhichweoperateisevolvingandsubjecttochange.Suchchanges,includingtheinstancesbrieflymentionedbelow,mayadverselyaffectourbusiness,financialconditionandresultsofoperations,totheextentthatweareunabletosuitablyrespondtoandcomplywithsuchchangesinapplicablelawandpolicy.

TheCompaniesAct,2013,togetherwiththerulesthereunder,ortheCompaniesAct,containssignificantchangestoIndiancompanylaw,includinginrelationtotheissueofcapitalbycompanies,relatedpartytransactions,corporategovernance,auditmatters,shareholderclassactionsandrestrictionsonthenumberoflayersofsubsidiaries.WhilethemajorityoftheprovisionsoftheCompaniesActarecurrentlyeffective,certainprovisionsoftheCompaniesAct,1956remainineffect.ThetimelineforimplementationoftheremainingprovisionsoftheCompaniesActisunclear.Wemayincurincreasedcostsandotherburdensrelatingtocompliancewiththesenewrequirements,whichmayalsorequiresignificantmanagementtimeandotherresources,andanyfailuretocomplymayadverselyaffectourbusinessandresultsofoperations.

TheGovernmentofIndiahasintroducedacomprehensivenationwidegoodsandservicestax('GST')regimewitheffectfromJuly1,2017.GSThasreplacedmostofthesignificantindirecttaxesleviedinthepastbytheCentreandStateGovernmentsinIndia.Asaresult,thetaxonmostofthetravel-relatedservicesprovidedbytheCompanyhasincreasedfrom15%to18%barringfewserviceswherelowerrateofGSTat5%and12%isapplicablewithandwithoutcertainconditions.Initially,provisionofGSTlawshadanegativeimpactonthepriceoftouroperatorservicesprovidedbyCompanyduetorestrictiononavailmentofcredit.However,pursuanttoarecentamendmenttotheGSTlaws,touroperatorsarenowabletoavailthemselvesofacreditofinputtouroperatorservicesforpaymentofGST.Thisamendmentislikelytomitigatethenegativeimpactontouroperatorservicestoagreatextent.

WithrespecttootherservicesprovidedbytheCompany,theeffectofincreaseintaxrateshasbeenpartiallymitigatedbytheavailabilityofinputcredittotheCompanyfortaxchargedonprocurementofgoodsforbusinesspurposes.However,presentlytheCompanyisstillintheprocessofavailingthecreditonprocurementofgoods.Finally,theimplementationoftheGSTlawmayresultinalengtheningofthecycleforthereceiptbyusofaccountsreceivable,whichcouldpotentiallyhaveanegativeeffectonourliquidity.Overall,theimpactontheCompanyismixed,however,thisnew

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indirecttaxregimehasledtoasubstantialincreaseincompliancecostsastheCompanyhasmovedtode-centralizedregistrationunderGSTfromacentralizedservicetaxregistrationintheerstwhileregime.Accordingly,theCompanyisundertakingalltherequiredcompliancesfromeachstatewherecommercialtransactionsarebeingeffected.Inadditiontoincreasedcompliancecost,theCompanyisalsopayingGSTinrespectofhotelaccommodationservicesprovidedbytheunregisteredhotelsineachstatewheresuchunregisteredhotelsarelocatedbyvirtueaspecificprovisionunderGSTlaw.WhiletheCompanyhascompliedwiththerequirementsofthenewtaxregimefromthedateofimplementationinIndia,therearecertainareaswheretheCompanyisintheprocessoffinalizingthetaxpositionsastheGSTlawslackclarityinthatrespect.TheimplementationofGSTlawsinIndiaisinitsinitialphase,andduringsuchtimetheimpactofthenewindirecttaxenvironmentontheCompanycontinuestobecloselymonitoredbytheCompanyonregularbasis.

Place of effective management of our company as per Indian income tax laws

Perthe(Indian)IncomeTaxAct,1961,asamended,ortheITAct,personsresidentinIndiaaresubjecttotaxationontheirglobalincome.PersonsnotresidentinIndiaaresubjecttotaxesonlyonincomereceived,accruingorarisinginIndiaordeemedtohavebeenreceived,accruedorariseninIndia.

AspertheITActacompanyincorporatedoutsideIndiawouldbeconsideredaresidentinIndiaifitsPlaceofEffectiveManagement,orPoEMinthatyearisinIndia.Thus,aforeigncompanywillberesidentinIndiaifitsPoEMinthatyearisinIndia.ThedefinitionofPoEMhasbeenexplainedtomeanaplacewherekeymanagementandcommercialdecisionsthatarenecessaryfortheconductofthebusinessofanentityasawhole,areinsubstancemade.PoEMisaninternationallyrecognizedconceptandfindsmentioninseveraltaxtreaties.

TheCentralBoardofDirectTaxeshasissuedguidingprinciplesorGuidelines,whichseektoprovideguidanceondeterminationofPoEMfordeterminingresidenceinIndiaofforeigncompanies.TheGuidelineslayemphasisonthefactthattheconceptofPoEMisoneofsubstanceoverformanditsdeterminationisfactdriven.Anentitymayhavemorethanoneplaceofmanagement,however,itcanonlyhaveonePoEMatanypointintime.DeterminationofPoEMneedstobedoneonayearonyearbasis,andprocessofsuchdeterminationwouldprimarilybebasedonwhethertheCompanyisengagedin'activebusinessoutsideIndia'.Ifduringthetaxyear,PoEMexistsbothinandoutofIndia,thePoEMispresumedtobeinIndiaifitispredominantlyinIndia.InascenariowherethePoEMofacompanyisdeterminedtobeinIndia,thensuchcompanywouldbedeemedtoanIndiantaxresidentand,accordingly,subjecttotaxesonitsglobalincome.

Business Connection

AspertheITAct,personsresidentinIndiaaresubjecttotaxationontheirglobalincome.PersonsnotresidentinIndiaaresubjecttotaxesonlyonincomereceived,accruingorarisinginIndiaordeemedtohavebeenreceived,accruedorariseninIndia.UndertheITAct,incomeissaidtobedeemedtobeaccruedifitisearnedthrougha'businessconnection'inIndia.

AspertheprovisionsoftheITAct,theterm"businessconnection"hasbeendefinedtoincludeanybusinessactivitycarriedoutthroughapersonwhohabituallyexercisesanauthoritytoconcludecontractsormaintainsastockofmerchandiseorsecuresordersmainlyorwhollyforthenon-residentinIndia.

TheFinanceAct,2018hasbroadenedthescopeoftheterm'businessconnection'toinclude'significanteconomicpresence'ofthenon-residentinIndia(irrespectiveofwhetherthenon-residenthasestablishedaplaceofbusinessinIndiaorwhetherornotthenon-residentrendersserviceinIndiaorwhetherornottheagreementforrenderingsuchserviceoractivitiesisenteredinIndia).'Significanteconomicpresence'hasbeendefinedtoinclude(i)anytransactioninrespectofanygoods/services/

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propertycarriedoutbyanon-residentinIndiaincludingprovisionofdownloadofdataorsoftwareinIndiaiftheaggregateofpaymentsarisingfromsuchtransactionsexceedtheprescribedthresholdlimitinayear;or(ii)regularinteractionswiththeusersinIndiabeyondaprescribedthresholdlimitthroughdigitalmeans;or(iii)solicitingofbusinessactivitiesinacontinuousandsystematicmanner.ItmaybepertinenttonotethatthethresholdlimitsforhavingsignificanteconomicpresenceinIndiahavenotbeennotifiedyet.

TheFinanceAct,2018hasalsobroadenedthescopeof'businessconnection'toprovidethatbusinessconnection'shallincludeanybusinessactivitycarriedbyapersoninIndiaforanon-residentwheresuchpersonhabituallyconcludescontractsorhabituallyplaystheprincipalroleleadingtoconclusionofthecontractsandthecontractsareinthenameofthenon-residentorforthetransferoftheownershipof,orforgrantingoftherighttouse,propertyownedbythatnon-residentorthatnon-residenthastherighttouseorfortheprovisionofservicesbythenon-resident.

Thus,ifanyoftheaforementionedconditionsaresatisfiedbyapersonnotresidentinIndia,suchpersonwouldbesaidtohaveabusinessconnectionandincomeattributabletosuchbusinessconnectionwouldbetaxableinIndia.

However,apersonnotresidentinIndiawouldalsobeentitledtoclaimbenefitsundertheapplicableDoubleTaxationAvoidanceAgreementorDTAAbetweenIndiaandthecountryofitsresidence.TheprovisionsoftheDTAAshallbeapplicabletotheextenttheyaremorebeneficialthantheITAct.

General Anti-Avoidance Rule

GeneralAnti-AvoidanceRules,orGAAR,cameintoforcefromApril1,2017.GAARgivesIndiantaxauthoritiesawiderangeofpowerswhiledeterminingtaxconsequencesofanarrangement,whichisheldtobeanimpressibleavoidancearrangementasdefinedintheITAct.

ThetaxconsequencesoftheGAARprovisionsbeingappliedtoanarrangementcouldresultindenialoftaxbenefits,ortaxtreatybenefits,amongstotherconsequences.Intheabsenceofanyprecedentsonthesubject,theapplicationoftheseprovisionsisuncertain.IftheGAARprovisionsaremadeapplicabletoourcompany,itmayhaveanadversetaximpactonus.

TheimpactofanyoralloftheabovechangestoIndianlegislationonourbusinesscannotbefullydeterminedatthistime.Additionally,ourbusinessandfinancialperformancecouldbeadverselyaffectedbyunfavorablechangesinorinterpretationsofexisting,orthepromulgationofnewlaws,rulesandregulationsapplicabletousandourbusiness,includingthoserelatingtotheInternetande-commerce,consumerprotectionandprivacy.Suchunfavorablechangescoulddecreasedemandforourservicesandproducts,increasecostsand/orsubjectustoadditionalliabilities.Forexample,theremaycontinuetobeanincreasingnumberoflawsandregulationspertainingtotheInternetande-commerce,whichmayrelatetoliabilityforinformationretrievedfromortransmittedovertheInternetormobilenetworks,userprivacy,taxationandthequalityofservicesprovidedthroughtheInternet.Furthermore,thegrowthanddevelopmentofe-commercemayresultinmorestringentconsumerprotectionlawsthatmayimposeadditionalburdensonInternetbusinessesgenerally.Anysuchchangescouldhaveanadverseeffectonourbusinessandfinancialperformance.

The application of various Indian and international sales, use, occupancy, value-added and other tax laws, rules and regulations to our services and products issubject to interpretation by the applicable taxing authorities, and changes in such laws, rules and regulations may adversely affect our business and financialperformance.

Manyofthestatutesandregulationsthatimposesales,use,occupancy,value-addedandothertaxeswereestablishedbeforethegrowthoftheInternet,mobilenetworksande-commerce.Ifsuchtax

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laws,rulesandregulationsareamended,newadverselaws,rulesorregulationsareadoptedorcurrentlawsareinterpretedadverselytoourinterests,theresultscouldincreaseourtaxpayments(prospectivelyorretrospectively)and/orsubjectustopenaltiesand,ifwepassonsuchcoststoourcustomers,decreasethedemandforourservicesandproducts.Asaresult,anysuchchangesorinterpretationscouldhaveanadverseeffectonourbusinessandfinancialperformance.Inrecentyears,wehavereceivednoticesfromtheIndiantaxregulatoryauthorityforademandofservicetaxoncertainmatters,someofwhichrelatetothetravelindustryinIndiaandinvolvecomplexinterpretationsoflaw.WehavealsoreceivednoticesandvariousassessmentordersfromtheIndianincometaxauthorities,towhichwehaveresponded.TherecanbenoassurancewhatviewtheIndiantaxauthoritieswilltake.

Restrictions on foreign investment in India may prevent us from making future acquisitions or investments in India and may require us to make changes to ourbusiness, which may adversely affect our results of operations, financial condition and financial performance.

IndiaregulatesownershipofIndiancompaniesbyforeigners,althoughsomerestrictionsonforeigninvestmenthavebeenrelaxed.Theseregulationsandrestrictionsmayapplytoacquisitionsbyusorouraffiliates,includingYatraOnlinePrivateLimited,orYatraIndia,andaffiliateswhicharenotresidentinIndia,ofsharesinIndiancompaniesortheprovisionoffundingbyusoranyotherentitytoIndiancompanieswithinourgroup.Forexample,underitsconsolidatedforeigndirectinvestmentpolicy,orFDIpolicy,theGovernmentofIndiahassetoutadditionalrequirementsforforeigninvestmentsinIndia,includingrequirementswithrespecttodownstreaminvestmentsbyIndiancompanies,ownedorcontrolledbyforeignentities,andthetransferofownershiporcontrolofIndiancompaniesinsectorswithcapsonforeigninvestmentfromresidentIndianpersonsorentitiestoforeigners.Theserequirements,whichcurrentlyincluderestrictionsonpricing,valuationsofsharesandsourcesoffundingforsuchinvestmentsandmayincertaincasesincludepriornoticetoorapprovaloftheGovernmentofIndia,mayadverselyaffectourabilitytomakeinvestmentsinIndia,includingthroughYatraIndia.Further,India'sForeignExchangeManagementAct,1999,asamended,andtherulesandregulationspromulgatedthereunder,orFEMA,restrictusfromlendingtoorborrowingfromourIndiansubsidiary.TherecanbenoassurancethatwewillbeabletoobtainanyrequiredapprovalsforfutureacquisitionsorinvestmentsinIndia,orthatwewillbeabletoobtainsuchapprovalsonsatisfactoryterms.Further,theGovernmentofIndiahasfromtimetotimemadeandmaycontinuetomakerevisionstotheFDIPolicyone-commerceinIndia(includinginrelationtobusinessmodelandpermittedservices).SuchchangesmayrequireustomakechangestoourbusinessinordertocomplywithIndianlaw.

A substantial portion of our business and operations are located in India and we are subject to regulatory, economic, social and political uncertainties in India.

AsubstantialportionofourbusinessandmostofouremployeesarelocatedinIndia,andasaresult,ourfinancialperformanceandthemarketpriceofourordinaryshareswillbeaffectedbychangesingovernmentpoliciesimpactingexchangeratesandcontrols,interestrates,taxes,policiestoregulateinflationandotherregulationsimpactingIndianbusinessesandtheIndianeconomyasawhole.TheGovernmentofIndiahasexercisedandcontinuestoexercisesignificantinfluenceovermanyaspectsoftheIndianeconomy.Since1991,successiveIndiangovernmentshavegenerallypursuedpoliciesofeconomicliberalizationandfinancialsectorreforms,includingbysignificantlyrelaxingrestrictionsontheprivatesector.Nevertheless,theroleoftheIndiancentralandstategovernmentsintheIndianeconomyasproducers,consumersandregulatorshasremainedsignificant,andwecannotassureyouthatsuchliberalizationpolicieswillcontinue.Therateofeconomicliberalizationcouldchange,andspecificlawsandpoliciesaffectingtravelservicecompanies,foreigninvestments,currencyexchangeratesandothermattersaffectinginvestmentsinIndiacouldchangeaswell.AsignificantchangeinIndia'spolicyofeconomicliberalizationandderegulationoranysocialorpolitical

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uncertaintiescouldadverselyaffectbusinessandeconomicconditionsinIndiagenerallyandourbusinessandresultsofoperations.

Our business and activities are regulated by the Competition Act, 2002, as amended.

TheCompetitionAct,2002,asamended,ortheCompetitionAct,regulatespracticesthatcouldhaveanappreciableadverseeffectoncompetitioninIndia.UndertheCompetitionAct,anyarrangement,understandingoraction,whetherformalorinformal,whichcausesorislikelytocauseanappreciableadverseeffectoncompetitioninIndiaisvoidandmayresultinsubstantialpenaltiesandcompensationtobepaidtopersonsshowntohavesufferedlosses.Anyagreementamongcompetitorswhichdirectlyorindirectlydeterminespurchaseorsaleprices,resultsinbidriggingorcollusivebidding,limitsorcontrolsproduction,supply,markets,technicaldevelopment,investmentortheprovisionofservices,orsharesthemarketorsourceofproductionorprovisionofservicesinanymanner,includingbywayofallocationofgeographicalareaortypesofgoodsorservicesornumberofcustomersinthemarket,ispresumedtohaveanappreciableadverseeffectoncompetition.Further,theCompetitionActprohibitstheabuseofadominantpositionbyanyenterpriseeitherdirectlyorindirectly,includingbywayofunfairordiscriminatorypricingorconditionsinthesaleofgoodsorservices,usingadominantpositioninonerelevantmarkettoenterinto,orprotect,anotherrelevantmarket,ortodenymarketaccess,andsuchpracticesaresubjecttosubstantialpenaltiesandmayalsobesubjecttocompensationforlossesandorderstodividetheenterprise.Further,theCompetitionCommissionofIndiahasextraterritorialpowersandcaninvestigateanyagreements,abusiveconductorcombinationoccurringoutsideIndiaifsuchagreement,conductorcombinationhasanappreciableadverseeffectoncompetitioninIndia.

Ifweoranymemberofourgroup,includingYatraIndia,areaffected,directlyorindirectly,bytheapplicationorinterpretationofanyprovisionoftheCompetitionActoranyproceedingsinitiatedbytheCompetitionCommissionofIndiaoranyotherrelevantauthority(oranyotherclaimbyanyotherpartyundertheCompetitionAct)oranyadversepublicitythatmaybegeneratedduetoscrutinyorprosecutionundertheCompetitionAct,includingbywayoffinancialpenalties,ourbusiness,financialperformanceandreputationmaybemateriallyandadverselyaffected.

Acquisitions,mergersandamalgamationswhichexceedcertainrevenueandassetthresholdsrequirepriorapprovalbytheCompetitionCommissionofIndia.Anysuchacquisitions,mergersoramalgamationswhichhaveanappreciableadverseeffectoncompetitioninIndiaareprohibitedandvoid.Therecanbenoassurancethatwewillbeabletoobtainapprovalforsuchfuturetransactionsonsatisfactoryterms,oratall.

On November 8, 2016, the government of India announced that its 500 and 1,000 rupee banknotes would be withdrawn and replaced.

ThedemonetizedrupeebanknotesrepresentedapproximatelyUSD$214billion,or14%ofIndia'sGDP,andaccountedforapproximately86%ofthevalueofcurrencythencirculatinginIndia.TheprimaryobjectiveofthedemonetizationwastoridtheIndianeconomyofcounterfeitandblack,oruntaxedmoney.However,India'spopulationislargelyunbankedandreliantoncashtransactions.BanksandratingsagencieshavecuttheirannualgrowthestimatesforIndia,butthelong-termeffectsofthedemonetizationremainunclear.Demonetization,alongwiththeimplementationofGST,hadasevereimpactontheIndianeconomyingeneralandIndianGDPhaddeclinedinrecentquartersprimarilyduetotheseevents.Demonetizationcouldalsohaveasevereimpactonthetravelbusinessandouroperationsatleastintheshortterm.Therecanbenoassurancethatinfuture,thisoreventsofsimilarnatureshallnothappen.

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RisksRelatedtoOurOrdinaryShares

We are a Cayman Islands company and, because judicial precedent regarding the rights of shareholders is more limited under Cayman Islands law than underU.S. law, you could have less protection of your shareholder rights than you would under U.S. law.

OurcorporateaffairsaregovernedbyourSixthAmendedandRestatedMemorandumandArticlesofAssociation,ortheArticlesofAssociation,theCaymanIslandsCompaniesLaw(2018Revision),asamended,ortheCompaniesLaw,andthecommonlawoftheCaymanIslands.Therightsofshareholderstotakeactionagainstthedirectors,actionsbynoncontrollingshareholdersandthefiduciaryresponsibilitiesofourdirectorstoourcompanyunderCaymanIslandslawaretoalargeextentgovernedbythecommonlawoftheCaymanIslands.ThecommonlawoftheCaymanIslandsisderivedinpartfromcomparativelylimitedjudicialprecedentintheCaymanIslandsaswellasfromEnglishcommonlaw,whichhaspersuasive,butnotbinding,authorityonacourtintheCaymanIslands.TherightsofourshareholdersandthefiduciaryresponsibilitiesofourdirectorsunderCaymanIslandslawaredifferentfromunderstatutesorjudicialprecedentinsomejurisdictionsintheUnitedStates.Inparticular,theCaymanIslandshasadifferentbodyofsecuritieslawsfromtheUnitedStatesandmayprovidesignificantlylessprotectiontoinvestors.Inaddition,someU.S.states,suchasDelaware,havedifferentbodiesofcorporatelawthanthoseoftheCaymanIslands.

WehavebeenadvisedbyourCaymanIslandslegalcounsel,MaplesandCalder,thatthecourtsoftheCaymanIslandsareunlikely(i)torecognizeorenforceagainstourcompanyjudgmentsofcourtsoftheUnitedStatespredicateduponthecivilliabilityprovisionsofthesecuritieslawsoftheUnitedStatesoranystateand(ii)inoriginalactionsbroughtintheCaymanIslands,toimposeliabilitiesagainstourcompanypredicateduponthecivilliabilityprovisionsofthesecuritieslawsoftheUnitedStatesoranystate,sofarastheliabilitiesimposedbythoseprovisionsarepenalinnature.Inthosecircumstances,althoughthereisnostatutoryenforcementintheCaymanIslandsofjudgmentsobtainedintheUnitedStates,thecourtsoftheCaymanIslandswillrecognizeandenforceaforeignmoneyjudgmentofaforeigncourtofcompetentjurisdictionwithoutretrialonthemeritsbasedontheprinciplethatajudgmentofacompetentforeigncourtimposesuponthejudgmentdebtoranobligationtopaythesumforwhichjudgmenthasbeengivenprovidedcertainconditionsaremet.ForaforeignjudgmenttobeenforcedintheCaymanIslands,suchjudgmentmustbefinalandconclusiveandforaliquidatedsum,andmustnotbeinrespectoftaxesorafineorpenalty,inconsistentwithaCaymanIslandsjudgmentinrespectofthesamematter,impeachableonthegroundsoffraudorobtainedinamanner,andorbeofakindtheenforcementofwhichis,contrarytonaturaljusticeorthepublicpolicyoftheCaymanIslands(awardsofpunitiveormultipledamagesmaywellbeheldtobecontrarytopublicpolicy).ACaymanIslandsCourtmaystayenforcementproceedingsifconcurrentproceedingsarebeingbroughtelsewhere.ThereisrecentPrivyCouncilauthority(whichisbindingontheCaymanIslandsCourt)inthecontextofareorganizationplanapprovedbytheNewYorkBankruptcyCourtwhichsuggeststhatduetotheuniversalnatureofbankruptcy/insolvencyproceedings,foreignmoneyjudgmentsobtainedinforeignbankruptcy/insolvencyproceedingsmaybeenforcedwithoutapplyingtheprinciplesoutlinedabove.However,amorerecentEnglishSupremeCourtauthority(whichishighlypersuasivebutnotbindingontheCaymanIslandsCourt),hasexpresslyrejectedthatapproachinthecontextofadefaultjudgmentobtainedinanadversaryproceedingbroughtintheNewYorkBankruptcyCourtbythereceiversofthebankruptcydebtoragainstathirdparty,andwhichwouldnothavebeenenforceableupontheapplicationofthetraditionalcommonlawprinciplessummarizedaboveandheldthatforeignmoneyjudgmentsobtainedinbankruptcy/insolvencyproceedingsshouldbeenforcedbyapplyingtheprinciplessetoutabove,andnotbythesimpleexerciseoftheCourts'discretion.ThosecaseshavenowbeenconsideredbytheCaymanIslandsCourt.TheCaymanIslandsCourtwasnotaskedtoconsiderthespecificquestionofwhetherajudgmentofabankruptcycourtinanadversaryproceedingwouldbeenforceableintheCaymanIslands,butitdidendorsetheneedforactiveassistanceofoverseasbankruptcyproceedings.Weunderstandthatthe

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CaymanIslandsCourt'sdecisioninthatcasehasbeenappealedanditremainsthecasethatthelawregardingtheenforcementofbankruptcy/insolvencyrelatedjudgmentsisstillinastateofuncertainty.

You will have limited ability to bring an action against our company or against our directors and officers, or to enforce a judgment against us or them, becausewe are incorporated in the Cayman Islands, because we conduct a majority of our operations in India and because a majority of our directors and officersreside outside the United States.

WeareincorporatedintheCaymanIslandsandconductouroperationsinIndia.AllofourassetsarelocatedoutsidetheUnitedStates.AmajorityofourofficersanddirectorsresideoutsidetheUnitedStatesandasubstantialportionoftheassetsofthosepersonsarelocatedoutsideoftheUnitedStates.Asaresult,itcouldbedifficultorimpossibleforyoutobringanactionagainstourcompanyoragainsttheseindividualsintheCaymanIslandsorinIndiaintheeventthatyoubelievethatyourrightshavebeeninfringedundertheapplicablesecuritieslawsorotherwise.Evenifyouaresuccessfulinbringinganactionofthiskind,thelawsoftheCaymanIslandsandofIndiacouldrenderyouunabletoenforceajudgmentagainstourassetsortheassetsofourdirectorsandofficers.

ShareholdersofCaymanIslandsexemptedcompaniessuchasourcompanyhavenogeneralrightsunderCaymanIslandslawtoinspectcorporaterecordsandaccountsortoobtaincopiesoflistsofshareholdersofthesecompanies.OurdirectorshavediscretionunderCaymanIslandslawtodeterminewhetherornot,andunderwhatconditions,ourcorporaterecordscouldbeinspectedbyourshareholders,butarenotobligedtomakethemavailabletoourshareholders.Thiscouldmakeitmoredifficultforyoutoobtaintheinformationneededtoestablishanyfactsnecessaryforashareholdermotionortosolicitproxiesfromothershareholdersinconnectionwithaproxycontest.

Asaresultofalloftheabove,publicshareholdersmighthavemoredifficultyinprotectingtheirinterestsinthefaceofactionstakenbymanagement,membersoftheboardofdirectorsorcontrollingshareholdersthantheywouldaspublicshareholdersofaU.S.company.

As a "foreign private issuer" under the rules and regulations of the SEC, we are permitted to, and will, file less or different information with the SEC than acompany incorporated in the United States or otherwise subject to these rules, and may follow certain home country corporate governance practices in lieu ofcertain NASDAQ requirements applicable to U.S. issuers.

Weareconsidereda"foreignprivateissuer"undertheExchangeActandare,therefore,exemptfromcertainrulesundertheExchangeAct,includingtheproxyrules,whichimposecertaindisclosureandproceduralrequirementsforproxysolicitationsforU.S.andotherissuers.Moreover,wearenotrequiredtofileperiodicreportsandfinancialstatementswiththeSECasfrequentlyorwithinthesametimeframesasU.S.companieswithsecuritiesregisteredundertheExchangeAct.WecurrentlyprepareourfinancialstatementsinaccordancewithIFRS.WewillnotberequiredtofilefinancialstatementspreparedinaccordancewithorreconciledtoU.S.GAAPsolongasourfinancialstatementsarepreparedinaccordancewithIFRSasissuedbytheIASB.WearenotrequiredtocomplywithRegulationFD,whichimposesrestrictionsontheselectivedisclosureofmaterialinformationtoshareholders.Inaddition,ourofficers,directorsandprincipalshareholdersareexemptfromthereportingandshort-swingprofitrecoveryprovisionsofSection16oftheExchangeActandtherulesundertheExchangeActwithrespecttotheirpurchasesandsalesofoursecurities.Furthermore,asa"foreignprivateissuer"whoseordinarysharesarelistedontheNASDAQ,wearepermittedtofollowcertainhomecountrycorporategovernancepracticesinlieuofcertainNASDAQCapitalMarketrequirements.AforeignprivateissuermustdiscloseinitsannualreportsfiledwiththeSECeachNASDAQrequirementwithwhichitdoesnotcomplyfollowedbyadescriptionofitsapplicablehomecountrypractice.

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Wecouldloseourstatusasa"foreignprivateissuer"undercurrentSECrulesandregulationsifmorethan50%ofouroutstandingvotingsecuritiesbecomedirectlyorindirectlyheldofrecordbyU.S.holdersandoneofthefollowingistrue:(i)themajorityofourdirectorsorexecutiveofficersareU.S.citizensorresidents;(ii)morethan50%ofourassetsarelocatedintheUnitedStates;or(iii)ourbusinessisadministeredprincipallyintheUnitedStates.Ifweloseourstatusasaforeignprivateissuerinthefuture,wewillnolongerbeexemptfromtherulesdescribedaboveand,amongotherthings,willberequiredtofileperiodicreportsandannualandquarterlyfinancialstatementsasifwewereacompanyincorporatedintheUnitedStates.Ifthisweretohappen,wewouldlikelyincursubstantialcostsinfulfillingtheseadditionalregulatoryrequirementsandmembersofourmanagementwouldlikelyhavetodiverttimeandresourcesfromotherresponsibilitiestoensuringtheseadditionalregulatoryrequirementsarefulfilled.

We are an emerging growth company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirementsavailable to emerging growth companies, this could make our securities less attractive to investors and may make it more difficult to compare our performancewith other public companies.

Wearean"emerginggrowthcompany"withinthemeaningoftheSecuritiesAct,asmodifiedbytheJOBSAct,andwemaytakeadvantageofcertainexemptionsfromvariousreportingrequirementsthatareapplicabletootherpubliccompaniesthatarenotemerginggrowthcompaniesincluding,butnotlimitedto,notbeingrequiredtocomplywiththeauditorattestationrequirementsofSection404oftheSarbanes-OxleyAct.Asaresult,ourstockholdersmaynothaveaccesstocertaininformationtheymaydeemimportant.Wecouldbeanemerginggrowthcompanyforuptofiveyears,althoughcircumstancescouldcauseustolosethatstatusearlier,includingifthemarketvalueofourordinarysharesheldbynon-affiliatesexceeds$700millionasofanyJune30beforethattime,inwhichcasewewouldnolongerbeanemerginggrowthcompanyasofthefollowingDecember31.Wecannotpredictwhetherinvestorswillfindoursecuritieslessattractivebecausewewillrelyontheseexemptions.Ifsomeinvestorsfindoursecuritieslessattractiveasaresultofourrelianceontheseexemptions,thetradingpricesofoursecuritiesmaybelowerthantheyotherwisewouldbe,theremaybealessactivetradingmarketforoursecuritiesandthetradingpricesofoursecuritiesmaybemorevolatile.

Further,Section102(b)(1)oftheJOBSActexemptsemerginggrowthcompaniesfrombeingrequiredtocomplywithneworrevisedfinancialaccountingstandardsuntilprivatecompanies(thatis,thosethathavenothadaSecuritiesActregistrationstatementdeclaredeffectiveordonothaveaclassofsecuritiesregisteredundertheExchangeAct)arerequiredtocomplywiththeneworrevisedfinancialaccountingstandards.TheJOBSActprovidesthatacompanycanelecttooptoutoftheextendedtransitionperiodandcomplywiththerequirementsthatapplytonon-emerginggrowthcompaniesbutanysuchanelectiontooptoutisirrevocable.Wehaveelectednottooptoutofsuchextendedtransitionperiodwhichmeansthatwhenastandardisissuedorrevisedandithasdifferentapplicationdatesforpublicorprivatecompanies,we,asanemerginggrowthcompany,canadopttheneworrevisedaccountingstandardontherelevantdateonwhichadoptionofsuchstandardisrequiredbytheIASB.Thismaymakecomparisonofourfinancialstatementswithanotherpubliccompanywhichisneitheranemerginggrowthcompanynoranemerginggrowthcompanywhichhasoptedoutofusingtheextendedtransitionperioddifficultorimpossiblebecauseofthepotentialdifferencesinaccountingstandardsused.

We have a staggered board of directors, which could impede an attempt to acquire our company or remove our management.

Ourboardofdirectorsisdividedintothreeclasses,eachofwhichservesforastaggeredtermofthreeyears.Astaggeredboardmakesitmoredifficultforshareholderstochangeamajorityofthedirectorssinceonlyapproximatelyonethirdoftheexistingboardofdirectorsmaybereplacedatany

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electionofdirectors.Thisarrangementmayhavetheeffectofkeepingthecurrentmembersofourboardofdirectorsincontrolforalongerperiodoftimethanshareholdersmaydesire,andmayimpedeanyattemptstotakeoverourcompanyorchangeorremoveourmanagement.

An active or liquid trading market for our ordinary shares may not be maintained and the trading price for our ordinary shares may fluctuate significantly.

Anactive,liquidtradingmarketforourordinarysharesmaynotbemaintainedinthelongtermandwecannotbecertainthatanytradingmarketforourordinaryshareswillbesustainedorthatthepresentpricewillcorrespondtothefuturepriceatwhichourordinaryshareswilltrade.Lossofliquiditycouldincreasethepricevolatilityofourordinaryshares.

Anyadditionalissuanceofourordinaryshareswoulddilutethepositionsofexistinginvestorsinourordinarysharesandcouldadverselyaffectthemarketpriceofourordinaryshares.Wecannotassureyouthatourordinaryshareswillnotdeclinebelowtheirprevailingmarketprice.Youmaybeunabletosellyourordinarysharesatapricethatisattractivetoyou.

InconnectionwiththeBusinessCombination,weissuedcertainshareholderswarrantstopurchaseourordinaryshareswithprovisionsthatrequireliabilityclassification.Thesewarrantsrequireusto"marktomarket"(i.e.,recordthederivativesatfairvalue)asoftheendofeachreportingperiodasliabilitiesonourbalancesheet.Anyvolatilityinthetradingpriceforourordinaryshareswouldalsoimpactthefairvaluedeterminationofouroutstandingwarrants.Asignificantincreaseinourtradingpricewhilewearerequiredtomark-to-marketthefairvalueofouroutstandingwarrantsmayhaveasignificantadverseimpactonouroperatingresults.

The sale or availability for sale of substantial amounts of our ordinary shares could adversely affect their market price.

Salesofsubstantialamountsofourordinarysharesinthepublicmarket,ortheperceptionthatsuchsalescouldoccur,couldadverselyaffectthemarketpriceofourordinarysharesandcouldmateriallyimpairourfutureabilitytoraisecapitalthroughofferingsofourordinaryshares.

AsofJuly20,2018,wehad39,522,610ordinarysharesissuedandoutstanding,3,159,375ClassFsharesissuedandoutstandingand2,392,168ClassAsharesissuedandoutstanding.Subjecttocontractuallock-upagreementsandapplicablerestrictionsandlimitationsunderRule144oftheSecuritiesAct,allofoursharesoutstandingareexpectedtobeeligibleforsaleinthepublicmarket.Ifthesesharesaresold,orifitisperceivedthattheywillbesold,inthepublicmarket,thetradingpriceofourordinarysharescoulddecline.Wecannotpredictwhateffect,ifany,marketsalesofourordinarysharesheldbyoursignificantshareholdersoranyothershareholderortheavailabilityoftheseordinarysharesforfuturesalewillhaveonthemarketpriceofourordinaryshares.

Future issuances of any equity securities may dilute the interests of our shareholders and decrease the trading price of our ordinary shares.

Anyfutureissuanceofequitysecuritiescoulddilutetheinterestsofourshareholdersandcouldsubstantiallydecreasethetradingpriceofourordinaryshares.Wemayissueequityorequity-linkedsecuritiesinthefuture,includingpursuanttoaprivateinvestmentinpublicequityorotherofferingofequitysecurities,foranumberofreasons,includingtofinanceouroperationsandbusinessstrategy(includinginconnectionwithacquisitionsandothertransactions),toadjustourratioofdebttoequity,tosatisfyitsobligationsupontheexerciseofthen-outstandingoptionsorotherequity-linkedsecurities,ifany,orforotherreasons.

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We will have to rely principally on dividends and other distributions on equity paid by our operating subsidiaries, and limitations on their ability to paydividends to us could adversely impact shareholders' ability to receive dividends on our ordinary shares.

Dividendsandotherdistributionsonequitypaidbyouroperatingsubsidiarieswillbeourprincipalsourceforcashinorderforustobeabletopayanydividendsandothercashdistributionstoourshareholders.Asofthedatehereof,YatraIndiaoranyothersubsidiaryhasnotpaidanycashdividendsonitsequityshares.Ifouroperatingsubsidiariesincurdebtontheirownbehalfinthefuture,theinstrumentsgoverningthedebtmayrestricttheirabilitytopaydividendsormakeotherdistributionstous.Inaddition,asourkeyoperatingindirectsubsidiaryisestablishedinIndia,itissubjecttocertainlimitationswithrespecttodividendpaymentsandincreasedtaxpaymentsonsuchdistribution.Limitationsonoursubsidiaries'abilitytopaydividendstouscouldadverselyimpactourshareholders'abilitytoreceivedividendsonourordinaryshares.

Outstanding warrants, which are exercisable for our ordinary shares, may increase the number of shares eligible for future resale in the public market andresult in dilution to our shareholders.

AsofJuly20,2018,therewereoutstandingwarrantstopurchaseanaggregateof17,537,958ordinaryshares.Outstandingwarrantstopurchaseanaggregateof17,337,500ordinarysharesbecameexercisableafterJanuary15,2017andwillexpireat5:00p.m.,NewYorktime,ontheearliertooccurof:(x)December16,2021,(y)theliquidationofourcompanyor(z)theredemptiondate,whichshallbeadatefixedbyusintheeventthatweelecttoredeemallofthesewarrants.Theexercisepriceofthesewarrantswillbe$5.75perhalf-share,orapproximately$199,381,250intheaggregateforallsharesunderlyingthesewarrants,assumingnoneofthewarrantsareexercisedthrough"cashless"exercise.Outstandingwarrantstopurchaseanaggregateof46,458ordinarysharesbecameexercisableafterDecember16,2016andwillexpireonJuly24,2023at6:00p.m.,PacificTime.Theexercisepriceofthesewarrantswillbe$26.9058pershare,assumingnoneofthewarrantsareexercisedthrough"cashless"exercise.Outstandingwarrantstopurchaseanaggregateof154,000ordinarysharesbecameexercisableonSeptember12,2017andwillexpireonSeptember12,2022.Theexercisepriceofthesewarrantsis$12.00pershare.Totheextentsuchwarrantsareexercised,additionalsharesofourordinaryshareswillbeissued,whichwillresultindilutiontotheholdersofourordinarysharesandincreasethenumberofshareseligibleforresaleinthepublicmarket.Salesofsubstantialnumbersofsuchsharesinthepublicmarketorthefactthatsuchwarrantsmaybeexercisedcouldadverselyaffectthemarketpriceofourordinaryshares.

If securities or industry analysts do not publish or cease publishing research or reports about our company, our business, or our market, or if they change theirrecommendations regarding our ordinary shares adversely, the price and trading volume of our ordinary shares could decline.

Thetradingmarketforourordinaryshareswillbeinfluencedbytheresearchandreportsthatindustryorsecuritiesanalystsmaypublishaboutourcompany,ourbusiness,ourmarket,orourcompetitors.Ifanyoftheanalystswhomaycoverourcompanychangetheirrecommendationregardingoursharesadversely,orprovidemorefavorablerelativerecommendationsaboutourcompetitors,thepriceofourordinaryshareswouldlikelydecline.Ifanyanalystwhomaycoverourcompanyweretoceasecoverageofourcompanyorfailtoregularlypublishreportsonourcompany,wecouldlosevisibilityinthefinancialmarkets,whichinturncouldcauseoursharepriceortradingvolumetodecline.

If the benefits of the Business Combination or our acquisition of ATB do not meet the expectations of investors or securities analysts, the market price of oursecurities may decline.

IfthebenefitsoftheBusinessCombinationorouracquisitionofATBdonotmeettheexpectationsofinvestorsorsecuritiesanalysts,themarketpriceofoursecuritiesmaydecline.Priorto

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theBusinessCombination,therewasnopublicmarketforoursecurities.Inaddition,althoughwehavealreadyacquiredamajorityofATB'soutstandingshares,therecanbenoassurancesthatwewillconsummatethepurchaseofATB'sremainingoutstandingsharesonthetermsdescribedherein,oratall,orthat,ifwearesuccessfulincompletingouracquisitionofATB,wewillrealizethefullanticipatedbenefitsthatwe,ourinvestorsorsecuritiesanalystsanticipate.ThetradingpriceofoursecuritiesfollowingtheBusinessCombinationandouracquisitionofATBcouldbevolatileandsubjecttowidefluctuationsinresponsetovariousfactors,someofwhicharebeyondourcontrol.Anyofthefactorslistedbelowcouldhaveamaterialadverseeffectonyourinvestmentinoursecuritiesandoursecuritiesmaytradeatpricessignificantlybelowthepriceyoupaidforthem.Insuchcircumstances,thetradingpriceofoursecuritiesmaynotrecoverandmayexperienceafurtherdecline.

Factorsaffectingthetradingpriceofoursecuritiesmayinclude:

• ourabilitytosuccessfullycompleteouracquisitionofATB,andrealizetheanticipatedbenefitsoftheacquisition;

• actualoranticipatedfluctuationsinourperiodicfinancialresultsorthefinancialresultsofcompaniesperceivedtobesimilartoours;

• changesinthemarket'sexpectationsaboutouroperatingresults;

• successofcompetitors;

• ouroperatingresultsfailingtomeettheexpectationofsecuritiesanalystsorinvestorsinaparticularperiod;

• changesinfinancialestimatesandrecommendationsbysecuritiesanalystsconcerningourcompanyorourindustryingeneral;

• operatingandstockpriceperformanceofothercompaniesthatinvestorsdeemcomparabletoours;

• changesinlawsandregulationsaffectingourbusiness;

• ourabilitytomeetcompliancerequirements;

• commencementof,orinvolvementin,litigationinvolvingus;

• changesinourcapitalstructure,suchasfutureissuancesofsecuritiesortheincurrenceofadditionaldebt;

• thevolumeofourordinarysharesavailableforpublicsale;

• anymajorchangeinourboardofdirectorsormanagement;

• salesofsubstantialamountsofourordinarysharesbyourdirectors,executiveofficersorsignificantstockholdersortheperceptionthatsuchsalescouldoccur;

• anycontinuedslowdowninIndia'seconomicgrowth;and

• generaleconomicandpoliticalconditionssuchasrecessions,interestrates,fuelprices,internationalcurrencyfluctuationsandactsofwarorterrorism.

Broadmarketandindustryfactorsmaymateriallyharmthemarketpriceofoursecuritiesirrespectiveofouroperatingperformance.Thestockmarketingeneral,andNASDAQinparticular,haveexperiencedpriceandvolumefluctuationsthathaveoftenbeenunrelatedordisproportionatetotheoperatingperformanceoftheparticularcompaniesaffected.Thetradingpricesandvaluationsofthesestocks,andofoursecurities,maynotbepredictable.Alossofinvestorconfidenceinthemarketfortravel-relatedsecuritiesorthestocksofothercompanieswhichinvestorsperceivetobesimilartoourscoulddepressourstockpriceregardlessofourbusiness,prospects,financialconditionsorresults

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ofoperations.Adeclineinthemarketpriceofoursecuritiesalsocouldadverselyaffectourabilitytoissueadditionalsecuritiesandourabilitytoobtainadditionalfinancinginthefuture.

There is no guarantee that our ordinary shares will continue to qualify for listing on NASDAQ for any period of time, or that our warrants will continue toqualify for listing on the OTCQX® Best Market for any period of time, and the failure to have our ordinary shares or warrants listed for any reason maynegatively affect the value of our ordinary shares and/or warrants, as applicable.

OurordinarysharesbegantradingonNASDAQunderthesymbol"YTRA"onDecember19,2016.TherearenoguaranteesthatourordinaryshareswillcontinuetoqualifyforlistingonNASDAQ.Inaddition,ourwarrantsbegantradingontheOTCQX®BestMarketunderthesymbol"YTROF"onDecember30,2016.Ifourordinarysharesand/orwarrantsareeverinthefuturedelisted,theholderscouldfacesignificantconsequences,including:

• alimitedavailabilityformarketquotationsforoursecurities;

• reducedliquiditywithrespecttooursecurities;

• adeterminationthatoursecuritiesarea"pennystock,"whichwillrequirebrokerstradinginthosesecuritiestoadheretomorestringentrulesandpossiblyresultinareducedleveloftradingactivityinthesecondarytradingmarketforthosesecurities;

• limitedamountofnewsandanalystcoverageforourcompanyintheUnitedStates;and

• adecreasedabilitytoissueadditionalsecuritiesorobtainadditionalfinancinginthefuture.

A significant portion of our total outstanding shares may be sold into the market at any time. This could cause the market price of our ordinary shares to dropsignificantly, even if our business is doing well.

Thesesales,ortheperceptioninthemarketthattheholdersofalargenumberofsharesintendtosellshares,couldreducethemarketpriceofourordinaryshares.AsofJuly20,2018,MIHILLC,theTerrapinSponsorsandcertainoftheiraffiliatedentities(includingNathanLeight),E-18Limited,Capital18FincapPrivateLimited,PandaraTrustSchemeI,IDGVenturesIndiaFundIILLC,IntelFoundation,RelianceInfrastructureLimited,VertexAsiaFundPte.Ltd.,RajasthanTrusteeCompanyPvtLtdA/cSMETechFundRVCFTrustII,andMacquarieCorporateHoldingsPtyLimited,holdapproximately33.56%oftheissuedandoutstandingsharesofourcompany(orapproximately34.31%ofthesharesofourcompany,assumingtheexerciseorconversionofallofouroutstandingwarrants),basedoninformationknowntousorascertainedbyusfrompublicfilingsmadebysuchshareholders.MIHILLChasagreed,withcertainexceptions,nottotransfer,assignorsellanyofitssharesofYatraUSAClassFcommonstockuntiltheearlierof(i)December16,2017or(ii)thedateonwhichwecompletealiquidation,merger,stockexchangeorothersimilartransactionthatresultsinallofourshareholdershavingtherighttoexchangetheirordinarysharesforcash,securitiesorotherproperty,andtheTerrapinSponsorshaveagreednottotransfer,assignorsellanyoftheirsharesofYatraUSAuntiltheearlierof(i)June16,2018or(ii)thedateonwhichwecompletealiquidation,merger,stockexchangeorothersimilartransactionthatresultsinallofourshareholdershavingtherighttoexchangetheirordinarysharesforcash,securitiesorotherproperty.Withtheexpirationofthislock-up,thesharesofYatraUSAClassFcommonstockheldbyMIHILLCmaybeconvertedintoYatraOnlineordinarysharesandsoldinthepublicmarket.ThesharesheldbyMIHILLCcouldalsohavebeensoldpriortotheexpirationoftheapplicablelock-upifthelastsalepriceofourordinarysharesequaledorexceeded$12.00pershare(asadjustedforsharesplits,sharedividends,reorganizations,recapitalizationsandthelike)forany20tradingdayswithinany30-tradingdayperiodcommencingMay15,2017.Inaddition,oncewebecameeligibletouseFormF-3oritssuccessorform,webecameobligatedtofileashelfregistrationstatementtoregistertheresaleofcertainofourordinarysharesissuedinconnectionwiththeBusinessCombination.Asrestrictionsonresaleend,themarketpriceof

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ourordinarysharescoulddeclineiftheholdersofcurrentlyrestrictedsharessellthemorareperceivedbythemarketasintendingtosellthem.

Foreign Account Tax Compliance Act

TheUnitedStatesForeignAccountTaxComplianceAct,orFATCA,imposesareportingregimeand,potentially,a30%withholdingtaxoncertainpaymentsmadetocertainnon-USfinancialinstitutionsthatfailtocomplywithcertaininformation-reporting,accountidentification,withholding,certificationandotherFATCA-relatedrequirementsinrespectoftheirdirectandindirectUnitedStatesshareholdersand/orUnitedStatesaccountholders.ToavoidbecomingsubjecttoFATCAwithholding,wemayberequiredtoreportinformationtotheIRSregardingtheholdersofourcommonsharesandtowithholdonaportionofpaymentswithrespecttoourcommonsharestocertainholdersthatfailtocomplywiththerelevantinformationreportingrequirements(orthatholdourcommonsharesdirectlyorindirectlythroughcertainnon-compliantintermediaries).ThiswithholdingtaxmadewithrespecttoourcommonshareswillnotapplytopaymentsbeforeJanuary1,2019.AnintergovernmentalagreementbetweentheUnitedStatesandanothercountrymayalsomodifytheserequirements.FATCAisparticularlycomplexanditsapplicationisuncertainatthistime.HoldersofourcommonsharesshouldconsulttheirowntaxadvisorstoobtainamoredetailedexplanationofFATCAandtolearnhowFATCAmightaffecteachholderinitsparticularcircumstances.

ITEM4.INFORMATIONONTHECOMPANY

A. HistoryandDevelopmentofourCompany

YatraOnline,Inc.isaCaymanIslandsexemptedcompanywithoperationsprimarilyinIndia.WewereincorporatedasaprivateexemptedcompanywithlimitedliabilityonDecember15,2005andsubsequentlybecameapubliccompanyupontheconsummationoftheBusinessCombination.Ourregisteredofficeislocatedatc/oMaplesCorporateServicesLimited,POBox-309,UglandHouse,GrandCayman,KY1-1104CaymanIslands.Ourprincipalexecutiveofficeislocatedat1101-03,11thFloor,Tower-B,UnitechCyberPark,Sector39,Gurgaon,Haryana122002,India,andourtelephonenumberatthisofficeis(+91-124)339-5500.Ourprincipalwebsiteaddressiswww.yatra.comandourothermainwebsiteiswww.travelguru.com.Wedonotincorporatetheinformationcontainedon,oraccessiblethrough,ourwebsitesintothisAnnualReport,andyoushouldnotconsideritapartofthisAnnualReport.OuragentforserviceofprocessintheUnitedStatesisPuglisi&Associateslocatedat850LibraryAvenue,Suite204,Newark,Delaware19715.

YatraisaleadingIndiaonlinetravelcompanyinIndia,addressingtheneedsofbothleisureandbusinesstravelers.FoundedbyDhruvShringi,ManishAmin,andSabinaChopra,wecommencedoperationswiththelaunchofourwebsiteinAugust2006.WebelieveYatraisIndia'slargestindependentcorporatetravelservicesproviderandthesecondlargestconsumeronlinetravelcompanyinIndia(basedonmanagement'sanalysisofpubliclyavailableinformation),withapproximately7.9milliontravelersthathavebookedtheirtravelthroughusasofMarch31,2018.Throughourwebsite,www.yatra.com ,ourmobileapplicationsandourotherassociatedplatforms,leisureandbusinesstravelerscanexplore,research,comparepricesandbookawiderangeofservicescateringtotheirtravelneeds.Over$279millionhasbeeninvestedinourcompanysincewecommencedoperationsin2006.

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B. BusinessOverview

Leisureandbusinesstravelersuseourmobileapplications,ourwebsite,www.yatra.com ,andourotherofferingsandservicestoexplore,research,comparepricesandbookawiderangeoftravel-relatedservices.TheseservicesincludedomesticandinternationalairticketingonnearlyallIndianandinternationalairlines,aswellasbusticketing,railticketing,cabbookingsandancillaryserviceswithinIndia.Wealsoprovideaccessthroughourplatformtohotels,homestaysandotheraccommodations,withmorethan92,000hotelsandhomestaysinmorethan1,300citiesandtownsacrossIndiaandmorethan0.8millionhotelsaroundtheworld.Toensurethatourserviceistrulya"one-stopshop"fortravelers,wealsoprovideourcustomerswithaccesstoapproximately1,100holidaypackagesandmorethan60,000otheractivitiessuchastours,sightseeing,shows,andevents.

Indiaisoneoftheworld'slargestandfastestgrowingeconomies,withalargemiddleclass,increasingdisposableincomeandarapidlygrowingonlineconsumersegment.AccordingtoPhoCusWright,theleisureandunmanagedbusinessmarketinIndiaisestimatedtoreach$39billionin2021withonlinepenetrationincreasingfrom37%in2016to45%in2021,representingaCAGRof13.0%intheonlinesegment.BusinesstravelisasignificantsegmentoftheIndiantravelindustryandIndiawasrankedasthetenthlargestcorporatetravelmarketgloballyin2015accordingtotheWorldTravelandTourismCouncilwithanoverallmarketsizeof$29.6billiongrowingto$52.2billionby2020.Webelievethatourfocusonboththecorporateaswellastheconsumertravelmarketpositionsustoaddressthiscombinedmarketopportunity.

Toaddressthislargemarketopportunityanddrivethegrowthofourconsumerbusiness,whichisourkeyfocus,weoperatethroughthreego-to-marketstrategies:B2C(businesstoconsumer),B2E(businesstoenterprise)andB2B2C(businesstobusinesstoconsumer).WebelievethatthecombinationofourB2CandB2EchannelsenablesustotargetIndia'smostfrequentandhighspendingtravelers,namely,educatedurbanconsumers,inacost-effectivemanner.OurB2B2Cchannelprovidesadditionalscaletoourbusinessbyleveragingourtechnologyplatforminordertocost-effectivelyaggregateconsumerdemandfromapproximately20,000travelagentsinapproximately500citiesacrossIndiaasofMarch31,2018.Inaddition,duringthesecondquarterofourfiscalyearendingMarch31,2018,weacquiredamajoritystakeinAirTravelBureauLimited,orATB,whichfurtherreinforcedourleadershippositionintheenterprisetravelsegment.

Ourbusinessisbasedonasingletechnologyplatformthatservesourcustomersthroughmultiplemobileapplicationsaswellasourwebsite.Oursingleplatformapproachprovidesuswithascalable,comprehensiveandconsistentuserexperienceacrosseachofourthreego-to-marketchannels.Webelievethatthisapproachdrivesuserfamiliaritywithourserviceandencouragesrepeatusebyourcustomers,whichfurtherenhancescustomerloyaltyforourbusiness.Inaddition,inordertofurtherstrengthencustomerloyaltyandprovideanincentivetotheemployeesofourB2EcustomerstobecomeB2Ccustomers,weoperateoureCashloyaltyprogramthatenablestravelersthatbookthroughourplatformtoaccumulateandredeempoints.AsofDecember2017,our90-dayrepeatratewasapproximately52%andourcross-sellratewasapproximately22%.Duringfiscalyear2018,approximately85%ofourcustomers'visitswerefromdirectandorganictraffic,comparedtoapproximately83%infiscalyear2017.Webelievethatthistrendreflectsthestrengthofourbrand,thebenefitsofoursingleplatformapproachandthesuccessofourgo-to-marketandcustomeracquisitionstrategy.

Wedefinea"visit"asagroupofinteractionsonourplatformthatoccurwithina30minutetimeframe.Asinglevisitcancontainmultiplescreenorpageviews,eventsandtransactions.Weuse"traffic"and"visits"interchangeablyinthisReport.

Wearerapidlymovingtowardsa"MobileFirst"businessandhaveexperiencedrapidusergrowthonourplatformwithmobilebeingtheprimarychannelforcustomerstoengagewithus.DuringthefiscalyearendedMarch31,2018,ourwebandmobilepropertiesreceivedapproximately283million

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visits,a66%increasecomparedtothatoffiscalyearendedMarch31,2017.Ourmobileapplicationshavebeendownloadedapproximately14.1milliontimes.Tofurtheraccelerateourmobilestrategy,wehaveenteredintoastrategicrelationshipwithRelianceRetailLtd.,anaffiliateofRelianceIndustriesLimitedwhichisoneofIndia'slargestconglomerates,pursuanttowhichRelianceJiohasagreedtopre-installtheYatramobileapponitsphonesinconnectionwithitslaunchofoneofIndia'slargest4Gmobilenetworks.RelianceJiocommencedthisactivityinSeptember2016.RelianceIndustriesLimited,throughoneofitsaffiliates,isastrategicinvestorinourcompany.

Basedonourlargeandloyalcustomerbase,ourcomprehensiveserviceofferings,ourexperiencedmanagementteamandourmulti-channelstrategy,webelievethatwearewell-positionedtocapitalizeontheburgeoningIndiantravelmarket.Ourbrandisamongthemostwell-recognizedinnotonlytheIndianonlinetravelindustry,butallofIndianInternetcommerce,andwebelievethatthiscreatesasignificantcompetitiveadvantage.Leveragingourbrandandtechnologyplatform,weintendtocontinuetoexpandandenhanceourofferingsthroughinnovativetravelsolutionsthatwillgrowourbusiness,improveourcustomerexperienceandmeetthechangingneedsofbusinessandleisuretravelers.Forexample,werecentlyopenedupourholidaysbookingplatformtothirdpartyvendorsenablingthemtosellholidayproductsalongsidethosepackagedbyususingourplatformasamarketplace,providingourcustomerswithawideselectionofproductsandservices.

Weexperienceseasonalfluctuationsinthedemandfortravelservicesandproductsofferedbyus.WetendtoexperiencehigherrevenuesfromourHotelsandPackagesbusinessinthesecondandfourthcalendarquartersofeachyear,whichcoincidewiththesummerholidaytravelseasonandtheyear-endholidaytravelseasonforourcustomersinIndia.

OurrevenuewasINR12,248.5millioninfiscalyear2018andINR9,356.8millioninfiscalyear2017,representingagrowthof30.9%overthatperiod.OurRevenueLessServiceCostwasINR7,317.8millioninfiscalyear2018andINR5,177.3millioninfiscalyear2017,representinganincreaseof41.3%.Inaddition,ourGrossBookingsforAirTicketingandHotelsandPackagesincreasedtoINR92,542.5millioninfiscalyear2018fromINR67,998millioninfiscalyear2017,representinganincreaseof36.1%.

Wehaveinvestedsignificantcapitalonourtechnologyplatformandonsalesandmarketingeffortstobuildourbrandandtoacquirecustomers.Asaresultoftheseefforts,duringthefiscalyearendedMarch31,2018,wehavewitnessedyearoveryeargrowthof99%inourmobiletrafficandtheinstallationrateforourmobileapplicationsincreased61%fromMarch31,2017toMarch31,2018.Inaddition,wereceiveover25milliononlineshoppervisitsonourplatformeachmonth.

Duringfiscalyears2018and2017,ournetlosseswereINR4,052.0millionandINR5,937.0million,respectively.

RevenueLessServiceCostisanon-IFRSmeasure.Formoreinformationaboutthenon-IFRSmeasuresandareconciliationtothemostcomparableIFRSmeasure,pleasereferto"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—KeyOperatingMetrics."

OurApproach

Indiaisoneoftheworld'slargestandfastestgrowingeconomies,withalargemiddleclassthatisbenefitingfromincreasingdisposableincomeandagrowingadoptionofmobileInternetaccess.Nevertheless,India'smiddleclassisstillarelativelysmallfragmentofIndia'spopulation.Asoutlinedinthechartbelow,India'sA1-B1socio-economicsegments,whichwebelievetorepresenttheeducatedurbanconsumerswhoareourtargetcustomers,representjust7%oftheoverallpopulation(1.32billion)and23%oftheurbanpopulation(420million)inIndia.

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Source:Urbanpopulationestimateof420millionperInternetandMobileAssociationofIndia(IAMI).Socio-economicclassification(SEC)breakdownpertheMarketResearchSocietyofIndia.DistributionofSECA1-EsegmentsperMRSIappliedtoIAMIestimateof420millionuserstoarrivetosocio-economicsegmentsize.Approximationsbasedonincomenotdirectlycorrelatedtosociosegmentationhenceproxiesofincomedistributionusedtoestimatetheapproximateavg.income.

Asindicatedbythetablesbelow,theIndiancorporatetravelmarketrepresentstheworld'sfastgrowingcorporatetravelmarket.

(1) KPMG&FCMTravelReportaccessedfromTravelbizmonitor.com

InordertoeffectivelygrowourbusinessandservethevarioussegmentsofIndia'sgrowingmiddleclass,weoperatethroughthreego-to-marketstrategies:B2C,B2EandB2B2C.Byusingacommontechnologyplatform,webelieveweareabletoeffectivelytargetIndia'seducatedurbanconsumersandhavemultiplepointsofcontactformarketingadditionalservicestoexistingcustomers.

• Ourconsumer,orB2C,offeringsareprovideddirectlytoconsumersthroughourappsandwebsite.

• Ourcorporate,orB2E,offeringsareprovidedtoourcustomersthroughaself-bookingtoolaswellassitesupportwithstaffforqueryhandlingandexecution.Ourportfolioofapproximately700largecorporatecustomersasofMarch31,2018(includingcorporatecustomersofATB)includesleadingorganizationsfromIndiathatemployapproximately4.2millionpeople,helpingtomakeourB2EbusinessIndia'slargestcorporatetravelagency.Wehavealsorampedupoureffortsforsignupsofsmallandmediumenterprisesandenteredintoapartnershipwithoneoftheworld'sleadingserviceprovidersforprovidinganexpensemanagementsolution.

• Ourtrade,orB2B2C,offeringsaddresstheneedsofalargeandfragmentedmarketoftravelagentsprovidingaccesstoapproximately20,000registeredagentsinapproximately500citiesacrossIndiaasofMarch31,2018,andparticularlyinsmallermarkets(whichwerefertoherein

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asTier2andTier3citiesormarkets)whereInternetpenetrationhastraditionallybeenlowerandwherecashpaymentsarestillthepredominantformoftravelpurchasing.

Webelievethatourbroadanddiverseofferingsprovideuswithconsiderablecross-sellingopportunitiesacrossourgo-to-marketchannels,eachofwhichhasexperiencedstronggrowthingrossbookings.Usingourcommontechnologyplatform,businesscustomers,whoareintroducedtoourplatformthroughtheiremployers,areabletoexploreandbooktheirleisuretravel,andinsomecasesoureCashprogramrewardsandincentivizesthemfordoingso.Webelievethattheseaspectsofourplatformandthehighnumberofrepeatvisitorsandrepeattransactionsprovideuswithacosteffectivewaytogrowourbusinesswhileprovidingahighqualityservicetoourcustomers.

OurPlatform

Wehavedevelopedacommontechnologyplatformapproachthatenablesaconsistentuserexperienceacrossmultiplechannelsanddifferentproducts,supportingourgo-to-marketstrategyacrossourB2C,B2EandB2B2Cchannels.Ourcustomer"touch-points"includeourmobileapplications,websiteandcallcentersaswellas'embedded'teamswithinsomeofourB2Eclients.Inaddition,throughourplatform,weaddresstheneedsofalargefragmentedmarketoftravelagents,empoweringapproximately20,000agentsinapproximately500citiesacrossIndiaasofMarch31,2018.Combiningtheseofferingsonacommontechnologyplatformallowsustodevelopanongoingrepeatrelationshipwithourcustomersregardlessofthespecificchannelthroughwhichtheystartedusingourservices.Forexample,usingourplatform,B2EcustomersareabletoexploreandbooktheirsubsequentleisuretravelthroughYatra,potentiallybenefitingfromoureCashprogramthatrewardsthemfordoingso.

(1) DataforthetwelvemonthsendedMarch31,2018forflagshipbrandYatra.comonlyandexcludesdatafromB2EandB2B2Cbusinesses

(2) CumulativeasofMarch31,2018;doesnotincludedataforB2B2Cbusinesses

(3) ApproximatecountasofMarch31,2018andincludestheemployeesofcorporatecustomersofATB

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(4) AsofMarch31,2018

Ourwebsiteandmobileapplicationsprovidethefollowingcapabilities:

• Exploring & Searching: Ourwebandmobileplatformsenablecustomerstoexploreandsearchflights,hotels,holidaypackages,buses,trainsandactivities.WehavedevelopedaNaturalLanguageProcessing("NLP")/MachineLearning("ML")basedtext/voicesearchengineonourwebsiteandourFacebookBottooptimizesearchresults.WealsohaveaNLP/ML-basedcustomersupportknowledgeenginetoaddressusers'querieswithoutdialingthecallcenter,therebyreducingtheservicingcostandincreasingcustomersatisfactionlevels.Tofurtherengageconsumers,wehaveanumberoffeaturessuchas"LowestFareFinder,""SuperSaver,""ThingsToDo"andnotifications.

• Total Visibility: Usingourplatform,customersareabletosearchforthelowestpriceavailableonanygivendate,identifydateswithpublicholidaysandwidelycelebratedevents,andobtainadditionalinformationsuchastripadvisor.comreviews,informationonrefundableornon-refundablefares,numberofstopsonairlinebookings,andhotelandroomamenities.

• Booking: Onceacustomerhasdecidedtobooktravel,weofferarangeofpaymentoptions.Inaddition,forinternationaltransactions,weusea"DynamicCurrencyConverter,"whichsupports29currenciesandconvertspricesfromINRtoanothercurrencysothatinternationalcreditcardscanbecharged.

Mobile Applications

AssmartphonepenetrationhasgrowninIndia,ourmobileappshavebecomeacriticalcomponentofourconsumerofferings.Wehavemultipleapplicationsforavarietyofconsumersegmentsandservicesincluding:

• Yatra: Ourprimarymobileinterfacetoourcoreplatform,whichhasbeendownloadedapproximately14.1milliontimes.

• Yatra Mini: Amultilingual,mass-marketAndroidapplicationprovidingconsumerswithreadyaccesstorailandbusbookingsaswellasbudgethotels.

• Yatra Web Check-In: Anapplicationdesignedtoeasetheflightcheck-inprocessfortravelers.

• Yatra Corporate: Aself-bookingapplicationforourbusinesscustomers.

• Travelguru HomeStay: Anapplicationthatconnectshomeownersandtravelerstofacilitatehomestaybookings.

• Yatra Hoteliers DESTranet: Anapplicationforhotelownersandoperatorstoupdateandmanagetheirinventories,ratesandcheck-inprocess.

Sincethelaunchofourmobileapps,wehaveexperiencedrapidgrowthinthetrafficonourmobileplatformsandinfiscalyear2018,ourmobileplatformsaccountedforapproximately76%ofourtotalconsumervisitsandgrewat99%overfiscalyear2017.Ourmobileplatformsaccountedforapproximately81%ofourtotaltrafficinthefourthquarterof2018.

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(1) DataforthethreemonthsendedMarch31,2018forflagshipbrandYatra.comonly.

DatafromB2EandB2B2Cbusinesses

(1) %ofOnlineBookingsforflagshipbrandYatra.comonlyandexcludesdatafromB2EandB2B2Cbusinesses.

OurServices

Weoffercomprehensivetravel-relatedservices,whichincludedomesticandinternationalairticketing,hotelbookings,homestays,holidaypackages,busticketing,railticketing,cabbooking,activitiesandancillaryservices.DuringtheyearendedMarch31,2018wehaveexperiencedyearoveryeargrowthof29%inairpassengersbooked,52%instand-alonehotelroomnightsbooked,18%inpackagespassengerstraveledand36%inGrossBookings.

Air Ticketing

Weprovideourcustomerswithaccesstoeightdomesticairlines,includingIndigo,SpiceJet,JetAirways,AirIndiaandGoAir,aswellasover300airlinesforinternationaltravel,includingAirIndia,JetAirways,Emirates,EtihadandLufthansa.

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Ourairlineticketingbusinessprovidescomprehensiveinformationandoptionstoconsumers.Basedonthesearchcriteriaandfiltersavailable,consumersareabletoquicklyandconvenientlyevaluateoptions,makeselectionsandexecutetransactions.Customerscansearchandsortbydate,airline,classoftravel,fareprice,origin,destination,andnumberofstops,andoursearchresultscanbeenhancedbyourcustomers'recentsearches,historyandpreferences.

Weearncommissionsandincentivesfromairlinesforticketsbookedbycustomersthroughourvarioussaleschannels.Weeitherdeductcommissionsatthetimeofpaymentofthefaretoourairlinesuppliersorwecollectourcommissionsfromourairlinesuppliers.Incentivepayments,whicharelargelybasedonvolumeofbusiness,arecollectedfromourairlinesuppliersonaperiodicbasis.WechargeourcustomersaservicefeeforbookingairlineticketsandreceivefeesfromourGDSserviceprovidersbasedonthevolumeofsalescompletedbyusthroughGDS.RevenuefromairlineticketssoldaspartofpackagesiseliminatedfromourAirTicketingrevenuesandaddedtoourHotelsandPackagesrevenue.

WehaveexperiencedaCAGRof28%inourairpassengercountfromfiscalyear2015tofiscalyear2018andanincreaseinairlinegrossbookingsof37%infiscalyear2018overfiscalyear2017.DuringtheyearendedMarch31,2018,airpassengersbookedgrew29%yearoveryearandairgrossbookingsincreased38%overthesameperiod.

(1) NumbersforFY18includeATBperformanceforeightmonths.

(2) Pleasereferto"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—KeyOperatingMetrics"fordefinitionsandreconciliationsofnon-IFRSmeasures.

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Hotels and Packages

Hotels

Withover92,000hotelsandhomestayscontractedinover1,300citiesacrossIndia,weareIndia'slargestplatformfordomestichotels.Infiscalyear2018,morethantwomillionstandalonehotelroom-nightswerebookedthroughourplatforms.Duelargelytoourrapidgrowthinthissegment,ourGrossBookingshasgrownbyaCAGRof22%fromfiscal2015tofiscal2018.Contractingwithhotelsisdonebyadedicatedteamthatisresponsibleforonboardinglistedpropertiesaswellasnegotiatingratesandpromotions.Hotelscanalsoself-managetheirrates,inventories,promotionsandmarginsusingourextranet(mobileandwebversions).HoteliersalsohaveanoptiontoaccesstheextranetviaaChannelManagerAPI,aninterfacethatletshoteliersconnecttheirsoftwareapplicationtoourextranet.

RevenuefromourHotelsandPackagesbusinessincludescommissionsandmarkupsthatweearnforthesaleofhotelrooms(withoutpackages),whichisrecordedona"net"basis.Revenuefrompackages,includinghotelandairlineticketssoldaspartofpackages,isaccountedforona"gross"basis.Fromfiscal2017tofiscal2018,ourHotelsandHolidayPackages'GrossBookingsgrewby28%drivenbyconsistentgrowthinhotelroom-nightsandholidaypackagessales.

Inlate2015,weaddedhomestaysthroughourYatraandTravelgurubrands,whichincludesawidevarietyofaccommodationoptionsfromhomes,cottages,apartments,guesthouses,villas,heritageproperties,holidayhomes,junglestays,estatehousestofarmhousesandmore.AsofMarch31,2018,wehadlistedapproximately8,000propertiesacrossthevariousbrandsandplatforms.Inaddition,inJune2016,welaunchedourTravelguruHomeStayApp,whichallowshomeownerstolisttheirpropertyasahomestayandtravelerstosearch,browseandbooktheproperties,allatthe"clickofabutton."

WebelievethatYatrahasIndia'slargesthotelinventory,especiallyinthekey"budget"categoryinTier2andTier3citiesthatmatchesIndianconsumers'preferences.

(1) Managementestimates,asofMarch31,2018

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(2) Managementestimatesfromcompanywebsite,pressarticles,andfilings

(3) Includesapproximately8,000homestayaccommodations

(4) Premiumhotelsinclude4and5staraccommodations;mid-segmenthotelsinclude3staraccommodationsandbudgethotelsincludeallotheraccommodations(includinghomestayaccommodations)

HolidayPackages

Ourholidaypackagesofferingsconsistofbothfixeddepartureandcustomizedholidaypackages.GivenourfocusontheIndianmiddle-classconsumer,manyofwhomarenotseasonedtravelers,ourcustomerstypicallypreferbookingholidaypackageswheremostelementsoftheirtravel,includingflights,hotels,sightseeing,transport,visaandinsurance,arealltakencareof.Wehaveexpandedourportfoliotoincludeapproximately1,100holidaypackagestodestinationswithinIndia,Asia,theMiddleEastandEuropeandhaveestablishedgroundhandlingoperationsandpartnershipsinDubai,Singapore,ThailandandMalaysia.Wealsoopenedupourplatformtothird-partyholidaypackagessellerswhocannowsellalongsideourownproductsthroughourplatform,therebyofferingourcustomersawiderchoiceofproducts.

(1) NumbersforFY18includeATBperformanceforeightmonths.

(2) Pleasereferto"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—KeyOperatingMetrics"fordefinitionsandreconciliationsofnon-IFRSmeasures.

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OtherServices

Rail Ticketing

Toleveragetheconvenienceofonlinebookings,weenteredtherailtravelmarketinSeptember2007withinventorymadeavailablebyIRCTC.IRCTCisasubsidiaryofIndianRailwaysthathandlesthecatering,tourismandonlineticketingoperationsofIndianRailways.

Bus Ticketing

Toleveragetheconvenienceofonlinebookings,weenteredthebustravelmarketinSeptember2014.Toensureconsistencyofsupply,wesourceourticketsfromacombinationofsuppliers.

Cab Booking

Takingastepfurtherinservicingourcustomersandprovidingthemwithonemoretravelsolution,inSeptember2016,welaunchedappintegrationwithoneoftheworld'smostfamouscab-bookingcompanies.ThismadeitpossibleforourcustomerstobooktheirlocalandintracitytransportthroughtheYatraapp,evenifthemainsupplierappisnotinstalledontheirdevices.

InSeptember2017,weenhancedthetravelpropositionforourcustomersbyofferingaself-drivecarrentalservice.

Activities

LaunchedinJuly2016,wecurrentlylistover60,000activitiesinsideandoutsideIndia.Weofferabroadrangeofactivitiestoourcustomersatmultiplepricepoints,includingtours,historicalandcontemporarysightseeing,luxuryexperiences,romantictrips,events,shows,foodtours,cookingclassesandothers,eachrangingfromafewhourstoafullday.

OurStrengths

Webelievethefollowingcombinationofattributesofourcompanydistinguishesusfromourcompetitors:

Trusted Online Travel Brand

"Yatra,"whichistheHindiwordfor"Journey,"isoneofIndia'smostwell-recognizedtravelbrands.Ourbrandhasreceivednumerousawardsandrecognitions,includingmultipleawardsfromtheGovernmentofIndia'sMinistryofTourism,TheEconomicTimesBrandEquity'sMostTrustedBrandSurvey2016,TravelandHospitality'sMostOutstandingTravelCompanyandtheCNBCAwaazTravelAward.Thestrengthofthebrandisreflectedintheapproximately283millionvisitorstoourplatforminfiscalyear2018andthatourdirectandorganictrafficwentfromapproximately83%toapproximately85%infiscalyear2017andfiscalyear2018,respectively.Tofurtherstrengthenthebrand,wehave,fromtimetotime,signedupsomeofIndia'sleadingfilmpersonalitiesasourbrandambassadorinthepast.

Our Multi-Channel Platform for Business and Leisure Travelers

Wehavedesignedaunique"go-to-market"strategythatisamixofB2C,B2EandB2B2C.Thiscomprehensiveapproachcreatesstrongnetworkeffectsresultinginsignificantcross-sellbetweenbusinessandleisuretravelers,whichwebelieveaddressestheentiretravelmarketinIndia.ThroughorganicandinorganicinitiativeswebelievewehavebecomethelargestindependentcorporatetravelservicesproviderandthesecondlargestconsumertravelcompanyinIndia,bothleveragingacommontechnologyplatform.Webelievethatourbroadanddiverseofferingsprovideuswithconsiderable

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cross-sellingopportunitiesacrossbusinesschannelsandthatoureCashprogramprovidesfurtherincentiveforcustomerloyaltyacrossthevariouschannels.

Large and Loyal Customer Base

Wehaveservedapproximately7.9millioncumulativetravelcustomersasofMarch31,2018,anincreaseof1.3millioncustomerscomparedtoMarch31,2017,withahighnumberofrepeatvisitorsandrepeattransactions.Inthefourthquarterof2018,repeattransactionsaccountedfor82%ofallofthetransactionsonyatra.com.Forourconsumer-directbusiness,ourcustomersmadeanaverageof3.5purchasesperyearoftenbuyingacrossservicesasevidencedbyourcross-sellrateofapproximately22%asofDecember31,2017.

Comprehensive Selection of Service and Product Offerings

Ourcomprehensivetravel-relatedofferingsarecustomizedtotheuniqueneedsofIndianandglobalcustomerstravelingthroughoutIndia,andfordomesticcustomerstravelinginternationally.WebelievethatwehaveaggregatedthelargesttravelrelatedinventoryinIndiathatincludesaccesstoallmajordomesticandinternationalairlinesoperatingwithinIndiaandahotelnetworkthatincludesover92,000domestichotelsandhomestaysacross1,300citiesinIndia.Thiscomprehensiveselectionoftravel-relatedservicesmakesusa"one-stopshop"forourcustomers'businessandleisuretravelneeds,therebyprovidinguswithmultiplepointsofcontactwithtravelersallowingustodevelopanongoingrepeatrelationshipwithourcustomers.

Single Technology Platform

WehavedevelopedacommontechnologyplatformapproachthatenablesaconsistentuserexperienceacrossourentirecustomerbaseincludingB2C,B2EandB2B2C.Thisapproachhasenabledustoreducedevelopmentcostsandaccelerate"time-to-market"asnewfeaturesandservicescanbelaunchedsimultaneouslyacrosschannels.OurtechnologyalsocontributestotheconversionofourbusinesstravelerstoleisuretravelersbycreatingasingleandfamiliarplatformaswellasenablingloyaltyprogramssuchasoureCashprogram,availableacrossallourchannelsandofferings.Ourtechnologyplatformhasbeendesignedtodeliverahighlevelofreliability,security,scalability,integrationandinnovation.Webelievethathavingasingletechnologyplatformenablesustoinnovateandscaleouroperationseffectivelyacrosschannels.

Seasoned Management Team with Track Record of Success

Weareafounder-ledbusinessandourseniormanagementteamiscomprisedofindustryexecutiveswithdeeprootsinthetravelindustrycombiningover70yearsofaccumulatedexperience.OurmanagementteampreviouslyworkedwithcompaniessuchasEbookers.com,Tripadvisor.com,Yahoo,TravelBoutiqueOnlineandCarlsonWagonlit.Webelievethatourmanagement'sexpertise,industryrelationships,andexperienceinidentifying,evaluatingandexecutingonnewopportunitiesprovideuswithopportunitiestogroworganicallyandthroughstrategicacquisitionsthatcomplementorexpandourexistingoperations.

OurGrowthStrategy

Thekeyelementsofourlong-termgrowthstrategyinclude:

Cost-Effectively Grow our Customer Base

Weintendtogrowourcustomerbasebycontinuingtoprovidebusinessandleisuretravelersacombined,comprehensiveandcompetitiveplatformthatmeetsalltheirtravelneeds.Inaddition,weplantocontinueinvestinginourbrand,expandingourB2EsalesteamandgrowingourB2B2Ctravel

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agentnetwork.Forexample,duringthefirsthalfoffiscalyear2018,welaunchedanewbrandcampaignandgrewourtravelagentnetworktoapproximately20,000agentsasofMarch31,2018.

(1) CumulativeasofMarch31,2018;doesnotincludedataforB2B2Cbusinesses.

Grow "Share Of Wallet" With Existing Customers—Leverage our Multi-Channel Approach and Our Loyalty Programs

Inordertoleverageourmulti-channelplatformwehavedevelopedanumberofinitiativesthathelpusdriveandrewardcustomerloyalty,specificallytargetingbusinesstravelerswhojoinourplatformthroughourB2EchannelandwhoeventuallybecomeB2Ccustomers.Forexample,oureCashprogramwaslaunchedin2014torewardcustomersforrepeatpurchases.CustomersaccumulatesucheCashpointsontravelbookedthroughus,andthesepointsworkasacurrencythatcanberedeemedbycustomersduringfuturebookings.OureCashprogramissupportedbyastrongtechnologyarchitectureandoperatesseamlesslywithminimalhumanintervention.SincetheeCashprogramwaslaunched,webelievewehaveseenasignificantimpactofthisprogramonourbusiness.WeplantocontinuefocusingongrowingourB2CbusinessandusingandpromotingoureCashprograminordertogrowourbusiness.Over3.7millioncustomershavebeenregisteredforoureCashprogram.

WerecentlylaunchedourYatraPlatinumProgram,anexclusiveprogramforourfrequenttravelers.Platinummemberswillbeentitledtoanumberofspecialbenefitsunderthisprogramincludingfreecancellationonflight&hotelbookingsuptoINR10,000peryear,spendlinkedrewardsandaccesstoadedicatedprioritydesk.SincetheYatraPlatinumProgramwaslaunched,over48,000customershaveenrolled.

Invest in Technology—"One-Stop Shop" For All Travel Needs

Weintendtocontinueinvestinginourcommontechnologyplatforminordertoensurethatwecanintroducenewproductofferingsinanefficientandtimelymanneranddeliveronourvisionofbeinga'one-stop-shop'forourcustomerswhenitcomestotravelandtravelrelatedproducts.Givenourfocusonsustainablegrowth,whichmeansthatwedonotintendtorelyonaggressivepromotionsanddiscountstogrowourbusiness,innovationisakeydriverforourbusinessasitenablesustoprovideourcustomerswithadifferentiatedhighqualityoffering.Inordertoprovidecustomerswithselectionandchoice,wehavelaunchedamarketplaceplatformthatenablesustosellourown

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inventoryaswellastheinventoryofthirdpartyvendorsandweintendtolaunchsimilarinnovativeplatformenhancementsinthefuture.

Focus on Tier 2 and Tier 3 Markets

WewillcontinuetoinvestinbrandingandservicestargetingTier2andTier3marketswhich,webelieve,currentlyhaveloweronlinepenetrationlevelsfortravel.AccordingtotheIndiangovernment'smostrecentcensus,morethan200millionpeople(representing16%ofIndia'spopulation)liveinthe488citiesandtownscomprisingTier2and3markets.WeexpectincreasedtravelwithinandbetweenTier2andTier3citiestodrivegrowthinairandhotels.AccordingtotheAirportsAuthorityofIndia,thegrowthrateinthenumberofairtravelpassengersyear-over-yearishigherinsecondaryairportslocatedinsmallerTier1andlargerTier2citiesandsmallerregionalairportsinTier2cities,at24%and20%,respectively,thanitisinmajormetroairportslocatedinthelargestTier1cities,at16%.

Execute on Our "Mobile-First" Strategy and Expand our Mobile Ecosystem

Tofurtherstrengthenourmobilestrategy,wehaveenteredintoastrategicrelationshipwithRelianceRetailLtd.,anaffiliateofRelianceIndustriesLimitedwhichisoneofIndia'slargestconglomerates,pursuanttowhichRelianceJioagreedtopre-installtheYatramobileapponitsphonesinconnectionwithitslaunchofoneofIndia'slargest4Gmobilenetworks.RelianceJiocommencedthisactivityinSeptember2016.RelianceIndustriesLimited,throughoneofitsaffiliates,isastrategicinvestorinourcompany.Tocapitalizeonthisdistributionnetwork,wehavecreatedaportfolioofmobileapplicationsthatwillservedifferentusersdependingontheconsumersegmentofaparticulardevice.Forexample,ourYatraminiapp,whichisfocusedonthebudgettravelersforrail,busandbudgethotelbookings,willbepreloadedonlessexpensivemobiledeviceswhileourYatraappwillbepreloadedonmid-tohigh-enddevices.Inaddition,theuseofanyofourapplicationswillallowtheuserstoearneCashthattheycanusetobuyotherproductsonourplatform.

Fuel Growth Through Innovative Acquisition Strategies

Theacquisitionofcompanies,intellectualpropertyandtalentedindividualshasbeencentraltoourgrowthstrategy.In2010,weacquiredTSIanditssubsidiariesinordertoexpandourB2B2Cbusiness,particularlyourinternationalAirTicketingforsmallandmediumscaleenterprises.In2012,weacquiredTravelguruB2CandB2B2CentitiesfromTravelocity,whichremainwell-establishedhotelaggregatorsinIndia.Throughthisacquisition,weexpandedourhotelbusinessbyestablishingmoredirecthotelrelationshipsinIndiaandimprovedourinventoryofaffordabletraveloptions.WehavealsoleveragedourleadingpositionintheIndiantravelecosystemtomakeseveral"acqui-hires,"includingtheteamsfrommGaadianddudegenie,inordertogrowourbusiness.DuringthesecondquarteroffiscalyearendingMarch31,2018,wecompletedourmajorityacquisitionofAirTravelBureauLimited,orATB,whichfurtherreinforcedourleadershippositionintheB2Etravelsegment.Weexpecttocontinuetopursueacquisitionsthatwebelievewillprovideservices,technologiesorpeoplethatcomplementorexpandourcurrentofferings.

SupplierRelationships

Webelievethatwehavebuiltandcontinuetomaintainstrongrelationshipsacrossourportfolioofsuppliersforairlines,hotelsandholidaypackages.Wehaveteamsmanagingourexistingairlinerelationships,hotelrelationships,andholidaypackages.Theseteamsalsoworktoexpandourofferingsandnetwork.Aselectivemixofnegotiatedrates,paymenttermsandco-participationpromotionshasresultedinacompellingconsumerportfolioofferingwithanopportunitytoleverageourlargecustomerbaseandcross-selleffectively.

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Airlines

TheairlineticketingbusinessisprimarilytargetedtodomesticairpassengersandinternationaltravelfromIndia.Wehaveaccesstoreal-timeinventoryeitherviaGDSserviceproviderssuchasAmadeusandGalileoorthrougha"direct-connect"totheairlines.WehaverelationshipswithallmajorairlinesoperatinginIndia,domesticandinternational.Thefarespaidbyourcustomersincludeatransactionfeeandthis,alongwiththe"per-segment"earningsfromtheGDSproviders,thecommissionsandvolume-linkedincentivesfromtheairlines,formstherevenueaccruedtous.Ourrelationshipsincludeallmajorfull-servicecarriersandlow-costcarriers.TheseincludedomesticcarrierssuchasAirAsia,AirIndia,AirIndiaExpress,GoAir,IndiGo,JetAirways,SpiceJet,Vistara,andinternationalairlinessuchasAirFrance-KLM,BritishAirways,Emirates,EtihadAirways,AirIndia,JetAirways,Lufthansa,MalaysiaAirlines,SingaporeAirlines,ThaiAirwaysandQatarAirways,etc.

Hotels

WehaveIndia'slargesthotelnetworkof92,000hotelsandinfiscalyear2018,morethan2millionhotelroom-nightswerebookedthroughourplatforms.Wehaveateamresponsibleforsupplysidecontracting,onboardinglistedproperties,anddemandgeneration.Wealsohaveanextranetportalthathoteliersusetoaccessandmanagetheirinventory,ratesandpromotions.HoteliersalsohaveanoptiontoaccesstheextranetviaaChannelManagerAPI,aninterfacethatletshoteliersconnecttheirsoftwareapplicationtoourextranet.

CustomerService

Wearededicatedtoensuringasuperioruserexperienceonourplatformandacriticalcomponentofthatiscustomerservice.Weprovidecustomersupportinallstagesofourcustomers'trips—before,duringandafter.Our"chat"systemisanimportantmeansofcommunicationbetweenbuyersandsellers,buyersandourcustomerserviceandsellersandoursellersupport.Wemonitorfeedbackfromourcustomersusinganin-houseCRMsystemthathelpstoprovidesimple,tailor-madetoolstoproviderapidandeffectivesupport.Wehaveover600employeesincustomerservice,includingsupervisors,salesrepresentatives,qualityassuranceandprocesscontrolteams.Thereisafourweekinductionandtrainingprogramforouremployees,whichismanagedbyourin-housetrainingteam.

OurcustomercontactcentersarelocatedinGurgaon,India.Centraltothecustomerexperience,ourcustomercontactcentersarecloselyalignedtothebusinessandareequippedtomeetallcustomerneeds.Thesecentersareopensevendaysperweekwithemergencynumbersthatareavailableforanycustomerswhomightneedassistanceduringnon-businesshours.Thisenablesustoprovideaseamlesscustomerexperienceacrossallchannels.Toimproveflexibilityandcostefficiency,wealsoutilizethird-partycustomerserviceproviders.Inmostofthecases,ourstaffisstationedinthird-partycustomercontactcenterstoensurethatthecustomerexperienceismaintainedtoourunifiedcorporatestandards.

Technology

Ourcommontechnologyplatformhasbeendesignedtodeliverahighlevelofreliability,security,scalability,integrationandinnovation.Weutilizeasingledatacenterwithanactivebackupinanotherdatacenterandalsoutilizecloudserviceswithanabilitytorestoreallsiteoperationswithin48hoursincaseofacompleteshut-down.Thisinfrastructureiscertifiedtosupportatrafficspikeof4.5timesacrosstheflights,hotels,holidays,busandrailplatforms.

ThetechnologystackincludesJava,MySQL,MongoDB,Redis,Memcache,jQuerywitha3-tierservice-orientedarchitectureforhorizontalscale,performanceandflexibility.Weleverageandcontributetoopensourcetechnologies,leadingtofasterinnovation,developmentandcost-efficiencies.

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Weuseanintegrationlayerforhigh-scale,faulttoleranceandconfigurabilitywithconnectivitytomultipleGDSandhostingsystemsforlowcostcarriers.Thisprovidesautoswitchingcapabilitiesandredundancybetweensupplierssothatwemayprovidethesameairlineinventoryevenifasupplierisexperiencingconnectivityorperformanceissues.

WehavealsodevelopedacommonuserinterfaceplatformthatensuresasinglecommonuserviewacrossB2C,B2EandB2B2Cchannelsandasinglecustomer/clientinterfaceonboththewebandmobileinterfacessothatusershaveaconsistentexperienceirrespectiveofthechannelviawhichtheycometous.

Inordertoensuresmoothintegrationofourinventory,wehavelaunchedamarketplaceplatformthatenablesustosellourowninventoryandtheinventoryofthirdpartyvendorstoprovidetravelersawiderselectionofproductsandservicesonasingleplatform.Thisplatformpresentsasetofreusableservicesthatallowthirdpartysuppliersortravelservicestomanageandsellthoseservicesonyatra.comdirectlytoconsumers.Thisplatformincludesvendormanagement,seller-buyer-usercommunicationservice,provisionofcontent,inventoryandpricingmanagementandproductlifecyclemanagementservices.

Security

Weacceptallmajorcredit,debitcardsandotherpaymentinstruments,includingmobilewallets.PaySwiftisahomegrownpaymentenginetoensurepaymentsaresafeandsecure.WearePCI-DSS3.2compliantwithVeriSignsecurecertification.Wefollowatwo-factorauthenticationmechanismwiththesecurityfeaturesoftheapplicablecard.OurcriticaldatasecuritypracticesincludecreditcarddataprotectioninaseparateVLANaccessibleonlythroughauthenticatedAPIsandareinanencryptedstoragewiththekeybrokenintotwodifferentsystems.Wealsouseariskengine,whichisathirdpartyservice,tovalidateandfraudcheckinternationalcreditcards.

Our24x7monitoringandalertingsecurityinfrastructureisprovidedbyanoutsourcedcompanyfrommultiplelocations.Continuousscanning,penetrationtestingandthreatelimination,includingransomwareprotection,isundertakenbythirdpartysecurityexpertsassistedbyin-housesecurityconsultants.Adistributeddenialofservice(DDoS)protectionservicehasbeeninstituted,whichworksattheperimeterlevelwithprotectionuptooneGBPS,toprovidecomprehensivesolutionsforallapplication(layer7)andnetwork(layer3)DDoSattacks.Webapplicationfirewallshavealsobeenplacedfornetworkandapplicationsecurityapartfromanetworkfirewall.

Competition

TheIndiantravelindustryishighlycompetitive.Oursuccessdependsuponourabilitytocompeteeffectivelyagainstnumerousestablishedandemergingcompetitors,includingotherOTAs,traditionalofflinetravelcompanies,travelresearchcompanies,paymentwallets,searchenginesandmeta-searchcompanies,bothinIndiaandabroad,suchasCleartripPvt.Ltd.,ExpediaSoutheastAsiaPte.Ltd.,One97CommunicationsLimited,LeTravenuesTechnologyPvt.Ltd.India,MakeMyTrip(India)Pvt.Ltd.,IbiboGroupPvt.Ltd.,Booking.comB.V.,andAgodaCompanyPte.Ltd.Factorsaffectingourcompetitivesuccessincludeprice,availabilityoftravelproducts,abilitytopackagetravelproductsacrossmultiplesuppliers,brandrecognition,customerserviceandcustomercare,feeschargedtocustomers,easeofuse,accessibility,reliabilityandinnovation.Ifwearenotabletocompeteeffectivelyagainstourcompetitors,ourbusinessandresultsofoperationsmaybeadverselyaffected.

InOctober2016,MakeMyTripandIbiboGroupHoldings(Singapore)Pte.Ltd.agreedtopursueatransactionthatcombinesthetwobusinessesunderMakeMyTrip.ThetransactionclosedonJanuary31,2017.TotheextentthismergerenhancesMakeMyTrip'sabilitytocompetewithus,inparticularinIndia,whichisour,MakeMyTrip'sandIbiboGroup'slargestmarket,ourmarketshare,businessandresultsofoperationscouldbeadverselyaffected.

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Large,establishedInternetsearchengineswithaglobalpresenceandmeta-searchcompanieswhocanaggregatetravelsearchresultscompeteagainstusforcustomers.Certainofourcompetitorshavelaunchedbrandmarketingcampaignstoincreasetheirvisibilitywithcustomers.Someofourcompetitorshavesignificantlygreaterfinancial,marketing,personnelandotherresourcesthanwedoandcertainofourcompetitorshavealongerhistoryofestablishedbusinessesandreputationsintheIndiantravelmarketascomparedwithus.Somemeta-searchsites,includingTripAdvisorandKayak,offeruserstheabilitytomakereservationsdirectlyontheirwebsites,whichmayreducetheamountoftrafficandtransactionsavailabletousthroughreferralsfromthesesites.Ifadditionalmeta-searchsitesbegintooffertheabilitytomakereservationsdirectly,thatwillfurtheraffectourabilitytogeneratetraffictooursites.Fromtimetotime,wemayberequiredtoreduceservicefeesandNetRevenueMarginsinordertocompeteeffectivelyandmaintainorgainmarketshare.

Wemayalsofaceincreasedcompetitionfromnewentrantsinourindustry.Thetravelindustryisextremelydynamicandnewchannelsofdistributioninthetravelindustrymaynegativelyaffectourmarketshare.Additionalsourcesofcompetitionincludelargecompaniesthatofferonlinetravelservicesasonepartoftheirbusinessmodel,suchasAlibabaGroupHoldingLtd.,aswellas"dailydeal"websites,suchasGroupon,Inc.'sGetaways,orpeer-to-peerinventorysources,suchasAirbnbInc.,HomeAway.com,Inc.andOravelStaysPvt.Ltd.,whichprovidehomeandapartmentrentalsasanalternativetohotelrooms.Thegrowthofpeer-to-peerinventorysourcescouldaffectthedemandforourservicesinfacilitatingreservationsathotels.Wecannotassureyouthatwewillbeabletosuccessfullycompeteagainstexistingornewcompetitorsinourexistinglinesofbusinessaswellasnewlinesofbusinessintowhichwemayventure.Ifwearenotabletocompeteeffectively,ourbusinessandresultsofoperationsmaybeadverselyaffected.

Inaddition,manyairlines,hotels,carrentalcompaniesandtouroperatorshavecallcentersandhaveestablishedtheirowntraveldistributionwebsitesandmobileapplications.Suppliersmayofferadvantagesforcustomerstobookdirectly,suchasmember-onlyfares,bonusmilesorloyaltypoints,whichcouldmaketheirofferingsmoreattractivetocustomers.Somelow-costairlinesdistributetheironlinesupplyexclusivelythroughtheirownwebsitesandotherairlineshavestoppedprovidinginventorytocertainonlinechannelsandattempttodrivecustomerstobookdirectlyontheirwebsitesbyeliminatingorlimitingsalesofcertainairlineticketsthroughthirdpartydistributors.Additionally,airlinesuppliersareincreasinglypromotinghotelsupplyontheirwebsitesinconnectionwithairlinetickets.Ifweareunabletocompeteeffectivelywithtravelsupplier-relatedchannelsorothercompetitors,ourbusinessandresultsofoperationsmaybeadverselyaffected.

WealsofaceincreasingcompetitionfromsearchengineslikeGoogle,BingandYahoo!.Searchengineshavegrowninpopularityandmayoffercomprehensivetravelplanningorshoppingcapabilities,whichmaydrivemoretrafficdirectlytothewebsitesofsuppliersorcompetitors.GooglehasincreaseditsfocusonappealingtotravelcustomersthroughitslaunchesofGooglePlaces,GoogleFlightsandGoogleHotelPriceAds.Google'seffortsaroundtheseproducts,aswellaspossiblefuturedevelopments,maychangeorundermineourabilitytoobtainprominentplacementinpaidorunpaidsearchresultsatareasonablecostoratall.

Therecanbenoassurancethatwewillbeabletocompetesuccessfullyagainstanycurrentandfuturecompetitorsoronemergingplatforms,orprovidedifferentiatedproductsandservicestoourcustomerbase.Increasingcompetitionfromcurrentandemergingcompetitors,theintroductionofnewtechnologiesandthecontinuedexpansionofexistingtechnologies,suchasmeta-searchandothersearchenginetechnologies,mayforceustomakechangestoourbusinessmodels,whichcouldaffectourfinancialconditionandresultsofoperations.Increasedcompetitionhasresultedinandmaycontinuetoresultinreducedmargins,aswellaslossofcustomers,transactionsandbrandrecognition.

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IntellectualProperty

Ourintellectualpropertyrightsincludetrademarksanddomainnamesassociatedwiththename"Yatra,"and"Travelguru"primarily,aswellascopyrightsandrightsarisingfromconfidentialityagreementsrelatingtoourwebsitecontentandtechnology.Weregardourintellectualpropertyasafactorcontributingtooursuccess.Werelyontrademarklaw,tradesecretprotection,non-competitionandconfidentialityagreementswithouremployeesandsomeofourpartnersandvendorstoprotectourintellectualpropertyrights.Werequireouremployeestoenterintoagreementstokeepconfidentialallinformationrelatingtoourcustomers,methods,businessandtradesecretsduringandaftertheiremploymentwithus.Ouremployeesarerequiredtoacknowledgeandrecognizethatallinventions,tradesecrets,worksofauthorship,developmentsandotherprocessesmadebythemduringtheiremploymentareourproperty.

YatraIndiaanditssubsidiarieshaveregisteredtheprimarydomainnames,namelywww.yatra.com ,www.yatra.in ,www.tsi-yatra.com andwww.travelguru.com ,andhavefulllegalrightsoverthesedomainnamesfortheperiodforwhichsuchdomainnamesareregistered.Weconductourbusinessprimarilyunderthe"Yatra"brandnameandlogoandhaveregisteredthetrademarksunderacoupleofclassesmainlyinIndia.Wehaveinteraliaappliedfortrademarkregistrationofthelogos,andwordmarksforyatra.cominIndiaandsuchapplicationsarecurrentlypendingwiththeRegistryofTrademarks.WehavefiledresponsestoobjectionsraisedbytheRegistryofTrademarkstocertainoftheseapplications.WehavealsofiledoppositionswiththeRegistryofTrademarksagainstcertaintrademarksinpursuanceoftheprotectionofourtrademarks.

Employees

AsofMarch31,2018,wehad3,391employees.ThefollowingtablesshowabreakdownofouremployeesasofMarch31forthepastthreeyearsbycategoryofactivityandgeographiclocation.

Noneofouremployeesarerepresentedbyalaborunion.Webelievethatourrelationswithouremployeesaregood.AsofMarch31,2018,weemployed304temporaryandcontractualemployees.

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NumberofEmployeesas

ofMarch31, Division/Function 2016 2017 2018* ExecutiveManagement 7 7 7Productdevelopment 114 109 141Salesandmarketing 652 621 844Technologydevelopmentandtechnologysupport 266 333 385Others(includingoperations,businessdevelopment,administration,financeandaccounting,legalandhumanresources) 1,318 1,273 2,014

Total 2,357 2,343 3,391

* IncludesemployeecountofATB

NumberofEmployeesas

ofMarch31, Location 2016 2017 2018 India 2,340 2,325 3372UnitedStates 1 1 1Singapore 16 17 18Total 2,357 2,343 3,391

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Insurance

Wemaintainandannuallyrenewinsuranceforlosses(butnotbusinessinterruption)arisingfromfire,burglaryaswellasterroristactivitiesforourcorporateofficeatGurgaon,India,aswellasforourvariousofficesinIndia.Inaddition,wehaveinsurancepoliciesofapproximatelyUS$15milliontoinsureourdirectorsandofficersfromvariousliabilitiesarisingoutofthegeneralperformanceoftheirduties.Wehavealsopurchasedpublicliabilityinsurance,fidelityinsuranceandworkinjurycompensationinsuranceforYatraIndia.

Inadditiontotheabove,wehavetakenstandardmedicalpoliciesforallthecompaniesintheGroupandgroupterminsurancepoliciesandgrouppersonalaccidentpoliciesinYatraIndiaandsomeofitssubsidiariesandaffiliates(besidesacashinsurancepolicyinoneofoursubsidiaries).

Regulations

WearesubjecttovariouslawsandregulationsinIndiaarisingfromouroperationsinIndia,includingtravelagentrequirementsandtheoperationofourwebsite,callcentersandotheroffices.

YatraIndiahasobtainedregistrationfromMinistryofTourismtoactasDomesticTourOperatorandInboundTourOperatorwhicharevaliduntilJanuary28,2019andJanuary26,2019,respectively.YatraIndiaisalsoaccreditedwiththeInternationalAirTransportRegistrationwhichwasvalidfor2018.

UndertheIndianInformationTechnologyAct,2000,asamended,wearesubjecttocertainliabilitiespertainingtotheimplementationandmaintenanceofreasonablesecuritypracticesandprocedureswithrespecttosensitivepersonaldataorinformationthatwepossess,dealwithorhandleinourcomputersystems,networks,databasesandsoftware.Indiahasalsoimplementedprivacylaws,includingtheInformationTechnology(ReasonableSecurityPracticesandProceduresandSensitivePersonalDataorInformation)Rules,2011,whichimposelimitationsandrestrictionsonthecollection,useanddisclosureofpersonalinformation.

WehaveobtainedapprovalstooperateourdomesticandinternationalcallcentersinIndiaas"OtherServiceProviders"(OSP)fromtheDepartmentofTelecommunications,MinistryofCommunicationsandInformationTechnology,GovernmentofIndia.OurapprovalinrespectofDomesticOSPandInternationalOSPisvalidfor20yearsfromOctober18,2013andSeptember26,2012,respectively.

WealsoobtainandmaintainregistrationsundertheShopsandEstablishmentsActandRulesofeachstatewhereourofficesarelocated.

OuroperationsinIndiacurrentlydonotbenefitfromtaxholidaysunderanyapplicablelawsorregulations.

Theconsolidatedforeigndirectinvestmentpolicy,ortheFDIPolicy,issuedbytheDepartmentofIndustrialPolicyandPromotion,MinistryofCommerceandIndustry,GovernmentofIndiaandtheForeignExchangeManagementAct,1999,asamended,andtheregulationsframedthereunder,ortheFEMA,havecertainrequirementswithrespecttodownstreaminvestmentsbyIndiancompaniesthatareownedorcontrolledbyforeignentitiesandwithrespecttothetransferofownershiporcontrolofIndiancompaniesinsectorswithcapsonforeigninvestmentfromresidentIndianpersonsorentitiestoforeigners.Theserequirementscurrentlyincluderestrictionsonpricing,valuationofsharesandsourcesoffundingforsuchinvestments,whichmay,incertaincases,requirepriornoticetoorapprovaloftheGovernmentofIndia.India'sForeignExchangeManagementAct,1999,asamended,andtherulesandregulationspromulgatedthereunder,restrictusfromlendingtoorborrowingfromourIndiansubsidiaries.FurthertheGovernmentofIndiahasfromtimetotimemadeandmaycontinuetomakerevisionstotheFDIpolicyone-commerceinIndia(includinginrelationtobusinessmodeland

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permittedservices).SuchchangesmayrequireustomakechangestoourbusinessinordertocomplywithIndianlaw.

TheCompaniesActcontainssignificantchangestoIndiancompanylaw,includinginrelationtotheissuanceofcapitalbycompanies,relatedpartytransactions,corporategovernance,auditmatters,shareholderclassactionsandrestrictionsonthenumberoflayersofsubsidiariesandcorporatesocialresponsibilityspending.WhilethemajorityoftheprovisionsoftheCompaniesActarecurrentlyeffective,certainprovisionsoftheCompaniesAct,1956remainineffect.

Litigation

Fromtimetotimewemaybecomeinvolvedinlegalproceedingsorbesubjecttoclaimsarisingintheordinarycourseofourbusinessandtheresultsoflitigationandclaimscannotbepredictedwithcertainty.

Exceptforthetaxproceedingsdescribedbelow,therearenogovernmental,legalorarbitrationproceedings(includinganysuchproceedingswhicharependingorthreatened,ofwhichweareaware)thatwebelievecouldreasonablybeexpectedtohaveamaterialadverseeffectonourresultsofoperationsorfinancialposition.

Tax Matters Relating to Yatra Online Private Limited

AssessmentYear2008-09

InDecember2010,wereceivedademandnoticefromtheIndianincometaxauthoritiesfortheassessmentyear2008-09,disallowingadeductionofINR18.9million.InJanuary2011,wefiledanappealwiththeCommissionerofIncomeTax(Appeals).TheappealwasdecidedinourfavorinMarch2012andwereceivedpartialreliefexceptforsomedisallowanceamountingtoINR1.6million.TheRevenuehasfiledanappealagainsttheorderoftheCommissionerofIncomeTax(Appeals)withtheIncomeTaxTribunal.Further,inMarch2014,wereceivedademandnoticeforpaymentoftaxondisallowedexpensesofINR1.6million.ThetaxamountwaspaidinApril2014.InMarch2016,theIncomeTaxTribunalremandedthemattertothefileoftheassessingofficerwhowilldecidetheseissuesafreshandgiveusanopportunitytopresentthecasebeforehim.Thematterhasnotyetbeenscheduledforhearingbytheassessingofficer.

AssessmentYear2012-13

InApril2016,wereceivedademandnoticefromtheIndianincometaxauthoritiesfortheassessmentyear2012-13,disallowingadeductionofINR8.2millionforexpenditurerelatabletoexemptincomeandsecuritydepositwrittenoff.WehavefiledanappealbeforetheCommissionerofIncomeTax(Appeals)inJuly2016.Subsequently,wehavebeenissuedanoticeofdemandforINR0.5milliontowardspenaltyagainstwhichwehavefiledanappealbeforetheCommissionerofIncomeTax(Appeals)inNovember2016.Thematterwasscheduledforhearingon19thJanuary2018.Hearingforpenaltymatteradjournedsinedine.Freshnoticewillbeissuedafterhearingofquantumappeal.Wehavenotheardbackfromdepartmentthereafter.

AssessmentYear2013-14

InNovember2014,wewereissuedanoticebytheIndianincometaxauthoritiesforscrutinyassessmentfortheassessmentyear2013-14.Ascrutinyassessmentreferstotheexaminationofareturnofincomebygivinganopportunitytothetaxpayertosubstantiatetheincomedeclaredandtheexpenses,deductions,losses,exemptions,etc.,claimedinthereturnwiththehelpofevidence.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.AssessmentordersdatedDecember22,2016wasissued,disallowingadeductionofINR11.8millionanddeterminingthesumof

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INRNilpayablebyus.WefiledanappealbeforetheCommissionerofIncomeTax(Appeals)inJanuary2017.Thematterhasbeenscheduledforhearingon16thMay,2018.ThehearingwaspostponeduntilAugust14,2018.

AssessmentYear2014-15

InMarch2016,wewereissuedanoticebytheIndianincometaxauthoritiesforscrutinyassessmentfortheassessmentyear2014-15.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.Assessmentordersweresubsequentlyissuedon29thDecember'2017,disallowingadeductionofINR0.02million.WehavefiledanappealbeforetheCommissionerofIncomeTax(Appeals)inJanuary2018.Thematterisnotyetscheduled.

InDecember2016,wewereissuedanoticetowardsTransferPricingproceedingsunderSection92CAoftheIncomeTaxActrequisitioningcertaininformation.TheCompanyhadsubmittedalltherequiredinformationwiththedepartmentpostwhichTransferpricingordersunderSection92CA(1)oftheIncomeTaxActwereissuedinOctober2017acceptingarm'slengthpricingoftransactions.

AssessmentYear2015-16

InJanuary2017,wewereissuedanoticebytheIndianincometaxauthoritiesforaninquirybeforeassessmentfortheassessmentyear2015-16whereintheCompanywasrequiredtoprovidecertaindocumentsinconnectionwiththeassessment.TherequireddocumentswerefiledwiththeincometaxauthoritiesbythecompanyinMarch2017.Wehavenotheardbackfromdepartmentthereafter.

InJune2018,wewereissuedanoticetowardsTransferPricingproceedingsunderSection92CAoftheIncomeTaxActrequisitioningcertaininformation.TheCompanyhadsubmittedalltherequiredinformationwiththedepartment.

AssessmentYear2016-17

InJuly2017,wewereissuedanoticebytheIndianincometaxauthoritiesforcompletescrutinyandfurnishinginformationelectronicallyonorbeforeJuly24,2017.Therequiredinformationhasbeensubmittedwiththedepartment.Wehavenotheardbackfromdepartmentthereafter.

ServiceTaxShowCauseandDemandNotice—FiscalYears2007-15

InJune2012,pursuanttoanauditconductedbytheservicetaxauthorities,wereceivedanoticefromtheservicetaxauthoritiesforfiscalyears2007-11inrespectofcertainmatterswhichrelatetothetravelindustryandinvolveacomplexinterpretationofIndianlaws.Wereceivedsimilarnoticesforfiscalyears2011-12,2012-13,2013-14and2014-15inDecember2012,May2014,April2015andApril2016,respectively.InNovember2012,wefiledareplywiththeCommissionerofServiceTaxforfiscalyears2007-11andsimilarlyfiledanobjectioninApril2013forfiscalyear2012,inFebruary2015forfiscalyear2013,inMay2015forfiscalyear2014andinMay2016forfiscalyear2015.WeattendedapersonalhearingbeforetheCommissionerofCentralExciseinNovember2015forfiscalyears2007-13andinSeptember2015forfiscalyear2014.WeattendedthepersonalhearingbeforethePrincipalCommissioner,GurugramonNovember29,2017inrespectofshowcausenoticesmentionedabove.Furthertosuchproceedings,thedemandofservicetaxofINR983.2millionhasbeenraisedbytheCommissionerofServiceTaxalongwithapenaltyofINR381.8millionandinterestatanappropriaterateinFeb'2018andreceivedbyusonMarch09th,2018.AnappealhasbeenfiledbeforeCESTATinJune2018.Thematterhasnotyetbeenscheduledforhearing.

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WereceivedsimilarnoticefortheperiodApril2015-June2017.TheaggregatevalueofshowcausenoticeisapproximatelyINR148.1million(excludinginterestandpenalties).ThereplytoshowcausenoticewasfiledonJune29,2018beforecommissionerofGST,Gurugram.

ServiceTaxShowCauseandDemandNotice—FiscalYears2010-15

InOctober2015,pursuanttoanindustrywideinquiryoncompliancewithservicetaxrulesandregulationsbyvarioustravelagenciesinIndiainitiatedbytheMumbaiZonalUnitofDirectorateGeneralofExciseIntelligenceandCustoms,anexciseandcustomstaxregulatoryauthorityinIndia,wereceivedanoticefromthetaxauthoritiesforfiscalyears2010to2015,demandingpaymentofservicetaxinrespectofcertainmatters,someofwhichrelatetothetravelindustryinIndiaandinvolveacomplexinterpretationofIndianlaw.InMarch2016,wefiledareplywiththeCommissionerofServiceTaxforfiscalyears2010-15.TheaggregatevalueofdemandfortheshowcausenoticeaboveisapproximatelyINR240.7million(excludinginterestandpenaltiesiffinallydeterminedtobepayable).Furthertosuchproceedings,thedemandofservicetaxofINR240.7millionhasbeenraisedbytheCommissionerofServiceTaxalongwithapenaltyofINR240.7millionandinterestatanappropriaterateinDecember2016.AnappealhasbeenfiledbeforeCESTATinMarch2017.Thematterhasnotyetbeenscheduledforhearing.

InMarch2018,wehavereceivednoticefromCommissionerfortheperiodApril2015-June2017relatingtosamematter.TheaggregatevalueofshowcausenoticeisapproximatelyINR437.6million(excludinginterestandpenalties).WehavefiledreplyinMay2018.

InvestigationbyDirectorateGeneralofCentralExciseIntelligence

AninvestigationhasbeeninitiatedbytheDirectorateGeneralofCentralExciseIntelligence,orDGCEI,fortheperiodfromOctober2010toSeptember2015forservicetaxrelatingtohotelreservations.Themattersareindustrywideandinvolveacomplexinterpretationoflaw.Wehavemadeapre-depositofINR25millionunderprotestbutwehavenotreceivedanyshowcausenoticeinthisrespect.AnoticeforfurtherinformationonthesubjectwasreceivedandreplywasfiledinJanuary2016.Theinvestigationisongoing.Webelievethatwehavestronggroundstodefendourpositiononthesematters.

ServiceTaxIntimationforauditFiscalYear2012-13-2016-17

InSeptember2017,wereceivedanintimationissuedfromtheOfficeoftheCommissionerofGSTAuditGurugramforconductingservicetaxauditfromFiscalYears2012-13to2016-17.Therequiredinformationissubmittedtotheconcernedauthorities.

Tax Matters Relating to Yatra TG Stays Private Limited (formerly known as D. V. Travels Guru Pvt. Ltd)

AssessmentYear2014-15

InApril2016,wewereissuedanoticebytheIndianincometaxauthoritiesforscrutinyassessmentfortheassessmentyear2014-15.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.AssessmentorderdatedDecember26,2016wasissueddeterminingthesumofINR1.6millionrefundabletous.ThisalsocontaineddisallowanceofdeductionofINR4.5millioninrespectofwhichshowcausenoticewasservedastowhypenaltyforfurnishingofinaccurateparticularsofincomeshouldnotbelevied.AnoticedatedJune08,2017forpenaltyproceedingsu/s271(1)(c)wasissued.WeappearedbeforeDy.CommissionerofIncometaxonJune19,2017andsubmittedclarificationinthisregard.Rectificationorderu/s154oftheIncomeTaxAct,1961waspassedon23rdJune2017addingadisallowanceofINR4.5millionandalsopenaltyproceedingsweredropped.Assessmentclosed.

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AssessmentYear2015-16

InApril2016,wewereissuedanoticebytheIndianincometaxauthoritiesforscrutinyassessmentfortheassessmentyear2015-16.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.AssessmentclosedwithNilassessmentordersdated20thDec'2017

AssessmentYear2016-17

InJuly2017,wewereissuedanoticebytheIndianincometaxauthoritiesforcompletescrutinyandfurnishinformationelectronicallyonorbeforeJuly27,2017.Therequiredinformationissubmittedwiththedepartmentandwehavenotreceivedanyfurtherinformationthereafter.

ServiceTaxShowCauseandDemandNotice—November2005toOctober2006

InApril2011,wereceivedanoticefromtheservicetaxauthoritiesonthebasisofinvestigationcarriedoutbytheDGCEIfortheperiodNovember2005toOctober2006inrespectofadmissibilityofinputcredit.InNovember2012,wefiledareplywiththeCommissionerofServiceTax.ThevalueofdemandfortheshowcausenoticeaboveisapproximatelyINR3.7million(excludinginterestandpenaltiesiffinallydeterminedtobepayable).ApersonalhearingonthematterwasheldonJuly27,2016andwereiteratedthesubmissionsinthegroundofappealandalsomadeadditionalwrittensubmissions.InAugust2016,wereceivedorderswhereinthedemandwasconfirmedbytheCommissioner(Appeals).WehavefiledanappealagainsttheorderwiththeCustoms,ExciseandServiceTaxAppellateTribunal(CESTAT)inNovember2016.ThematterwaslistedbeforeCESTAT,MumbaionJune29,2017.TribunalafterhearingthesubmissionsofthepartieswaspleasedtoallowtheAppealbywayofremandtoadjudicatingauthority.TheBenchhasdirectedtheAuthoritytodulyverifythereceiptofservicesbytheAppellantandallowcreditonservices,iffoundtohavebeenreceivedbytheCompany.TheAdjudicatingAuthorityisdirectedtocompletetheprocessofverificationbyDecember31,2017andpassappropriateorder.Webyletterdated17thNovember2017,haveaskedAsst.Commissionerforanyinformation/detailsarerequiredandextendedoursupporttocompleteverificationprocessinresponseofwhichwehavereceivedtheletterfromdepartmentdated22ndDecember2017,thatAsstCommissionerhasnojurisdictiontoadjudicatethesaidOrderandhencehasrequestedtoapproachtheadjudicatingauthorityasperPara5ofcircular1049/37/2016-CXunderF.No.267/40/2016-CXbyvirtueofwhichanycasesremandedbackfornovojurisdictionshallbedecidedbytheauthorityoftherankwhichpassedtheremandedorder.On16thJanuary2018,wehavefiledletterwithAdditionalCommissionerCGSTrequestingtocompletetheenquiry.

ServiceTaxShowCauseandDemandNotice—FiscalYears2007-11

InAugust2011,pursuanttoanauditconductedbytheservicetaxauthorities,wereceivedanoticefromtheservicetaxauthoritiesforfiscalyears2007-11inrespectofcertainmatterswhichrelatetothetravelindustryandinvolveacomplexinterpretationofIndianlaw.InApril2012,wefiledareplywiththeCommissionerofServiceTaxforfiscalyears2007-11andanadditionalsubmissionwasmadeinJuly2014.Furthertosuchproceedings,thedemandofservicetaxofRs237.6millionhasbeenraisedbytheCommissionerofServiceTaxalongwithapenaltyofINR237.6millionandinterestatanappropriaterate.WehavefiledanappealagainsttheorderwiththeCustoms,ExciseandServiceTaxAppellateTribunal(CESTAT)inJanuary2017.

ServiceTaxIntimationforauditFiscalYear2012-13—June30,2017

InAugust2017,wereceivedanintimationissuedbytheOfficeOfTheAdditionalCommissionerofGSTAuditMumbaiforconductingservicetaxauditfromFiscalYears2012-13to2016-17.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.InJanuary2018,theAuditofficer

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requestedformoreinformation.Therelevantinformationwassubmittedtotheconcernedauthorities.Theauditreportisawaited.

Tax Matters Relating to Yatra Hotel Solutions Private Limited (formerly known as Desiya Online Travel Distribution Pvt. Ltd.)

AssessmentYear2015-16

InJanuary2018,wereceivedademandnoticeorderofINR1.4millionfromtheIndianincometaxauthoritiesfortheassessmentyear2015-16,disallowingadeductionofINR3.4millionforexpenditure.AnappealhasbeenfiledagainsttheorderinJanuary2018andapre-depositofINR0.3millionismade.

ServiceTaxShowCauseandDemandNotice—October2012toOctober2013

WehavefiledarefundclaimapplicationwiththeservicetaxauthoritiesinJanuary2014,seekingarefundofanamountofINR8.5million.InMarch2014,wereceivednoticefromtheservicetaxdepartmentforrejectionofrefundclaimforservicetax.InJuly2014,wefiledareplywiththeAssistantCommissionerofServiceTax.InFebruary2015,theOfficeoftheAssistantCommissionerofServiceTaxaskedforsubmissionofself-certifiedcopiesofauditedbalancesheetandreturns.InMarch2015,theOfficeoftheAssistantCommissionerofServiceTaxsoughtcertainclarificationinthisregard.WemadeoursubmissioninFebruary2016.WesubmittedfollowupletterwithdepartmentonJune18,2018.Thematteriscurrentlypendingwiththedepartment.

Tax Matters Relating to TSI Yatra Private Limited

AssessmentYear2008-09

InJuly2018,wereceivedaTDSdemandnoticeoveremailfromtheIndianincometaxauthoritiesofINR1.6millionrelatedtoerstwhilesubsidiaryofTSIYatraPrivatelimitednamedTSINorthEastPrivateLimited.ThedemandisinrespectofPANerrorinreturnfiled.WeareinprocessofrevisingthereturnwithcorrectPANdetails.

AssessmentYear2013-14

InFebruary2016,wereceivedademandnoticeorderfromtheIndianincometaxauthoritiesfortheassessmentyear2013-14,disallowingadeductionofINR8.15millionforexpenditurerelatabletoexemptincome.Thishasbeenacceptedbyusandtheassessmenthasaccordinglybeenclosed.IncometaxauthoritiessubsequentlyhaveimposedapenaltyofINR1.89million.WefiledanappealwiththeCommissionerofIncomeTax(Appeals)inNovember2016.However,thenexthearinghasnotyetbeenscheduled.

AssessmentYear2014-15

InJuly2016,wewereissuedanoticebytheIndianincometaxauthoritiesforscrutinyassessmentfortheassessmentyear2014-15.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.

InJanuary2017,wewereissuedanoticetowardsTransferPricingproceedingsunderSection92CAoftheIncomeTaxActrequisitioninginformation.TheCompanyhadsubmittedalltherequiredinformationissubmittedwiththeconcernedauthoritiespostwhichTransferpricingordersunderSection92CA(1)oftheIncomeTaxActwereissuedinOctober2017acceptingthearm'slengthpricingoftransactions.

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InJanuary2018,wehavereceivedanassessmentorderfromIndiantaxauthoritiesforassessmentyear2014-15,andademandforadditionaltaxpaymentsofapproximatelyINR95.34million,advisingusofanupwardrevisionofourdeclaredincomeforthatassessmentyearasaresultofconsiderationreceivedbyustowardsallotmentofshareshigherthanfairmarketvalue.WefiledanappealwiththeCommissionerofIncomeTax(Appeals)inFebruary2018.PredepositofINR13.89millionwasmadeinMar2018.Wedonotrecognizetheseclaimsasacontingentliabilityaswebelievethelikelihoodoftheclaimsbeingupheldbytherelevantauthoritiestoberemote.

AssessmentYear2015-16

InApril2017,wewereissuedanoticebytheIndianincometaxauthoritiesforscrutinyofassessmentyear2015-16.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.InJune2017,wewereissuedanoticeinconnectionwiththeassessmentoftheAssessmentYear2015-16requiringtoproducecertaindocuments/informationonJuly12,2017.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.

InDecember2017,wehavereceivedanassessmentorderfromIndiantaxauthoritiesforassessmentyear2015-16,withoutanydemandforadditionaltaxpayments.Assessmentisclosed.

AssessmentYear2016-17

InSeptember2017,wewereissuedanoticebytheIndianincometaxauthoritiesontaxdeductiononsourceandit'spaymentfortheassessmentyear2016-17forsubmissionofdetailsbySeptember27,2017.Therequireddetailsaresubmitted.

InOctober2017,wereceivedanoticeorderfromtheIndianincometaxauthoritiesfortheassessmentyear2016-17,imposingpenaltyINR0.76millionfornon-deductionofwithholdingtax.ThematterwasfixedforhearingonOctober24,2017whereinwewereaskedtosubmitfurtherdetails.Thedetailshavebeensubsequentlysubmittedandwehavenotheardbackfromdepartmentthereafter.

ServiceTaxShowCauseandDemandNotice—FiscalYears2007-12

InOctober2013,pursuanttoanauditconductedbytheservicetaxauthorities,wereceivedanoticefromtheservicetaxauthoritiesforfiscalyears2007-12inrespectofcertainmatterswhichrelatetothetravelindustryandinvolveacomplexinterpretationofIndianlaw.InMarch2014,wefiledareplywiththeCommissionerofServiceTax.Furthertosuchproceedings,thedemandofservicetaxofRs19.94millionhasbeenraisedbytheCommissionerofServiceTaxalongwithapenaltyofINR19.94millionandinterestatanappropriateinterestrate.InDecember2016,wefiledanappealagainsttheorderwithCustoms,ExciseandServiceTaxAppellateTribunal(CESTAT)alongwithapaymentof7.5%ofthedutydemanded.

ServiceTaxShowCauseandDemandNotice—FiscalYears2010-14

InOctober2015,wereceivedanoticefromtheservicetaxauthoritiesforfiscalyears2010-14inrespectofcertainmatterswhichrelatetothetravelindustryandinvolveacomplexinterpretationofIndianlaw.InMarch2016,wefiledareplywiththeCommissionerofServiceTax.WeattendedapersonalhearingbeforetheCommissionerofCentralExcise.TheaggregatevalueofdemandfortheshowcausenoticeaboveisapproximatelyINR231.6million(excludinginterestandpenaltiesiffinallydeterminedtobepayable).ApersonalhearinginthismatterwasattendedbeforeAdditionalDirectorGeneralonJanuary13,2017.AdditionalsubmissionwassubmittedwithadjudicatingauthorityonJanuary27,2017.Furthertosuchproceedings,demandofservicetaxofINR231.6millionhasbeenraisedbytheDirectorateGeneralofGSTIntelligencealongwithinterestatanappropriaterate.InNovember2017,wehavefiledanappealagainsttheorderwithCustoms,ExciseandServiceTax

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AppellateTribunal(CESTAT)alongwithapaymentof7.5%ofthedutydemandedaspre-depositundertheservicetaxlaw.

Tax Matters Relating to Yatra Corporate Hotel Solutions Private Limited (formerly known as Intech Hotel Solutions Private Limited)

AssessmentYear2013-14

InAugust2016,wewereissuedanoticebytheIndianincometaxauthoritiesonnatureofsomeexpenditureincurredwithrespecttointernationaltransactiondonewithassociateenterprisefortheassessmentyear2013-14.ThiswouldhavetaxeffectofINR1.41million.Thematterhasnotyetbeenscheduledforhearingbytheassessingofficer.

AssessmentYear2014-15

InJuly2016,wewereissuedanoticebytheIndianincometaxauthoritiesforscrutinyassessmentfortheassessmentyear2014-15.Wehavesubmittedtherequiredinformationtotheconcernedauthorities.AnassessmentorderwassubsequentlyissuedinDecember2016addingincomeofINR7.8millionandraisingdemandofINR0.9million.WefiledanappealbeforetheCommissionerofIncomeTax(Appeals)inDecember2016.AnoticedatedJune06,2017forpenaltyproceedingsu/s271(1)(c)wasissued.Wesubmittedappealdocuments&clarificationagainsttheabovenoticewiththedepartment.ThehearingscheduledinJanuary2018isnotyetcompleted&authoritiestoadviceonnexthearingdate.

AssessmentYear2016-17

InAugust2017,wewereissuedanoticebytheIndianincometaxauthoritiesforcompletescrutinyandfurnishinformationelectronicallyonorbeforeAugust22,2017.Therequiredinformationhasbeensubmittedwiththedepartment.

Tax Matters Relating to Air Travel Bureau Ltd

ServiceTaxShowCauseandDemandNotice—FiscalYears2005-12

InNovember2011,pursuanttoanauditconductedbytheservicetaxauthorities,wereceivedanoticefromtheservicetaxauthoritiesfortheperiodOctober2005-September2010inrespectofcertainmatterswhichrelatetothetravelindustryandinvolveacomplexinterpretationofIndianlaws..TheaggregatevalueofdemandfortheshowcausenoticeaboveisapproximatelyINR3.2millionalongwithapenaltyofINR3.2millionandinterestatanappropriaterateraisedbytheAdditionalCommissionerofServiceTax.AnappealwasfiledbeforeCommissionerofCentralExcise(Appeals)inFebruary2012.ThematterwasscheduledforhearingonMarch06,2018.AspertheordersdatedMay09,2018,servicetaxdemandwasconfirmedunderthenormalperiodlimitationalongwiththeinterestbutnopenaltywasimposed,demandnoticeawaited.

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C.OrganizationalStructure

Thefollowingdiagramillustratesourcorporatestructureandtheplaceofformationandownershipinterestofeachofoursignificantsubsidiaries,asofMarch31,2018:

* Terrapin3'sfounderstockholdersownClassFsharesinYatraOnline,Inc.andhaveanexchangerighttoacquireordinarysharesofYatraOnline,Inc.

** Capital18FincapPrivateLimitedholds1.274%andPandaraTrustSchemeIholds0.502%ofYatraOnlinePrivateLimited.

D.Property,PlantandEquipment

OurprimaryfacilityisourprincipalexecutiveofficelocatedinGurgaon,India.Wehaveleasedapproximately130,000squarefootfacilitiesacross13cities,includingapproximately85,000squarefeetinGurgaon,15,000squarefeetinBangaloreand13,700squarefeetinMumbai.

OutsideofIndiawehaveleasedanofficeinSingapore.

ITEM4A.UNRESOLVEDSTAFFCOMMENTS

AsofthedateoffilingofthisAnnualReport,wehavenounresolvedcommentsfromtheSEC.

ITEM5.OPERATINGANDFINANCIALREVIEWANDPROSPECTS

The following discussion of our business, financial condition and results of operations should be read in conjunction with "Item 3. Key Information—A.Selected Consolidated Financial Data" and our consolidated financial statements and the related notes included elsewhere in this Annual Report. This discussioncontains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in "Item 3. Key Information—D.Risk Factors" and elsewhere in this Annual Report. Actual results could differ materially from those contained in any forward-looking statements. See "SpecialNote Regarding Forward-Looking Statements."

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Overview

YatraisaleadingIndiaonlinetravelcompanyinIndia,addressingtheneedsofbothleisureandbusinesstravelers.FoundedbyDhruvShringi,ManishAmin,andSabinaChopra,wecommencedoperationswiththelaunchofourwebsiteinAugust2006.WebelieveYatraisIndia'slargestindependentcorporatetravelservicesproviderandthesecondlargestconsumeronlinetravelcompanyinIndia(basedonmanagement'sanalysisofpubliclyavailableinformation),withapproximately7.9milliontravelersthathavebookedtheirtravelthroughusasofMarch31,2018.

Leisureandbusinesstravelersuseourmobileapplications,ourwebsite,www.yatra.com,andourotherofferingsandservicestoexplore,research,comparepricesandbookawiderangeoftravel-relatedservices.TheseservicesincludedomesticandinternationalairticketingonnearlyallIndianandinternationalairlines,aswellasbusticketing,railticketing,cabbookingsandancillaryserviceswithinIndia.Wealsoprovideaccessthroughourplatformtohotels,homestaysandotheraccommodations,withmorethan92,000hotelsandhomestaysinmorethan1,300citiesandtownsacrossIndiaandmorethan0.8millionhotelsaroundtheworld.Toensurethatourserviceistrulya"one-stopshop"fortravelers,wealsoprovideourcustomerswithaccesstoapproximately1,100holidaypackagesandmorethan60,000otheractivitiessuchastours,sightseeing,shows,andevents.

Wegeneraterevenuethroughtwomainlinesofbusiness:(1)AirTicketingand(2)HotelsandPackages.SalesinourAirTicketingbusinessareprimarilymadethroughourwebsites,mobileapplications,mobileweb,B2B2C(businesstobusinesstoconsumer)travelagentsandcorporateclientimplants.SalesinourHotelsandPackagesbusinessaremadethroughourwebsites,mobileapplications,mobileweb,B2B2C(businesstobusinesstoconsumer)travelagentsandcallcenters.Wealsogeneraterevenuethroughsalesoftravelvouchersandcoupons,advertisingfromthirdparties,includingadvertisementsonourwebsitesbyfacilitatingaccesstotravelinsurance,andalsothroughonlinesaleofbustickets,railandcabservicesandotherancillarytravelservices.

RevenuefromthesaleofairlineticketsinourAirTicketingbusiness,includingcommission,incentivesandfees,isrecognizedonanetbasis.Incentivesfromairlinesarerecognizedwhentheperformancethresholdsundertheincentiveschemesare,orareprobabletobeingachievedattheendofperiods.

InourHotelsandPackagesbusiness,revenuefromhotelreservations,includingcommissionsandincentives,isrecognizedonanetbasis.Revenuefromtoursandpackages,includingrevenueonairlineticketssoldtocustomersasapartoftoursandpackages,isaccountedforonagrossbasisaswearedeterminedtobetheprimaryobligorinthearrangementastherisksandresponsibilitiesaretakenbyus,includingtheresponsibilityfordeliveryofservices.Thecostofdeliveringsuchservicesincludesthecostofhotel,airlinesandpackageservicesandisdisclosedasservicecost.

Revenuefromotherservicesprimarilyconsistsofthesaleofcabservices,railandbustickets,includingcommissions,isrecognizedonanetbasis.

Revenuefromotherrevenueprimarilyconsistsofadvertisingrevenue,feesforfacilitatingwebsiteaccesstotravelinsurancecompaniesandsalesoftravelvouchersandcoupons.Thisrevenueisrecognizedastheservicesareperformed.

KeyOperatingMetrics

Ouroperatingresultsareaffectedbycertainkeyoperatingmetricsthatrepresentoveralltransactionactivityandfinancialperformancegeneratedbyourtravelservicesandproducts.Threeofthemostimportantoperatingmetrics,whicharecriticalindeterminingtheongoinggrowthofourbusiness,areGrossBookings,RevenueLessServiceCostandNetRevenueMargins.

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Gross Bookings

GrossBookingsrepresentthetotalamountpaidbyourcustomersforthetravelservicesandproductsbookedthroughus,includingtaxes,feesandothercharges,andarenetofcancellationsandrefunds.

Revenue Less Service Cost

Ascertainpartsofourrevenuearerecognizedona"net"basisandotherpartsofourrevenuearerecognizedona"gross"basis,weevaluateourfinancialperformancebasedonRevenueLessServiceCost,whichisanon-IFRSmeasure.WebelievethatRevenueLessServiceCostprovidesinvestorswithusefulsupplementalinformationaboutthefinancialperformanceofourbusinessandmoreaccuratelyreflectsthevalueadditionofthetravelservicesthatweprovidetoourcustomers.Thepresentationofthisnon-IFRSinformationisnotmeanttobeconsideredinisolationorasasubstituteforourconsolidatedfinancialresultspreparedinaccordancewithIFRSasissuedbytheIASB.OurRevenueLessServiceCostmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompaniesduetopotentialdifferencesinthemethodofcalculation.

Thefollowingtablereconcilesourrevenue,whichisanIFRSmeasure,toRevenueLessServiceCost,whichisanon-IFRSmeasure:

Net Revenue Margins

NetRevenueMarginsisdefinedasRevenueLessServiceCostasapercentageofGrossBookingsandrepresentthecommissions,fees,incentivepaymentsandotheramountsearnedinourbusiness.Wefollownetrevenuemargintrendscloselyacrossourvariouslinesofbusinesstogaininsightintotheperformanceofourvariousbusinesses.

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FiscalYearEndedMarch31, AmountinINRthousands 2016 2017 2018 GrossBookings Airticketing 49,268,781 57,562,263 79,156,190Hotelsandpackages 9,614,004 10,435,643 13,386,288Total 58,882,785 67,997,906 92,542,478

FiscalYearEndedMarch31, AirTicketing HotelsandPackages Other Total AmountinINRthousandsexcept% 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 Revenue 2,876,688 3,656,976 5,012,931 5,225,136 5,326,414 6,628,236 243,410 373,422 607,346 8,345,234 9,356,812 12,248,513Servicecost — — — (4,164,352) (4,179,486) (4,930,757) — — — (4,164,352) (4,179,486) (4,930,757)RevenueLessServiceCost 2,876,688 3,656,976 5,012,931 1,060,784 1,146,928 1,697,479 243,410 373,422 607,346 4,180,882 5,177,326 7,317,756

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ThefollowingtablesetsforththeGrossBookings,RevenueLessServiceCostandNetRevenueMarginsforourAirTicketingbusinessandourHotelsandPackagesbusinessfortheperiodsindicated:

FactorsAffectingOurResultsofOperations

Trends and Changes in the Indian Economy and Travel Industry. Ourfinancialresultshavebeen,andareexpectedtocontinuetobe,affectedbytrendsandchangesintheIndianeconomyandtravelindustry,particularlytheIndianonlinetravelindustry.MacroeconomictrendsandchangesinIndiawhichmayaffectourresultsinclude,amongothers:

• aslowdowninIndia'seconomicgrowth;

• growthinthemiddleclasspopulationinIndia,aswellasincreasedtourismexpenditureinIndia;

• increaseindiscretionaryexpendituresamongIndianhouseholds;

• increasedInternetpenetration(particularlybroadbandpenetration)inIndia;

• increaseduseoftheInternetforcommerceinIndia;

• increaseduseofsmartphonesandmobiledevicesinIndia;

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FiscalYearEndedMarch31, AmountinINRthousandsexcept% 2016 2017 2018 GrossBookings* AirTicketing 49,268,781 57,562,263 79,156,190HotelsandPackages 9,614,004 10,435,643 13,386,288Total 58,882,785 67,997,906 92,542,478RevenueLessServiceCost** AirTicketing 2,876,688 3,656,976 5,012,931HotelsandPackages 1,060,784 1,146,928 1,697,479Others 243,410 373,422 607,346Total 4,180,882 5,177,326 7,317,756NetRevenueMargin%*** AirTicketing 5.8% 6.4% 6.3%HotelsandPackages 11.0% 11.0% 12.7%

* GrossBookingsrepresentthetotalamountpaidbyourcustomersforthetravelservicesandproductsbookedthroughus,includingfeesandothercharges,andarenetofcancellationsandrefunds.

** Ascertainpartsofourrevenuearerecognizedona"net"basisandotherpartsofourrevenuearerecognizedona"gross"basis,weevaluateourfinancialperformancebasedonRevenueLessServiceCost,whichisanon-IFRSmeasure.WebelievethatRevenueLessServiceCostprovidesinvestorswithusefulsupplementalinformationaboutthefinancialperformanceofourbusinessandmoreaccuratelyreflectsthevalueadditionofthetravelservicesthatweprovidetoourcustomers.Thepresentationofthisnon-IFRSinformationisnotmeanttobeconsideredinisolationorasasubstituteforourconsolidatedfinancialresultspreparedinaccordancewithIFRSasissuedbytheIASB.OurRevenueLessServiceCostmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompaniesduetopotentialdifferencesinthemethodofcalculation.

*** NetRevenueMarginsaredefinedasRevenueLessServiceCostasapercentageofGrossBookings.

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• intensivecompetitionfromnewandexistingmarketplayers,particularlyintheIndianonlinetravelindustry;

• consolidationamongtheexistingmarketplayersintheIndiantravelindustry;

• changesinexchangeratesandcontrolsorinterestratesinIndia;

• changesingovernmentpolicies,includingtaxationpoliciesinIndia;

• socialandcivilunrestandotherpolitical,socialandeconomicdevelopmentsinoraffectingIndia;and

• capacityadditionsandaverageoccupancyratesamongthehotelsuppliers.

ChangesspecifictotheIndianairtravelindustryhaveaffected,andwillcontinuetoaffect,therevenuepertransactionfortravelagents,includingourcompany.Inparticular,volatilityinglobaleconomicconditionsandjetfuelpricesinrecentyears,aswellasliquidityconstraints,havecausedourairlinepartnerstopursuecostreductionsintheiroperations,includingreducingdistributioncosts.Measurestakenbyairlinestoreducesuchcostshaveincludedreductionsintravelagentcommissions.ManyoftheinternationalairlinesthatflytoIndiahavealsoeithersignificantlyreducedoreliminatedcommissionstotravelagents.Full-serviceairlinesgenerallyutilizeGDSs,whichareaprimaryreservationtoolfortravelagents,fortheirticketinventory;however,low-costairlinesgenerallydonot.Asaresult,travelagentssellingairlineticketsforlow-costairlinesgenerallydonotearnfeesfromGDSs.

In2017,theGovernmentofIndialaunched'UdeDeshkaAamNaagrik'(UDAN)schemeforbetterregionalconnectivitytothesecondtierandthirdtiercities.Thisschemeaimstocreateeconomicallyviableandprofitableflightsonregionalroutes.Thiswouldhelpmakeflyingmoreaffordabletothecommonmaneveninsmalltowns.Theschemewillhelptostimulategrowthinthedomesticregionalaviationmarketandconnectthelessservedairportsandthosethatarenothavingflightservicesprimarilyinthetier2andtier3cities.Initiallyunderthescheme,fivecompanieswilloperateflightserviceson128establishedandnewroutesthatwillconnectaround70airportsacrossthecountry.

Inthefirstroundofbids,theUDANschemeconnected16newregionalairports.TheIndianGovernmenthasrecentlylaunchedasecondphasefortheUDANscheme,whichwouldconnect78regionalairportsand31helipadsorheliportsservicedinitiallythroughJetairways,IndigoandPawanHanshelicopters.

Changes in Our Business Mix and Net Margins. OurHotelsandPackagesbusinesshashistoricallyyieldedhighermarginsthanourAirTicketingbusiness.WebelievethatasaresultofthecomplexityandfragmentationoftheHotelsandPackagessegment,theservicesweprovideallowustocommandbettermarginsascomparedwithairlinetickets,whicharelargelyimpactedbythemacroeconomicfactorsnotedabove,suchasfuelandconsolidationintheairlineindustry.Ourcapacityadditionsinthehotelsbusiness,aswellasthelowerlevelofaverageroomoccupancyrates,furthercontributetoourrelativelyhigherHotelsandPackagesmargins,ascomparedtoAirTicketingmargins.However,giventheintensecompetitionforcustomeracquisitioninthiscategorybyourcompetitors,ourbusinesswillrequireasignificantlevelofinvestmenttoseektomaintainandincreaseourshareofthehotelsbusiness.Totheextentwedonotmatchcompetitioninconsumerpromotions,weriskexperiencinglowergrowthratesthanthoseofourcompetitors,whichcouldresultinachangeinourbusinessmixandmargins.

Cost Efficiently Attracting New B2C Customers Through the B2E Channel. ThroughourB2Eofferings,weservebusinesscustomers,includingleadingorganizationsfromIndiaandaroundtheworld,thatemployover4millionpeople.Webelievethatourbroadanddiverseofferingsprovideuswithconsiderablecross-sellingopportunitiestothesepotentialB2Cclients.Inaddition,inorderto

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incentivizeB2EcustomerstobecomeB2Ccustomers,weoperateoureCashloyaltyprogram.AsourB2EclientsbecomemorefamiliarwithourofferingsandoureCashprogram,weexpectouropportunitiestocross-selltotheiremployeeswillalsoexpand.WebelievethiswillallowustocontinuetotargetandattractnewB2Ccustomersinacosteffectivemanner.Althoughwebelievethislong-termstrategyofcost-efficientB2Ccustomerexpansionwillallowustocontinuetogrowourbusiness,theimpactoftheseeffortsmaytakelongertodevelopthanweexpect.Ifweareunabletosuccessfullytakeadvantageofcross-sellingopportunitiesorattractnewB2Ccustomers,theongoinggrowthofourbusinessmaybenegativelyimpacted.

Increasing Use of Mobile. CustomersinIndiaareincreasinglyshiftingtomobileusage.Wearerapidlymovingtowardsa'MobileFirst'businessandhavethereforebeenabletocapitalizeontheincreasingmobileuse,asevidencedbytherapidusergrowthonourplatformwithmobilebeingtheprimarychannelforcustomerstoengagewithus.WehaveseenanincreaseinuseofmobileasadriverforGrossBookingsandexpectthatasmoreofourcustomersshifttousingmobileinIndia,thistrendwillcontinuetodriveourgrowth.

Seasonality in the Travel Industry. Weexperienceseasonalfluctuationsinthedemandfortravelservicesandproductsofferedbyus.WetendtoexperiencehigherrevenuesfromourHotelsandPackagesbusinessinthesecondandfourthcalendarquartersofeachyear,whichcoincidewiththesummerholidaytravelseasonandtheyear-endholidaytravelseasonforourcustomersinIndia.

Marketing and Sales Promotion Expenses. CompetitionintheIndianonlinetravelindustryisextremelyintenseandtheindustryisexpectedtoremainhighlycompetitivefortheforeseeablefuture.Increasedcompetitionmaycauseustoincreaseourmarketingandsalespromotionexpensesinthefutureinordertocompeteeffectivelywithnewentrantsandexistingplayersinthemarket,andweexpectthiscompetitiveenvironment,andthereforeourexpenses,tochangeovertime.Wealsoincurmarketingandsalespromotionexpensesassociatedwithcustomerinducementandacquisitionprograms,includingcashincentivesandloyaltyprogramincentivepromotions.

Risk Related to Operations in India. AsubstantialportionofourbusinessandmostofouremployeesarelocatedinIndia,andweintendtocontinuetodevelopandexpandourbusinessinIndia.Consequently,ourfinancialperformanceandthemarketpriceofourordinaryshareswillbeaffectedbychangesinexchangeratesandcontrols,interestrates,changesingovernmentpolicies,includingtaxationpolicies,socialandcivilunrestandotherpolitical,socialandeconomicdevelopmentsinoraffectingIndia.

Impact of Changing Laws, Rules and Regulations in India. Theregulatoryandpolicyenvironmentinwhichweoperateisevolvingandsubjecttochange.Suchchanges,includingtheinstancesbrieflymentionedbelow,mayadverselyaffectourbusiness,financialconditionandresultsofoperations,totheextentthatweareunabletosuitablyrespondtoandcomplywithsuchchangesinapplicablelawandpolicy.

TheCompaniesAct,2013,togetherwiththerulesthereunder,ortheCompaniesAct,containssignificantchangestoIndiancompanylaw,includinginrelationtotheissueofcapitalbycompanies,relatedpartytransactions,corporategovernance,auditmatters,shareholderclassactionsandrestrictionsonthenumberoflayersofsubsidiaries.WhilethemajorityoftheprovisionsoftheCompaniesActarecurrentlyeffective,certainprovisionsoftheCompaniesAct,1956remainineffect.ThetimelineforimplementationoftheremainingprovisionsoftheCompaniesActisunclear.Wemayincurincreasedcostsandotherburdensrelatingtocompliancewiththesenewrequirements,whichmayalsorequiresignificantmanagementtimeandotherresources,andanyfailuretocomplymayadverselyaffectourbusinessandresultsofoperations.

TheGovernmentofIndiahasintroducedacomprehensivenationwidegoodsandservicestax('GST')regimewitheffectfromJuly1,2017.GSThasreplacedmostofthesignificantindirecttaxes

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leviedinthepastbytheCentreandStateGovernmentsinIndia.Asaresult,thetaxonmostofthetravel-relatedservicesprovidedbytheCompanyhasincreasedfrom15%to18%barringfewserviceswherelowerrateofGSTat5%and12%isapplicablewithandwithoutcertainconditions.Initially,provisionofGSTlawshadanegativeimpactonthepriceoftouroperatorservicesprovidedbyCompanyduetorestrictiononavailmentofcredit.However,pursuanttoarecentamendmenttotheGSTlaws,touroperatorsarenowabletoavailthemselvesofacreditofinputtouroperatorservicesforpaymentofGST.Thisamendmentislikelytomitigatethenegativeimpactontouroperatorservicestoagreatextent.

WithrespecttootherservicesprovidedbytheCompany,theeffectofincreaseintaxrateshasbeenpartiallymitigatedbytheavailabilityofinputcredittotheCompanyfortaxchargedonprocurementofgoodsforbusinesspurposes.However,presentlytheCompanyisstillintheprocessofavailingthecreditonprocurementofgoods.Finally,theimplementationoftheGSTlawmayresultinalengtheningofthecycleforthereceiptbyusofaccountsreceivable,whichcouldpotentiallyhaveanegativeeffectonourliquidity.Overall,theimpactontheCompanyismixed,howeverthisnewindirecttaxregimehasledtoasubstantialincreaseincompliancecostsastheCompanyhasmovedtode-centralizedregistrationunderGSTfromacentralizedservicetaxregistrationintheerstwhileregime.Accordingly,theCompanyisundertakingalltherequiredcompliancesfromeachstatewherecommercialtransactionsarebeingeffected.Inadditiontoincreasedcompliancecost,theCompanyisalsopayingGSTinrespectofhotelaccommodationservicesprovidedbytheunregisteredhotelsineachstatewheresuchunregisteredhotelsarelocatedbyvirtueofaspecificprovisionunderGSTlaw.WhiletheCompanyhascompliedwiththerequirementsofthenewtaxregimefromthedateofimplementationinIndia,therearecertainareaswheretheCompanyisintheprocessoffinalizingthetaxpositionsastheGSTlawslackclarityinthatrespect.TheimplementationofGSTlawsinIndiaisinitsinitialphase,andduringsuchtimetheimpactofthenewindirecttaxenvironmentontheCompanycontinuestobecloselymonitoredbytheCompanyonregularbasis.

OperatingSegments

InaccordancewithIFRS8—OperatingSegments,theoperatingsegmentsusedtopresentreportablesegmentinformationareidentifiedonthebasisofinternalmanagementreportsusedtoallocateresourcestothesegmentsandassesstheirperformance.Areportablesegmentisacomponentofourcompanythatengagesinbusinessactivitiesfromwhichitearnsrevenuesandincursexpenses,includingrevenuesandexpensesthatrelatetotransactionswithanyofourothercomponents.

Ourreportablesegmentsare:(1)AirTicketingand(2)HotelsandPackages.Ourreportablesegmentsaredeterminedbasedonhowourchiefoperatingdecisionmakerreviewsourbusiness,regularlyassessesinformationandevaluatesperformanceforoperatingdecision-makingpurposes,includingallocationofresources.ThechiefoperatingdecisionmakerforthecompanyisourChiefExecutiveOfficer.

Forfurtherdescriptionofoursegments,seeNote5toour2018ConsolidatedFinancialStatements.

OurRevenue,ServiceCostandOtherRevenueandExpenses

Revenue

Wecommencedourbusinessin2006withsalesofairlineticketsinourAirTicketingbusinessandourHotelsandPackagesbusinesswithafocusonretailcustomers(B2C)throughwebsitesandcallcentersales.Overtime,wehaveexpandedourchannelsofsalestosmalltravelagents(B2B2C)andcorporatecustomers(B2E)aswellasnewservicesandproductssuchasthesaleofrailandbustickets,cartransfersandfacilitatingaccesstotravelinsurance.Wealsogenerateadvertisingrevenuefromthirdpartyadvertisementsonourwebsitesaswellassalesoftravelvouchersandcoupons.

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Air Ticketing. Weearncommissionsfromairlinesforticketsbookedbycustomersthroughourvariouschannelsofsales.Weeitherdeductcommissionsatthetimeofpaymentofthefaretoourairlinesuppliersorcollectourcommissionsonaregularbasisfromourairlinesuppliers,whereasincentivepayments,whicharelargelybasedonvolumeofbusiness,arecollectedfromourairlinesuppliersonaperiodicbasis.Wechargeourcustomersaservicefeeforbookingairlinetickets.WereceivefeesfromourGDSserviceprovidersbasedonthevolumeofsalescompletedbyusthroughtheGDS.RevenuefromairlineticketssoldaspartofpackagesisincludedinourHotelsandPackagesrevenue.

Hotels and Packages. RevenuefromourHotelsandPackagesbusinessincludescommissionsandmarkupsweearnforthesaleofhotelrooms(withoutpackages),whichisrecordedona"net"basis.Revenuefrompackages,includinghotelandairlineticketssoldaspartofpackages,isaccountedforona"gross"basis.

Other Revenue. Ourotherrevenueprimarilycomprisesofrevenuefromthirdpartyadvertisingonourwebsites,incomefromalliances,andcommissionsorfeesfromtheIndianRailwayCateringandTourismCorporation,orIRCTC,forthesaleofrailtickets,busserviceaggregatorsforthesaleofbustickets,andcarandtaxioperatorsfortransferservices,aswellastravelinsuranceprovidersforourfacilitationoftheaccesstotravelinsurance.

Service Cost

Servicecostprimarilyconsistsofcostspaidtohotelsandpackagesuppliersandairsuppliersfortheacquisitionofrelevantservicesandproductsforsaletocustomers,andincludestheprocurementcostofhotelrooms,airtickets,mealsandotherlocalservicessuchassightseeingcostsforpackages,entrancefeestomuseumsandattractionsandlocaltransportcosts.

ThefollowingtablesetsforthRevenueLessServiceCostasservicecostswithinourAirTicketingbusiness,ourHotelsandPackagesbusinessandourotherrevenueduringourlastthreefiscalyears:

Personnel Expenses

Personnelexpensesprimarilyconsistofwagesandsalaries,employeewelfareexpenses,contributionstodefinedcontributionplansanddefinedbenefitplansandemployeeshare-basedcompensation.

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AirTicketing HotelsandPackages Others Total FiscalYearEndedMarch31, AmountinINRthousandsexcept% 2017 2018 2017 2018 2017 2018 2017 2018 Revenue 3,656,976 5,012,931 5,326,414 6,628,236 373,422 607,346 9,356,812 12,248,513Servicecost — — (4,179,486) (4,930,757) — — (4,179,486) (4,930,757)RevenueLessServiceCost 3,656,976

5,012,931 1,146,928 1,697,479 373,422 607,346 5,177,326 7,317,756

AirTicketing HotelsandPackages Others Total FiscalYearEndedMarch31, AmountinINRthousandsexcept% 2016 2017 2016 2017 2016 2017 2016 2017 Revenue 2,876,688 3,656,976 5,225,136 5,326,414 243,410 373,422 8,345,234 9,356,812Servicecost — — (4,164,352) (4,179,486) — — (4,164,352) (4,179,486)RevenueLessServiceCost 2,876,688 3,656,976 1,060,784 1,146,928 243,410 373,422 4,180,882 5,177,326

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Marketing and Sales Promotion Expenses

Marketingandsalespromotionexpensesprimarilycompriseofonline,television,radioandprintmediaadvertisementcostsaswellaseventdrivenpromotioncostforthecompany'sproductsandservices.Suchcostsaretheamountpaidtooraccruedtowardsadvertisingagenciesordirectserviceprovidersforadvertisingonwebsites,television,printformats,searchenginemarketingandanyothermedia.Advertisingandbusinesspromotioncostsarerecognizedwhenincurred.Additionally,thecompanyalsoincurscustomerinducementandacquisitioncostsforacquiringcustomersandpromotingtransactionsacrossvariousbookingplatformssuchasupfrontcashincentives,whichwhenincurredarerecordedasmarketingandsalespromotioncosts.

Other Operating Expenses

Otheroperatingexpensesprimarilyconsistof,amongotherthings,commissionanddistributionexpenses,chargesbypaymentgatewayproviders,rentalcostsandotherutilities,legalandprofessionalfees,travelingandconveyance,communicationcosts,andprovisionforbadanddoubtfuldebtsandothersundryexpenses.

Depreciation and Amortization

Depreciationconsistsprimarilyofdepreciationexpenserecordedonpropertyandequipment,suchascomputersandperipherals,furnitureandfixtures,leaseholdimprovements,officeequipmentandvehicles.Amortizationexpenseconsistsprimarilyofamortizationrecordedonintangibleassetssuchascomputersoftwareandwebsitesandotheracquiredintangibleassetssuchasagent/supplierrelationships,trademarks,intellectualpropertyrightsandnon-competeagreements.

Finance Income and Expense

Financeincomecomprisesofinterestincomeontermdepositsandnetgainonchangeinfairvalueofderivatives.Interestincomeisrecognizedasitaccruesinprofitorloss,usingtheeffectiveinterestmethod.

Financeexpensescompriseofinterestexpenseonborrowings,unwindingofthediscountonprovisionsandimpairmentlossesrecognizedonfinancialassets.Interestexpenseisrecognizedinprofitorloss,usingtheeffectiveinterestmethod.

ForeignCurrencies

TheGroup'spresentationcurrencyistheIndianrupee(INR).TheParentCompany'sfunctionalcurrencyistheU.S.dollar(USD).Thecompany'soperationsareconductedthroughthesubsidiariesandequityaccountedinvesteewherethelocalcurrencyisthefunctionalcurrencyandthefinancialstatementsofsuchentitiesaretranslatedfromtheirrespectivefunctionalcurrenciesintoINR.Onconsolidation,theassetsandliabilitiesofforeignoperationsaretranslatedintopresentationcurrencyattherateofexchangeprevailingatthereportingdateandtheirstatementofprofitorlossandothercomprehensiveincome/(loss)aretranslatedataverageexchangeratesprevailingduringtheperiod.Theexchangedifferencesarisingontranslationforconsolidationarerecognizedinothercomprehensiveincome(OCI).Ondisposalofaforeignoperation,thecomponentofOCIrelatingtothatparticularforeignoperationisrecognizedinastatementofprofitorloss.

CriticalAccountingPolicies

Certainofouraccountingpoliciesrequiretheapplicationofjudgmentbyourmanagementinselectingappropriateassumptionsforcalculatingfinancialestimates,whichinherentlycontainsomedegreeofuncertainty.Ourmanagementbasesitsestimatesonhistoricalexperienceandvariousother

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assumptionsthatarebelievedtobereasonableunderthecircumstances,theresultsofwhichformthebasisformakingjudgmentsaboutthereportedcarryingvaluesofassetsandliabilitiesandthereportedamountsofrevenuesandexpensesthatmaynotbereadilyapparentfromothersources.Actualresultsmaydifferfromtheseestimatesunderdifferentassumptionsorconditions.

Webelievethefollowingarethecriticalaccountingpoliciesandrelatedjudgmentsandestimatesusedinthepreparationofourconsolidatedfinancialstatements.Formoreinformationoneachofthesepolicies,see"Note2Significantaccountingpolicies"toour2018ConsolidatedFinancialStatements.

Basis of Preparation

The2018ConsolidatedFinancialStatementshavebeenpreparedinaccordancewithIFRSasissuedbytheIASB.TheaccountingpolicieshavebeenconsistentlyappliedbytheGroupforallperiodspresentedinthesefinancialstatements.

The2018ConsolidatedFinancialStatementshavebeenpreparedonhistoricalcostbasis,exceptforfinancialinstrumentsclassifiedasfairvaluethroughprofitorloss.

Revenue Recognition

Revenueisrecognizedtotheextentthatitisprobablethateconomicbenefitswillflowtousandrevenuecanbereliablymeasured.Revenueismeasuredatthefairvalueofconsiderationreceivedorreceivable,takingintoaccountcontractuallydefinedtermsofpayment.Weassessourrevenuearrangementagainstspecificcriteriainordertodetermineifweareactingasprincipaloragent.Wehaveconcludedthatweareactingasagentincaseofsaleofairlinetickets,hotelbookings,saleofrailandbusticketsandasprincipalincaseofsaleofholidaypackages.

Weprovidetravelproductsandservicestoleisure,corporatetravelers(B2E—BusinesstoEnterprise)andB2B2C(BusinesstoBusinesstoConsumer)agentsinIndiaandabroad.Therevenuefromrenderingtheseservicesisrecognizedinthestatementofprofitorlossoncetheservicesarerendered.Thisisgenerallythecase1)onissuanceofticketincaseofsaleofairlinetickets2)ondateofhotelbookingand3)onthedateofdepartureforoutboundtoursandpackagesandoncompletionoftourforinboundtours.

Air Ticketing

Revenuefromthesaleofairlineticketsisrecognizedasanagentonanetcommissionearnedbasis.Revenuefromservicefeesarerecognizedonearnedbasis.

Incentivesfromairlinesarerecognizedwhentheperformancethresholdsundertheincentiveschemesareachievedorareprobabletobeachievedattheendoftheapplicableperiods.

Hotels and Packages

Revenuefromhotelreservationisrecognizedasanagentonanetcommissionearnedbasis.

Revenuefrompackagesareaccountedforonagrossbasisaswearedeterminedtobetheprimaryobligorinthearrangement,meaningtherisksandresponsibilitiesaretakenbyusincludingtheresponsibilityfordeliveryofservices.Costofdeliveringsuchservicesincludescostofhotel,airlinesandpackageservicesandisdisclosedasservicecost.

Other Services

Revenuefromothersources,primarilycomprisingadvertisingrevenue,revenuefromsaleofrailandbusticketsandfeesforfacilitatingwebsiteaccesstotravelinsurancecompaniesarebeing

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recognizedastheservicesarebeingperformed.Revenuefromthesaleofrailandbusticketsisrecognizedasanagentonanetcommissionearnedbasis.

Revenueisrecognizednetofcancellationsreceivedduringtheperiod,refunds,andservicetaxes.

Revenueisallocatedbetweentheloyaltyprogrammeandtheothercomponentsofthesale.Theamountallocatedtotheloyaltyprogrammeisdeferred,andisrecognizedasrevenuewhenwefulfillourobligationstosupplytheproducts/servicesunderthetermsoftheprogrammeorwhenitisnolongerprobablethatthepointsundertheprogrammewillberedeemed.

WereceiveupfrontfeesfromGlobalDistributionSystem("GDS")providersforfacilitatingthebookingofairlineticketsonourwebsiteorotherdistributionchannelstotravelagentsforusingoursystem,whichisrecognizedasrevenueforactualairlineticketssoldoverthetotalnumberofairlineticketstobesoldoverthetermoftheapplicableagreementandthebalanceamountisrecognizedasdeferredrevenue.

Government grants

Governmentgrantsarerecognizedwherethereisreasonableassurancethatthegrantwillbereceivedandallattachedconditionswillbecompliedwith.Whenthegrantrelatestoanexpenseitem,itisrecognizedasincomeonasystematicbasisovertheperiodsthattherelatedcosts,forwhichitisintendedtocompensate,areexpensed.Whenthegrantrelatestoanasset,itisrecognizedasincomeinequalamountsovertheexpectedusefullifeoftherelatedasset.

Wehaveassessedanddeterminedtopresentgrantsasotherincomeinthestatementofprofitorlossandothercomprehensiveloss.

Marketing and Sales Promotion Expenses

Marketingandsalespromotionexpensesprimarilycompriseofonline,television,radioandprintmediaadvertisementcosts,aswellasevent-drivenpromotioncostforourproductsandservices.Suchcostsaretheamountpaidtooraccruedtowardsadvertisingagenciesordirectserviceprovidersforadvertisingonwebsites,television,printformats,searchenginemarketingandanyothermedia.Advertisingandbusinesspromotioncostsarerecognizedwhenincurred.

Additionally,wealsoincurcustomerinducementandacquisitioncostsforacquiringcustomersandpromotingtransactionsacrossvariousbookingplatformssuchasupfrontcashincentives,whichwhenincurredarerecordedasmarketingandsalespromotioncosts.

SignificantAccountingEstimatesandAssumptions

Thekeyassumptionsconcerningthefutureandotherkeysourcesofestimationuncertaintyatthereportingdate,whichhaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextfinancialyear,aredescribedbelow.Actualresultscoulddifferfromtheseestimates.

a)Impairmentreviews

AnimpairmentexistswhenthecarryingvalueofanassetorCGUexceedsitsrecoverableamount.Recoverableamountisthehigherofitsfairvaluelesscoststosellanditsvalueinuse.Thevalueinusecalculationisbasedonadiscountedcashflowmodel.Incalculatingthevalueinuse,certainassumptionsarerequiredtobemadeinrespectofhighlyuncertainmatters,includingmanagement'sexpectationsofgrowthinEBITDA(Earningsbeforeinterest,taxesdepreciationandamortization),longtermgrowthrates;andtheselectionofdiscountratestoreflectrisksinvolved.Also,judgementis

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involvedindeterminingtheCGUandgroupingofCGUsforgoodwillallocationandimpairmenttesting.

Weprepareandinternallyapproveformalfiveyearplans,asapplicable,forourbusinessesandusetheseasthebasisforourimpairmentreviews.SincethevalueinuseexceedsthecarryingamountofCGU,thefairvaluelesscoststosellisnotdetermined.

WetestgoodwillforimpairmentannuallyonMarch31andwheneverthereareindicatorsofimpairment.

b)Allowanceforuncollectibletradereceivablesandadvances

Tradereceivablesdonotcarryanyinterestandarestatedattheirnominalvalueasreducedbyappropriateallowancesforestimatedirrecoverableamounts.Estimatedirrecoverableamountsarebasedontheageingofthereceivablebalancesandhistoricalexperience.Additionally,alargenumberofminorreceivablesisgroupedintohomogeneousgroupsandassessedforimpairmentcollectively.Individualtradereceivablesarewrittenoffwhenmanagementdeemsthemnottobecollectible.

c)Loyaltyprograms

Weestimaterevenueallocationbetweentheloyaltyprogrammeandtheothercomponentsofthesalewithassumptionsabouttheexpectedredemptionrates.Theamountallocatedtotheloyaltyprogrammeisdeferred,andisrecognizedasrevenuewhenwefulfillourobligationstosupplytheservicesunderthetermsoftheprogrammeorwhenitisnolongerprobablethatthepointsundertheprogrammewillberedeemed.

d)Taxes

Deferredtaxassetsarerecognizedforallunusedtaxlossestotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthelossescanbeutilized.Significantmanagementjudgmentisrequiredtodeterminetheamountofdeferredtaxassetsthatcanberecognized,baseduponthelikelytimingandtheleveloffuturetaxableprofits,futuretaxplanningstrategiesandrecentbusinessperformancesanddevelopments.Wehavenotrecognizeddeferredtaxassetonunusedtaxlossesandtemporarydifferencesinmostofoursubsidiaries.

e)Definedbenefitplans

Thecostsofpost-retirementbenefitobligationunderourgratuityplanaredeterminedusingactuarialvaluations.Anactuarialvaluationinvolvesmakingvariousassumptionsthatmaydifferfromactualdevelopmentsinthefuture.Theseincludethedeterminationofthediscountrate,futuresalaryincrease,mortalityratesandfuturepensionincreases.Duetothecomplexitiesinvolvedinthevaluationanditslongtermnature,adefinedbenefitobligationishighlysensitivetochangesintheseassumptions.Allassumptionsarereviewedateachreportingdate.

SignificantJudgmentsinApplyingAccountingPolicies

Intheprocessofapplyingouraccountingpolicies,managementhasmadethefollowingjudgments,whichhavethemostsignificanteffectontheamountsrecognizedinour2018ConsolidatedFinancialStatements:

Determination of Functional Currency

EachofYatraOnline,Inc.anditssubsidiariesdeterminesitsownfunctionalcurrency(thecurrencyoftheprimaryeconomicenvironmentinwhichtheentityoperates)anditemsincludedinthefinancialstatementsofeachentityaremeasuredusingthatfunctionalcurrency.InternationalAccounting

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Standard,orIAS,21,"The Effects of Changes in Foreign Exchange Rates ,"prescribesthefactorstobeconsideredforthepurposeofdeterminingthefunctionalcurrency.However,inrespectoftheparentcompanyandcertainintermediaryforeignoperations,thedeterminationoffunctionalcurrencymightnotbeveryobviousduetomixedindicators,suchasthesourceoffinancing,thefunctionalcurrencyoftheshareholders,thecurrencyinwhichtheborrowingshavebeenraisedandtheextentofautonomyenjoyedbytheforeignoperation.Insuchcases,managementusesitsjudgmenttodeterminethefunctionalcurrencythatmostfaithfullyrepresentstheeconomiceffectsoftheunderlyingtransactions,eventsandconditions.

ResultsofOperations

ConvenienceTranslation

TheconsolidatedfinancialstatementsarestatedinINR.However,solelyfortheconvenienceofthereaders,theconsolidatedstatementofprofitorlossandothercomprehensiveincome/(loss)fortheyearendedMarch31,2018,theconsolidatedstatementoffinancialpositionasatMarch31,2018andtheconsolidatedstatementofcashflowsforyearendedMarch31,2018,wereconvertedintoU.S.dollarsattheexchangerateof65.11INRperUSD.ThisarithmeticconversionshouldnotbeconstruedasrepresentationthattheamountsexpressedinINRmaybeconvertedintoUSDatthatoranyotherexchangerateaswellasthatsuchnumbersareincomplianceaspertherequirementsoftheInternationalFinancialReportingStandards("IFRS").

Reclassifications

Certainreclassificationshavebeenmadeintheconsolidatedstatementsofprofitorlossandothercomprehensiveincome/(loss),consolidatedstatementoffinancialpositionandconsolidatedstatementofcashflowsofpriorperiodstoconformtotheclassificationsusedinthecurrentperiod.Theimpactofsuchreclassificationsonconsolidatedstatementsofprofitorlossandothercomprehensiveincome(loss),consolidatedstatementoffinancialpositionandconsolidatedstatementofcashflowsisnotmaterial.

Duringthecurrentyear,theCompanyhasseparatelypresentedlistingandrelatedexpenses,whichwereshownasan'exceptionalitem'inthepreviousyearstatementofprofitandlossandothercomprehensiveloss.Inlinewiththis,theCompanyhasalsoremovedthesub-total'Lossbeforeexceptionalitemsandincometaxes',whichwaspresentedinthepreviousyearstatementofprofitandlossandothercomprehensiveloss.Additionally,'Changeinfairvalueofwarrants'hasbeenseparatelypresentedonthefaceofthestatementofprofitorlossandothercomprehensiveloss,asagainstpartoffinanceincome/costinthepreviousperiod.TheCompany'smanagementbelievesthatthesechangeswillhelpuserstowardbetterunderstandingthefinancialperformanceoftheCompany.

Yatra Online, Inc.'s financial and operating results for the year ended March 31, 2018 include the financial and operating results of ATB, in which weacquired a majority stake on August 4, 2017, for eight months.

Accordingly, the reported results for the year ended March 31, 2018, which are inclusive of the impact of consolidation of the ATB, may not be comparablewith the reported results of the year ended March 31, 2017, which periods did not have the impact of consolidation of ATB.

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ResultsofFiscalYearEndedMarch31,2018ComparedtoFiscalYearEndedMarch31,2017

Thefollowingtablesetsforthasummaryofourconsolidatedstatementofprofitorlossandothercomprehensiveloss,bothactualamountsandasapercentageofrevenue,fortheperiodsindicated.

Revenue. WegeneratedrevenueofINR12,248.5millionintheyearendedMarch31,2018,anincreaseof30.9%overrevenueofINR9,356.8millionfortheyearendedMarch31,2017.

Service Cost. OurservicecostincreasedtoINR4,930.8millionintheyearendedMarch31,2018fromINR4,179.5millionintheyearendedMarch31,2017duetoincreaseinoursaleofpackages.

Revenue Less Service Cost (1) . OurRevenueLessServiceCostincreasedby41.3%toINR7,317.8millionintheyearendedMarch31,2018fromINR5,177.3millionintheyearendedMarch31,2017.Thisgrowthresultedmainlyfromanincreaseof37.1%inourAirTicketingrevenuealongwithanincreaseof48%inourRevenueLessServiceCostfromHotelsandPackages,includingtheimpactofconsolidationofATB.

Air Ticketing. RevenuefromourAirTicketingbusinessincreasedby37.1%toINR5,012.9millionintheyearendedMarch31,2018fromINR3,657millionintheyearendedMarch31,2017.ThisgrowthwasdrivenbyanincreaseinAirTicketinggrossbookingsby37.5%toINR79.2billionintheyearendedMarch31,2018includingtheimpactofconsolidationofATB,ascomparedtoINR57.6billionintheyearendedMarch31,2017.ThegrowthinourAirTicketingsalesandGrossBookingsintheyearendedMarch31,2018reflectsthestrongunderlyinggrowthintheoverallairtravelmarketinIndiaandthecontinuedshiftintheairtravelmarketfromofflinetoonlinetransactions.Inaddition,ourairpassengeryieldsincreasedasourbusinessmixmovedmoretowardsinternationalflightswhichhaveahighertransactionvaluebutloweronlinepenetration.OurNetRevenueMargininthecurrentyearmarginallydecreasedto6.3%includingtheimpactofconsolidationofATBfrom6.4%inthecorrespondingperiodlastyear.

Hotels and Packages. RevenuefromourHotelsandPackagesbusinessincreasedby24.4%toINR6,628.2millionintheyearendedMarch31,2018fromINR5,326.4millionintheyearended

(1) Seethesectionbelowtitled"CertainNon-IFRSMeasures."

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FiscalYearEndedMarch31, 2017 2018 AmountinINRthousandsexcept% Amount % Amount % Totalrevenue 9,356,813 100.0 12,248,513 100.0Otherincome 25,282 0.3 90,001 0.7Servicecost 4,179,486 44.7 4,930,757 40.3Personnelexpenses 2,115,308 22.6 2,902,840 23.7Marketingandsalespromotionexpenses 2,457,242 26.3 4,155,420 33.9Otheroperatingexpenses 2,217,887 23.7 3,284,030 26.8Depreciationandamortization 275,587 2.9 425,600 3.5Resultsfromoperations (1,863,415) (19.9) (3,360,133) (27.4)Financeincome 139,158 1.5 91,912 0.8Financecosts (149,863) (1.6) (153,056) (1.2)Shareoflossofjointventure (9,441) (0.1) (10,559) (0.1)Listingandrelatedexpense (4,242,526) (45.3) — —Changeinfairvalueofwarrants 230,111 2.5 (563,253) (4.6)Lossbeforeincometaxes (5,895,976) (63.0) (3,995,089) (32.6)Incometaxexpense (40,987) (0.4) (56,887) (0.5)Lossfortheyear (5,936,963) (63.5) (4,051,976) (33.1)

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March31,2017.OurRevenueLessServiceCostforthissegmentincreasedby48.0%toINR1,697.5millionintheyearendedMarch31,2018fromINR1,146.9millionintheyearendedMarch31,2017.ThisgrowthwasduetoanincreaseinourGrossBookingsby28.3%toINR13.4billion,includingtheimpactofconsolidationofATB,alongwithanincreaseinNetRevenueMarginto12.7%intheyearendedMarch31,2018ascomparedto11%duringtheyearendedMarch31,2017.TheincreaseinNetRevenueMarginisduetochangeinbusinessmixinfavorofstandalonehotels,whichhavehighermargins,aswellashighermarginsnegotiatedfromthesuppliersprimarilyfromourstandalonehotelsbusiness.

Other Revenue. Ourotherrevenuegrewby62.6%toINR607.3millionintheyearendedMarch31,2018fromINR373.4millionintheyearendedMarch31,2017.Thisincreasewasprimarilyduetoanincreaseinadvertisementandalliancesincome,improvementinattachratesforinsurancebookedatthetimeofairticketpurchasesresultinginhigherinsurancefacilitationfees,anincreaseinbusandtrainbookingsandtheimpactofconsolidationofATB.

Other Income. OurotherincomeincreasedtoINR90.0millionintheyearendedMarch31,2018fromINR25.3millionintheyearendedMarch31,2017.Thisincreasewasprimarilyonaccountofthegovernmentgrantreceivedbythecompanyonaccountof"ServiceExportsfromIndiaScheme(SEIS)".

Personnel Expenses. Ourpersonnelexpensesincreasedby37.2%toINR2,902.8millionintheyearendedMarch31,2018fromINR2,115.3millionintheyearendedMarch31,2017.Thisincreasewasprimarilyduetoanincreaseinemployeeshare-basedpaymentexpensetoINR729.9millionintheyearendedMarch31,2018fromINR586.9millionintheyearendedMarch31,2017,annualsalaryincrements,increasedemployeeheadcountprimarilyintechnologyandimpactofconsolidationofATB.Excludingtheemployeeshare-basedpaymentexpense,ourpersonnelexpensegrowthwouldhavebeen42.2%fortheyearendedMarch31,2018,includingtheimpactofconsolidationofATB.

Marketing and Sales Promotion Expenses. Marketingandsalespromotionexpensesincreasedby69.1%toINR4,155.4millionintheyearendedMarch31,2018fromINR2,457.2millionintheyearendedMarch31,2017primarilyduetoincreasesinbrandmarketingcampaigns,consumerpromotionsandloyaltyincentiveprogramsandtheimpactofconsolidationofATB.MarketingandSalesPromotionExpensesasapercentageofRevenueLessServiceCostincreasedto56.8%intheyearendedMarch31,2018from47.5%duringtheyearendedMarch31,2017.

Other Operating Expenses. Otheroperatingexpensesincreasedby48.1%toINR3,284millionintheyearendedMarch31,2018fromINR2,217.9millionintheyearendedMarch31,2017primarilyduetoremeasurementofcontingentconsiderationofINR294.3million,consolidationofATB,increasedpaymentgatewayexpensesandcommissionsduetoincreasedbusinessvolumeandincreasesinourlegalandprofessionalfees.

Depreciation and Amortization. Ourdepreciationandamortizationexpensesincreasedby54.4%toINR425.6millionintheyearendedMarch31,2018fromINR275.6millionintheyearendedMarch31,2017primarilyasaresultofanincreaseinamortizationexpenseandtheimpactofconsolidationofATB.

Results from Operations. Asaresultoftheforegoingfactors,ourresultsfromoperationswasalossofINR3,360.1millionintheyearendedMarch31,2018.OurlossfortheyearendedMarch31,2017wasINR1,863.4million.Excludingtheemployeeshare-basedcompensationcostsandremeasurementofcontingentconsideration,AdjustedResultsfromOperations(1)wouldhavebeenINR2,335.9millionforyearendedMarch31,2018ascomparedtoINR1,276.5millionforyearendedMarch31,2017.

(1) Seethesectionbelowtitled"CertainNon-IFRSMeasures."

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Finance Income. OurfinanceincomedecreasedtoINR91.9millionintheyearendedMarch31,2018fromINR139.2millionintheyearendedMarch31,2017.Thedecreasewasprimarilyduetodecreaseintheinterestincomefromourbankdeposits.

Finance Costs. OurfinancecostsincreasedtoINR153.1millionintheyearendedMarch31,2018ascomparedtoINR149.9millionintheyearendedMarch31,2017.TheincreasewasmainlyduetoanincreaseininterestonborrowingsduetoanewdebtfacilityavailedinyearendedMarch31,2018andtheimpactofconsolidationofATB,whichwaspartiallyoffsetbyadecreaseinunwindingofdiscountonotherfinancialliabilityrelatedtobusinessexpenses.

Share of Loss of Joint Venture. Thislosspertainstoajointventureinvestmentthatoperatesinadventuretravelactivities.OurlossfromthisjointventureincreasedtoINR10.6millionintheyearendedMarch31,2018fromINR9.4millionintheyearendedMarch31,2017.

Listing and related expenses. ListingandrelatedexpensesamountingtoINR4,242.5millionfortheyearendedMarch31,2017relatetotheexpensesaccruedduetotheBusinessCombinationwithTerrapin3,NASDAQlistingrelatedlegalandprofessionalexpensesandcontingentdividendexpense.Thesewereone-timecostsfortheyearendedMarch31,2017.

Change in fair value of warrants. DuringtheyearendedMarch31,2018,weincurredalossofINR563.3millionduetoachangeinthefairmarketvalueofwarrantsascomparedtoagainofINR230.1millionduringtheyearendedMarch31,2017.

Income Tax Expense. OurincometaxexpenseduringtheyearendedMarch31,2018wasINR56.9millioncomparedtoanexpenseofINR41millionduringtheyearendedMarch31,2017.ThiswasprimarilyduetohighertaxableincomeinsomeofoursubsidiariesandtheimpactofconsolidationofATB.

Loss for the Year. Asaresultoftheforegoingfactors,ourlossintheyearendedMarch31,2018wasINR4,052.0millionascomparedtoalossofINR5,937.0millionintheyearendedMarch31,2017.Excludingtheemployeesharebasedcompensationcosts,remeasurementofcontingentconsideration,netchangeinfairvalueofwarrantsandlistingandrelatedexpenses,theAdjustedLoss(1)wouldhavebeenINR2,464.5millionforyearendedMarch31,2018andAdjustedLoss(1)wouldhavebeenINR1,337.6millionforyearendedMarch31,2017.

Basic and Diluted Loss per Share. BasiclosspersharewasINR116.41intheyearendedMarch31,2018ascomparedtobasiclosspershareofINR237.89intheyearendedMarch31,2017.Afterexcludingtheemployeeshare-basedcompensationcosts,remeasurementofcontingentconsideration,netchangeinfairvalueofwarrantsandlistingandrelatedexpenses,AdjustedBasicLossperShare(1)wouldhavebeenINR70.66intheyearendedMarch31,2018ascomparedtoINR53.59intheyearendedMarch31,2017.

(1) Seethesectionbelowtitled"CertainNon-IFRSMeasures."

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ResultsofYearEndedMarch31,2017ComparedtoYearEndedMarch31,2016

Thefollowingtablesetsforthasummaryofourconsolidatedstatementofprofitorlossandothercomprehensiveloss,bothactualamountsandasapercentageofrevenue,fortheperiodsindicated.

Revenue. WegeneratedrevenueofINR9,356.8millionintheyearendedMarch31,2017,anincreaseof12.1%overourrevenueofINR8,345.2millionfortheyearendedMarch31,2016.

Service Cost. OurservicecostincreasedmarginallytoINR4,179.5millionintheyearendedMarch31,2017fromINR4,164.4millionintheyearendedMarch31,2016.

Revenue Less Service Cost. (1) OurRevenueLessServiceCostincreasedby23.8%toINR5,177.3millionintheyearendedMarch31,2017fromINR4,180.9millionintheyearendedMarch31,2016.Thisgrowthresultedmainlyfromanincreaseof27.1%inourAirTicketingrevenuealongwithanincreaseof8.1%inourHotelsandPackagesRevenueLessServiceCosts.

Air Ticketing. RevenuefromourAirTicketingbusinessincreasedby27.1%toINR3,657.0millionintheyearendedMarch31,2017fromINR2,876.7millionintheyearendedMarch31,2016.ThisgrowthwasdrivenbyanincreaseinGrossBookingsof16.8%toINR57.6billionintheyearendedMarch31,2017fromINR49.3billionintheyearendedMarch31,2016,alongwithanincreaseinourNetRevenueMarginto6.4%fortheyearendedMarch31,2017from5.8%fortheyearendedMarch31,2016.WewitnessedhigherNetRevenueMarginsinthissegmentintheyearendedMarch31,2017comparedtotheyearendedMarch31,2016duetobettervolumebaseddealsnegotiatedwiththeairlinesandrelativelyflatservicefeesoncomparativelylowerairticketprices.

Hotels and Packages. RevenuefromourHotelsandPackagesbusinessincreasedmarginallytoINR5,326.4millionintheyearendedMarch31,2017fromINR5,225.1millionintheyearendedMarch31,2016.OurRevenueLessServiceCostforthissegmentincreasedby8.1%toINR1,146.9millionintheyearendedMarch31,2017fromINR1060.8millionintheyearendedMarch31,2016.ThiswasduetoanincreaseinourGrossBookingsby8.5%toINR10.4billionduring

(1) Seethesectionbelowtitled"CertainNon-IFRSMeasures."

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FiscalYearEndedMarch31, 2016 2017 AmountinINRthousandsexcept% Amount % Amount % Totalrevenue 8,345,234 100.0 9,356,813 100.0OtherIncome 26,662 0.3 25,282 0.3Servicecost 4,164,352 49.9 4,179,486 44.7Personnelexpenses 1,524,055 18.3 2,115,308 22.6Marketingandsalespromotionexpenses 1,687,541 20.2 2,457,242 26.3Otheroperatingexpenses 1,967,162 23.6 2,217,887 23.7Depreciationandamortization 233,703 2.8 275,587 2.9Resultsfromoperations (1,204,917) (14.4) (1,863,415) (19.9)Financeincome 95,072 1.1 139,158 1.5Financecosts (111,973) (1.3) (149,863) (1.6)Shareoflossofjointventure (11,802) (0.1) (9,441) (0.1)Listingandrelatedexpense — — (4,242,526) (45.3)Changeinfairvalueofwarrants (3,167) (0.0) 230,111 2.5Lossbeforeincometaxes (1,236,787) (14.8) (5,895,976) (63.0)Incometax(expense)/credits (6,515) (0.1) (40,987) (0.4)Lossfortheyear (1,243,302) (14.9) (5,936,963) (63.5)

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theyearendedMarch31,2017partiallyoffsetbyaslightdecreaseinourNetRevenueMarginto10.8%fortheyearendedMarch31,2017from10.9%fortheyearendedMarch31,2016.

Other Revenue. Ourotherrevenuegrewby53.4%toINR373.4millionintheyearendedMarch31,2017fromINR243.4millionintheyearendedMarch31,2016.Thegrowthinthissegmentwasmainlyduetoanincreaseinadvertisementrevenueandfacilitationfees.

Other Income. OurotherincomedecreasedtoINR25.3millionintheyearendedMarch31,2017fromINR26.7millionintheyearendedMarch31,2016.

Personnel Expenses. Ourpersonnelexpensesincreasedby38.8%toINR2,115.3millionintheyearendedMarch31,2017fromINR1,524.1millionintheyearendedMarch31,2016.Thisincreasewasduetoanincreaseinemployeeshare-basedpaymentexpensetoINR586.9millionintheyearendedMarch31,2017fromINR19.4millionintheyearendedMarch31,2016.Excludingtheemployeeshare-basedpaymentexpense,ourpersonnelexpensegrowthwouldhavebeen1.6%fortheyearendedMarch31,2017.

Marketing and Sales Promotion Expenses. Marketingandsalespromotionexpensesincreasedby45.6%toINR2,457.2millionintheyearendedMarch31,2017fromINR1,687.5millionintheyearendedMarch31,2016primarilyduetoincreasesinconsumerpromotionprograms,loyaltyincentiveprogramsandbrandspendsonTVandprintmedia.TheratioofmarketingandsalespromotionexpensestoRevenueLessServiceCostfortheyearendedMarch31,2017washigherat47.7%comparedto40.5%intheyearendedMarch31,2016.

Other Operating Expenses. Otheroperatingexpensesincreasedby12.9%toINR2,217.9millionintheyearendedMarch31,2017fromINR1,967.2millionintheyearendedMarch31,2016primarilyduetoanincreaseincommissionexpenseandpaymentgatewayexpenseduetoanincreaseinbusinessvolume.

Depreciation and Amortization. Ourdepreciationandamortizationexpensesincreasedby17.9%toINR275.6millionintheyearendedMarch31,2017fromINR233.7millionintheyearendedMarch31,2016primarilyasaresultofanincreaseinamortizationexpense.

Results from Operations. (1) Asaresultoftheforegoingfactors,ourresultsfromoperatingactivitieswasalossofINR1,863.4millionintheyearendedMarch31,2017.OurlossfortheyearendedMarch31,2016wasINR1,204.9million.Excludingtheemployeeshare-basedcompensationcosts,thelosswouldhavebeenINR1,276.5millionforyearendedMarch31,2017ascomparedtoINR1,185.5millionforyearendedMarch31,2016.

Finance Income. OurfinanceincomeincreasedtoINR139.2millionintheyearendedMarch31,2017fromINR95.1millionintheyearendedMarch31,2016primarilyduetoincreaseininterestonbankdepositsbyINR36.6million.

Finance Costs. OurfinancecostsincreasedtoINR149.9millionintheyearendedMarch31,2017ascomparedtoINR112millionintheyearendedMarch31,2016primarilyduetotheunwindingofdiscountsonotherfinancialliabilities.

Share of Loss of Joint Venture. Thislosspertainstoajointventureinvestmentthatoperatesinadventuretravelactivities.OurlossfromthisjointventuredecreasedtoINR9.4millionintheyearendedMarch31,2017fromINR11.8millionintheyearendedMarch31,2016.

Listing and related expense. ListingandrelatedexpensesamountingtoINR4,242.5millionfortheyearendedMarch31,2017relatetotheexpensesaccruedduetotheBusinessCombinationwith

(1) Seethesectionbelowtitled"CertainNon-IFRSMeasures."

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Terrapin3,NASDAQlistingrelatedlegalandprofessionalexpensesandcontingentdividendexpense.Thesewereone-timecostsfortheyearendedMarch31,2017.

Change in fair value of warrants. ThisrepresentsagainofINR230.1millionduetochangeinthemarketvalueofpubliclytradedwarrants.

Income Tax Expense. OurincometaxexpenseduringtheyearendedMarch31,2017wasINR41.0millioncomparedtoanexpenseofINR6.5millionduringtheyearendedMarch31,2016.ThiswasprimarilyduetohighertaxableincomeinsomeoftheCompany'ssubsidiaries.

Loss for the Year. Asaresultoftheforegoingfactors,ourlossintheyearendedMarch31,2017wasINR5,937.0millionascomparedtoalossofINR1,243.3millionintheyearendedMarch31,2016.ExcludingtheemployeesharebasedcompensationcostsandnetchangeinfairvalueofwarrantsforbothyearsendedMarch31,2017and2016;listingandrelatedexpensesfortheyearendedMarch31,2017,thelosswouldhavebeenatINR1,337.6millionfortheyearMarch31,2017andINR1,220.8millionforyearendedMarch31,2016.

Basic and Diluted Loss Per Share. BasicandDilutedlosspersharewasINR237.89intheyearendedMarch31,2017ascomparedtobasicanddilutedlosspershareofINR58.10intheyearendedMarch31,2016.AfteradjustingfortheemployeesharebasedcompensationcostsandnetchangeinfairvalueofwarrantsforbothyearsendedMarch31,2017and2016;andforthelistingandrelatedexpensesfortheyearendedMarch31,2017,basicanddilutedlosspersharewouldhavebeenINR52.91foryearendedMarch31,2017ascomparedtoINR57.05foryearendedMarch31,2016.

LiquidityandCapitalResources

Oursourcesofliquidityhaveprincipallybeenproceedsfromthesaleofourconvertiblepreferredsharesandordinaryshares,longtermborrowings,bankoverdrafts,workingcapitalfacilitiesandcashflowsfromoperations.Ourcashrequirementshavemainlybeenforfundingoperationallosses,acquisitions,workingcapitalaswellascapitalexpenditures.

AsofMarch31,2018,ourprimarysourcesofliquiditywereINR2,465.1millionofcashandcashequivalentsand1,012.1millionintermdeposits(INR831.7millionispledgedwithvariousbanksagainstbankguarantees,bankoverdraft,vehicleloan,letterofcredit,salesinvoicediscountingandcreditcardfacilities).

AsofMarch31,2017,ourprimarysourcesofliquiditywereINR1,532.6millionofcashandcashequivalentsandINR3,027.9millionintermdeposits(INR1,025.5millionispledgedwithvariousbanksagainstbankguarantees,bankoverdraft,vehicleloan,letterofcredit,salesinvoicediscountingandcreditcardfacilities).Theincreasewasprimarilyduetocashreceivedofapproximately$92.5millioninconnectionwiththeBusinessCombinationthatwasconsummatedinthecurrentyear.

AsofMarch31,2016,ourprimarysourcesofliquiditywereINR389.7millionofcashandcashequivalentsandINR1,024.9millionintermdeposits(INR1,017.2millionwaspledgedwithvariousbanksagainstbankguarantees,bankoverdraft,vehicleloan,letterofcredit,saleinvoicediscountingandcreditcardfacilities).

Ourtradeandotherreceivablesprimarilycompriseof:(1)commissions,incentiveorotherpaymentsowedtousbyairlinesandothersuppliersand(2)receivablesfromourB2B2Ctravelagents,corporateandsomeretailcustomerstowhomwetypicallyextendcreditperiods.OurtradeandotherreceivablesincreasedbyINR2,038.5millionfromINR1,970.4millionasofMarch31,2017toINR4,008.9millionasofMarch31,2018,inlinewiththegrowthofourbusinessandtheacquisitionofAirTravelBureauLimited(ATB).

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OurtradeandotherreceivablesincreasedbyINR607.5millionfromINR1,362.8millionasofMarch31,2016toINR1,970.4millionasofMarch31,2017,inlinewiththegrowthofourbusiness.

Ourothercurrentassetsprimarilyconsistofcurrentportionofprepaymentsmadetoanddepositsplacedwithoursuppliers.OurothercurrentassetsincreasedfromINR744.5millionasofMarch31,2017toINR977.8asofMarch31,2018,primarilyduetoincreasesinadvancesmadetoourairlineandhotelsuppliersinlinewiththegrowthofourbusiness.

OurothercurrentassetsincreasedfromINR566.3millionasofMarch31,2016toINR744.5millionasofMarch31,2017,primarilyduetoincreasesinadvancesmadetoourairlineandhotelsuppliersinlinewiththegrowthofourbusiness.

InSeptember2017,theCompanytookatermloanof$7.8million,orapproximatelyINR509.3million,fromInnoVenCapitalSingaporePTE.LTD.,consistingof$5million"FacilityA"and$2.8million"FacilityB",carryinganinterestof9%perannum.TheloanisrepayableinrelationtoFacilityAovertheperioduntilJanuary01,2020andinrelationtoFacilityBovertheperioduntilAugust01,2019.TheamountoutstandingagainstthisloanasofMarch31,2018was$6.3million,orapproximatelyINR410.2million.Theloanissecuredbychargeonallexistingandfuture,currentandnon-currentassets,includinganyintellectualpropertyandintellectualpropertyrightsofthecompany.

YatraOnlinePrivateLimited("YatraIndia"),anindirectsubsidiaryoftheCompany,tookatermloanfromInnoVenCapitalIndiaPrivateLimitedofanaggregateamountofINR495million,consistingofINR320million"FirstTranche"andINR175million"SecondTranche"inSeptember2017,carryinganinterestof14.75%perannum.TheloanisrepayableinrelationtoFirstTrancheovertheperioduntilJanuary01,2020andinrelationtoSecondTrancheovertheperioduntilAugust01,2019.TheamountoutstandingagainstthisloanasofMarch31,2018wasINR400.1million.Theloanissecuredbypledgeofallexistingandfuture,currentandnon-currentassets,includinganyintellectualpropertyandintellectualpropertyrightsofthecompanyandbythepledgeofsharesheldbyYatraIndiainATB.

AsofMarch31,2018,YatraIndiahadsanctionedbankguaranteelimitsof(i)INR1100millionfromICICIbankagainstbankdepositsofINR600million(thisamountispledgedandwedonotearnanyinterestonthisbankdeposit),allexistingandfuturefixedandcurrentassetsincludingintellectualpropertyandintellectualpropertyrights,and(ii)INR10millionfromHSBCbankagainstfixeddeposits.

AsofMarch31,2017,YatraIndiahadsanctionedbankguaranteelimitsof(i)INR900millionfromHDFCBankagainstfixeddeposits,allexistingandfuturefixedandcurrentassetsincludingintellectualpropertyandintellectualpropertyrights,and(ii)INR10millionfromHSBCBankagainstfixeddeposits.Inaddition,YatraUSAhasplacedcertificatesofdeposittotalingapproximatelyINR19.42million(US$0.3million),toprovideguaranteestovariousinternationalairlines.

AsofMarch31,2016,YatraIndiahadsanctionedbankguaranteelimitsof(i)INR800millionfromHDFCBankagainstfixeddeposits,allexistingandfuturefixedandcurrentassetsincludingintellectualpropertyandintellectualpropertyrights,and(ii)INR10millionfromHSBCBankagainstfixeddeposits.Inaddition,YatraUSAhadplacedcertificatesofdeposittotalingapproximatelyINR19.9million(US$0.3million),toprovideguaranteestovariousinternationalairlines.

OnJuly24,2015,wetookatermloanof$5million,orapproximatelyINR326.6million,fromMacquarieCorporateHoldingsPTYLimited,anaffiliateofMIHILLC.Theloancarriedinterestintwoparts,cashinterestrateat5%perannumandpaymentinkind,orPIK,interestrateat3.5%perannum.PIKinterestratewaspayableinkindthroughaccretiontotheaggregateoutstandingprincipalamountoftheloan;providedthat,ifthematuritydateisextendedbeyondthefirstanniversaryoftheborrowingdate,thePIKinterestrateforeachinterestperiodstartingafterthefirstanniversaryoftheborrowingdateshallincreaseto5.0%perannum.Theamountoutstandingagainstthisloanasof

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March31,2017wasNil(March31,2016wasINR339.7million).TheloanwassecuredbythepledgeofthesharesofthesubsidiariesoftheGroup,THCLTravelHoldingCyprusLimitedandAsiaConsolidatedDMCPte.Ltd.Theloanwastakenbythecompanyfortwelvemonths;providedthat,ifnodefaulthasbeenoccurredandcontinuing,thematuritydateshallautomaticallybeextendedtothedatefallingtwenty-fourmonthsaftertheborrowingdate.Wecouldnotmakeanyvoluntaryprepaymentsinrespectoftheloanpriortothefirstanniversaryoftheborrowingdate.WerepaidtheoutstandingprincipalamountoftheloaninfullonDecember29,2016andthebalanceinterestpaymentonJanuary3,2017andMacquariereleasedthepledgeofsharesmentionedabove.

YatraIndiatookatermloanfromInnoVenCapitalIndiaPrivateLimited(formerlySVBIndiaFinancePrivateLimited)ofanaggregateamountofINR250million,consistingofINR150millioninNovember2013andINR100millioninMarch2014,carryinganinterestof14.40%perannum.Theloanwasrepayablein31and30monthlyinstallments.TheamountoutstandingagainstthisloanasofMarch31,2016wasINR86.9million.Theloanwassecuredbypledgeofallexistingandfuture,currentandfixedassets,includinganyintellectualpropertyandintellectualpropertyrightsofthecompany.OnJanuary20,2017,weprepaidtheentireoutstandingamountoftheloanamountingtoINR10.3million,whichincludedprepaymentchargesofINR0.2millionandalsogotthesecurityagainstallcurrentandfixedassetsasmentionedabovereleased.

AsofMarch31,2017,YatraIndiahadthefollowingfacilityavailableinIndiafromHDFCBank:anoverdraftfacilityforuptoINR500million(March31,2016:INR500million),withinterestpayableatanaveragerateof8.8%(March31,2016:8.7%)(weightedaveragefixeddepositrateplus1.00%)perannum,securedbyfixeddepositsofYatraIndia.NoamountwasoutstandingunderthisfacilityasonMarch31,2017andMarch31,2016.

Wehavetakenvehiclesonfinanceleasewhereintheleasedvehiclesarepledgedassecurityfortherelatedlease.AsofMarch31,2018,theoutstandingbalanceoffinanceleaseliabilitywasINR8.9millionascomparedtoINR12.9millionasatMarch31,2017.Further,wehavetakencertainvehiclesonloanwhichissecuredagainstpledgeofsuchvehiclesandfixeddeposit.AsofMarch31,2018,theoutstandingbalanceofsuchborrowingisINR45.1millionascomparedtoINR32millionasatMarch31,2017.

Wehavetakenvehiclesonfinanceleasewhereintheleasedvehiclesarepledgedassecurityfortherelatedlease.AsofMarch31,2017,theoutstandingbalanceoffinanceleaseliabilitywasINR12.9millionascomparedtoINR18.4millionasatMarch31,2016.Further,wehavetakencertainvehiclesonloanwhichissecuredagainstpledgeofsuchvehiclesandfixeddeposit.AsofMarch31,2017,theoutstandingbalanceofsuchborrowingisINR32millionascomparedtoINR24.5millionasatMarch31,2016.

Fromtimetotime,wearealsorequiredbycertaininternationalandIndianairlines,HotelsandPackagessuppliers,aswellascertainaggregatorsfromwhomweobtainhotelinventoryandothertravelsuppliers,toobtainbankguaranteesorlettersofcredittosecureourobligationstothem.

Webelievethatourcurrentcashandcashequivalentsandcashflowfromoperationswillbesufficienttomeetouranticipatedregularworkingcapitalrequirements,fundingofoperationallossesandourneedsforcapitalexpendituresforatleastthenext12months.Wemay,however,requireadditionalcashresourcesduetochangingbusinessconditionsorotherfuturedevelopments,includinganyinvestmentsoracquisitionswemaydecidetopursue.

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Thefollowingtablesetsforththesummaryofourcashflowsfortheperiodsindicated:

Net cash from / (used in) operating activities

OurnetcashusedinoperatingactivitieswasINR881.9millionintheyearendedMarch31,2018,ascomparedtonetcashusedinoperatingactivitiesofINR1,589.8millionintheyearendedMarch31,2017,adecreaseincashusageofINR707.9millionintheyearendedMarch31,2018.Ournetlossadjustedforinterest,tax,amortizationanddepreciationandothernon-cashitemswasINR1,846.7millionintheyearendedMarch31,2018.Further,intheyearendedMarch31,2018,therewasadecreaseinourworkingcapitalofINR1,069.9million,ascomparedtoanincreaseinworkingcapitalofINR384.6millionintheyearendedMarch31,2017.ThedecreaseinworkingcapitalintheyearendedMarch31,2018wasprimarilyduetoINR1,898.7millionincreasesintradeandotherpayables.TheincreaseintradeandotherpayableswaspartiallyoffsetbyanincreaseintradeandotherreceivablesofINR824.9million.TheworkingcapitalincreaseintheyearendedMarch31,2017wasprimarilyduetoaINR889.9millionincreaseintradeandotherreceivables.TheincreaseintradereceivableswaspartiallyoffsetbyanincreaseintradeandotherpayablesofINR508.3millionduetoanincreaseinthevolumeofourbusiness.

OurnetcashusedinoperatingactivitieswasINR1,589.8millionintheyearendedMarch31,2017,ascomparedtonetcashusedinoperatingactivitiesofINR459.9millionintheyearendedMarch31,2016,anincreaseincashusageofINR1,129.9millionintheyearendedMarch31,2017.Ournetlossadjustedforinterest,tax,amortizationanddepreciationandothernon-cashitemswasINR1,146.8millionintheyearendedMarch31,2017ascomparedtoanetlossadjustedforinterest,tax,amortizationanddepreciationandothernon-cashitemsofINR898.7millionintheyearended2016.Further,intheyearendedMarch31,2017,therewasanincreaseinourworkingcapitalofINR384.6million,ascomparedtoadecreaseinworkingcapitalofINR515.4millionintheyearendedMarch31,2016.Theincreaseinworkingcapitalinfiscalyear2017wasprimarilyduetoaINR890millionincreaseintradeandotherreceivables.TheincreaseintradeandotherreceivableswaspartiallyoffsetbyanincreaseintradeandotherpayablesofINR508.3million.Theworkingcapitaldecreaseinfiscalyear2016wasprimarilyduetoaINR731.4millionincreaseintradeandotherpayables,ofwhichINR703.9millionwasonaccountofanadvancereceived,afteradjustingtheutilizationofpreviousadvancereceivedfromanotherGDSvendor,fromourGDSproviderinconnectionwithanewcontract.TheincreaseintradepayableswaspartiallyoffsetbyanincreaseintradeandotherreceivablesofINR213.4millionduetoanincreaseinthevolumeofourbusiness.

Net cash from/(used in) investing activities.

DuringtheyearendedMarch31,2018,cashfrominvestingactivitieswasINR1,221.1million,ascomparedtocashusedininvestingactivitiesofINR2,380.5millionintheyearendedMarch31,2017.DuringtheyearendedMarch31,2018,weredeemedINR2,141.6millionintermdepositswithbanks,investedanincrementalINR576.3millioninpropertyplantandequipmentandinsoftwareandtechnology-relateddevelopmentprojects,andINR353.5millionforacquisitionofATBbusiness.We

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FiscalYearEndedMarch31, 2016 2017 2018 INR('000s) INR('000s) INR('000s) Netcashfrom/(usedin)operatingactivities (459,903) (1,589,820) (881,940)Netcashfrom/(usedin)investingactivities (475,549) (2,380,528) 1,221,059Netcashfrom/(usedin)financingactivities 1,144,021 5,135,612 577,182Netincrease/(decrease)incashandcashequivalents 208,569 1,165,264 916,302Effectofexchangeratechangesoncashandcashequivalents (39,929) (22,299) 16,144Cashandcashequivalentsatthebeginningoftheyear 221,024 389,664 1,532,629Closingcashandcashequivalentsattheendoftheyear 389,664 1,532,629 2,465,073

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alsoreceivedinterestonourtermdepositsofINR6.9millionintheyearendedMarch31,2018,ascomparedtoINR11.8millionintheyearendedMarch31,2017.

DuringtheyearendedMarch31,2017,cashusedininvestingactivitieswasINR2,380.5million,ascomparedtocashusedininvestingactivitiesofINR475.5millionintheyearendedMarch31,2016.DuringtheyearendedMarch31,2017,weinvestedanincrementalINR1,918.6millionintermdepositswithbanks,INR65.1millioninpropertyplantandequipment,andINR408.6millioninsoftwareandtechnology-relateddevelopmentprojects,comparedtoincrementalinvestmentsofINR167.9millionintermdepositswithbanks,INR68.7millioninpropertyplantandequipment,andINR239.1millioninsoftwareandtechnology-relateddevelopmentprojectsduringtheyearendedMarch31,2016.WealsoreceivedinterestonourtermdepositsofINR11.8millionintheyearendedMarch31,2017,ascomparedtoINR7.2millionintheyearendedMarch31,2016.

Net cash from financing activities.

DuringtheyearendedMarch31,2018,cashfromfinancingactivitieswasINR577.2million,primarilyasaresultoftheproceedsofborrowingsofINR1400.2millionandrepaymentofborrowingsofINR613.5million.Further,wemadepaymentsofINR102.9millionasinterestontermloans,bankoverdraftsandvehicleloans.

DuringtheyearendedMarch31,2017,cashfromfinancingactivitieswasINR5,135.6million,primarilyasaresultoftheproceedsfromtheissuanceofsharesinconnectionwiththeBusinessCombinationofINR3,970.2million,issuanceofequitysharesofINR1,675.8millionandrepaymentofborrowingsofINR451.7million.Further,wemadepaymentsofINR47.4millionasinterestontermloans,bankoverdrafts,vehicleloansandourotherfinancecharges.

DuringtheyearendedMarch31,2016,cashgeneratedfromfinancingactivitieswasINR1,144.0million,primarilyasaresultofproceedsfromtheissuanceofconvertiblepreferredsharesofINR846.3million,acquisitionbynon-controllinginterestofINR130.2millionandnewborrowings,netofamountsrepaidduringtheyearofINR217.4million.Further,wemadepaymentsofINR49.9millionasinterestontermloans,bankoverdrafts,vehicleloansandourotherfinancecharges.

CapitalExpenditures

Wehavehistoricallyfinancedourcapitalexpenditurerequirementswithcashflowsfromoperations,aswellasthroughthesaleofourcommonandconvertiblepreferredshares.

WemadecapitalexpendituresofINR1,155.5millionandINR862.6millioninfiscalyears2018and2017,respectively.Inaddition,weexpecttospendanadditionalapproximatelyINR400milliontoINR500milliononcapitalexpendituresduringfiscalyear2019.Ourcapitalexpenditureshaveinprincipleconsistedofpurchasesofservers,workstations,computers,computersoftware,leaseholdimprovementsandotheritemsrelatedtoourtechnologyplatformandinfrastructure,upgradingofourwebsites,creationofintangiblesoftware,andmobileplatforms.

Off-BalanceSheetArrangements

AsofMarch31,2018,YatraIndiahadobtainedINR1,070.2millioninbankguaranteesfromICICIandATBhadalsoobtainedINR64.27millioninbankguaranteesfromStateBankofIndiaandinsuranceofINR220millionfromIFFCOTokioGICinfavoroftheInternationalAirTransportAssociation,againstanypaymentdefaultbyustoallairlinesparticipatingintheInternationalAirTransportAssociation'sbillsettlementplan.Additionally,YatraIndiaandATBhadpledgeddepositstotalingINR26.2millionforthepurposeofprovidingguaranteestovariousHotelsandPackagessuppliers.

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AsofMarch31,2017,YatraIndiahadobtainedINR844.6millioninbankguaranteesfromHDFCBankinfavoroftheInternationalAirTransportAssociation,againstanypaymentdefaultbyustoallairlinesparticipatingintheInternationalAirTransportAssociation'sbillsettlementplan,andYatraUSAhadpledgedcertificatesofdeposittotalingINR19.4million(US$0.3million)forthepurposeofprovidingguaranteestovariousinternationalairlines.Additionally,YatraIndiahadpledgeddepositstotalingINR23.6millionforthepurposeofprovidingguaranteestovariousHotelsandPackagessuppliers.

AsofMarch31,2016,YatraIndiahadobtainedINR785.8millioninbankguaranteesfromHDFCBankinfavoroftheInternationalAirTransportAssociation,againstanypaymentdefaultbyustoallairlinesparticipatingintheInternationalAirTransportAssociation'sbillsettlementplan,andYatraUSAhadpledgedcertificatesofdeposittotalingINR19.9million(US$0.3million)forthepurposeofprovidingguaranteestovariousinternationalairlines.Additionally,YatraIndiahadpledgeddepositstotalingINR24.2millionforthepurposeofprovidingguaranteestovariousHotelsandPackagessuppliers.

InFY2011-12,YatraOnlinePrivateLimited(YatraIndia)issuedwarrantstoBennettColeman&Co.Ltd.(BCCL)whichwereconvertibleintotheequitysharesinYatraIndiauponoccurrenceofcertaineventsviz.(a)anIPOoftheParentoritssubsidiaries(YatraonlineprivateLimited/YatraOnline(Cyprus)Limited)or(b)PriortoaproposedeventresultinginaChangeofControloftheCompanyorUltimateParent,atanytime,withinaperiod,of4(Four)yearsfromJune21,2011,whichwasfurtherextendeduntilSeptember30,2017.BCCLhadarighttoexerciseputoptioninrespectofsuchequitysharesagainstTHCLTravelHoldingLimited("THCL"formerlyknownYatraOnline(Cyprus)Limited).Onconversiontoequity,BCCLhadputoptionthatrequiredYatraCyprustopurchaseallthesharesheldbyBCCLatapricepersharecalculatedasperthetermsoftheagreement.Intheevent,BCCLdidnotexerciseitsputoptionwithintheperiodstipulatedtherein,THCLhadtherighttorequireBCCLtosellalltheabove-statedequitysharesheldinYatratoTHCLatapricepersharecalculatedaspertheWarrantSubscriptionAgreement.

OnMarch31,2017,BCCLhasagreedtowaiveitsrighttoexercisetheWarrantsundertheWarrantSubscriptionAgreementandYatraIndiasettledwithBCCLthroughthepaymentofanaggregatesumofINR390millionunderthetermsofanAdvertisementAgreement,withnofurtherliabilityonYatra.ThiswassubsequentlysettledonJune29,2017.

Apartfromtheforegoing,wedonothaveanyoutstandingoff-balancesheetderivativefinancialinstruments,guarantees,interestrateswaptransactionsorforeigncurrencyforwardcontracts.Wedonotengageintradingactivitiesinvolvingnon-exchangetradedcontracts.

ContractualObligations

OurcontractualobligationsasofMarch31,2018aresummarizedbelow:

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ContractualObligations(AmountinINRthousands) Total Lessthan1Year 1-3Year 3-5Year

Morethan5Year

Capitalexpenditure* 7,745 7,745 — — —Operatingexpenditures** 40,683 40,683 — — —Vehicleloan 46,123 14,310 8,175 23,638 —FinanceLease 8,913 4,921 2,988 1,004 —OperatingLease 284,724 118,351 109,953 45,267 11,153Total 388,188 186,009 121,116 69,909 11,153

* Contractualcommitmentsforcapitalexpenditurerelatetoacquisitionofcomputersoftwareandwebsites,officeequipmentandfurnitureandfixtures.

** Contractualcommitmentsforoperatingexpenditurerelatetoadvertisementservices.

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QuantitativeandQualitativeDisclosuresaboutMarketRisk

Thecompany'sactivitiesareexposedtovarietyoffinancialrisk:creditrisk,foreigncurrencyriskandliquidityrisk.Thecompany'sseniormanagementoverseesthemanagementoftheserisks.Thecompany'sseniormanagementensuresthatthecompany'sfinancialriskactivitiesaregovernedbyappropriatepoliciesandproceduresandthatfinancialrisksareidentified,measuredandmanagedinaccordancewiththecompany'spoliciesandriskobjectives.Thecompanyreviewsandagreesonpoliciesformanagingeachoftheseriskswhicharesummarizedbelow:

Credit Risk. Creditriskistheriskthatacounterpartywillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancialloss.Thecompanyisexposedtocreditriskfromitsoperatingactivities(primarilytradereceivables),includingdepositswithbanksandfinancialinstitutions,foreignexchangetransactionsandotherfinancialinstruments.

Customercreditriskismanagedbyeachbusinessunitsubjecttothecompany'sestablishedpolicy,proceduresandcontrolrelatingtocustomercreditriskmanagement.Creditqualityofacustomerisassessedbasedonanextensivecreditratingscorecardandindividualcreditlimitsaredefinedinaccordancewiththisassessment.SeeNote40toour2018ConsolidatedFinancialStatementsforadditionalinformationrelatingtoourexposuretocreditrisk.

Liquidity Risk. Prudentliquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecurities,theavailabilityoffundingthroughanadequateamountofcommittedcreditfacilitiesandtheabilitytocloseoutmarketpositions.Duetothedynamicnatureoftheunderlyingbusinesses,weaimtomaintainflexibilityinfundingbymaintainingsufficientamountsincertificatesofdepositswithbanksandkeepingcommittedcreditlinesavailable.

TheGroupmanagesliquiditybymaintainingadequatereserves,bankingfacilities,bycontinuouslymonitoringforecastandactualcashflowsandmatchingthematurityprofilesoffinancialassetsandfinancialliabilities.Basedonourpastperformanceandcurrentexpectations,webelievethatthecashandcashequivalentandcashgeneratedfromoperationswillsatisfytheworkingcapitalneeds,fundingofoperationallosses,capitalexpenditure,commitmentsandotherliquidityrequirementsassociatedwithouroperationsthroughatleastthenext12months.Inaddition,therearenotransactions,arrangementsandotherrelationshipswithanyotherpersonthatarereasonablylikelytomateriallyaffecttheavailabilityoftherequirementofcapitalresources.SeeNote40toour2018ConsolidatedFinancialStatementsforadditionalinformationrelatingtoourexposuretoliquidityrisk.

Foreign Currency Risk. Foreigncurrencyriskistheriskthatthefairvalueorfuturecashflowsofanexposurewillfluctuatebecauseofthechangesinforeignexchangerates.TheGroupoperatesthroughsubsidiariesinIndia,SingaporeandUnitedStates.Thefunctionalcurrencyofthesesubsidiariesisthelocalcurrencyintherespectivecountriesandaccordinglytherearenorelatedsignificantforeigncurrencyexposures.TheCompanycurrentlydoesnothaveanyhedgingagreementsorsimilararrangementswithanycounter-partytocoveritsexposuretoanyfluctuationsinforeignexchangerates.TheGroup'sexposuretotheriskofchangesinforeignexchangeratesrelatesprimarilytotheGroup'soperatingtransactionswhicharedenominatedincurrencyotherthansubsidiary'sfunctionalcurrency(foreigncurrencydenominatedreceivablesandpayables).SeeNote40toour2018ConsolidatedFinancialStatementsforsensitivityanalysisrelatingtoourexposuretoforeignrisk.

NewAccountingStandardsandInterpretationsIssuedButNotYetEffectiveasatMarch31,2018

Thenewstandards,interpretationsandamendmentstoStandardsthatareissuedtotheextentrelevanttotheGroup,butnotyeteffective,uptothedateofissuanceoftheGroup'sfinancialstatementsaredisclosedbelow.TheGroupintendstoadopttheseStandards,ifapplicable,whentheybecomeeffective.

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IFRS 9 Financial Instruments

InJuly2014,IASBissuedthefinalversionofIFRS9FinancialInstrumentswhichreflectsallphasesofthefinancialinstrumentsprojectandreplacesIAS39Financial Instruments: Recognition and Measurement andallpreviousversionsofIFRS9.Thestandardintroducesnewrequirementsforclassificationandmeasurement,impairment,andhedgeaccounting.

TheeffectivedateofIFRS9isannualperiodsbeginningonorafterJanuary1,2018,withearlyadoptionpermitted.Retrospectiveapplicationisrequired,butcomparativeinformationisnotcompulsory.TheGroupisrequiredtoadoptthestandardbythefinancialyearcommencingApril1,2018.TheGroupiscurrentlyevaluatingtherequirementsofIFRS9,onitsconsolidatedfinancialstatementsandrelateddisclosures.

IFRS 15 Revenue from Contracts with Customers

InMay2014,IASBissuedIFRS15Revenue from Contract with Customers. Thecoreprincipleofthenewstandardisthatanentityshouldrecognizerevenuetodepictthetransferofpromisedgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.Furtherthenewstandardrequiresenhanceddisclosuresaboutthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromtheentity'scontractswithcustomers.

Theguidancepermitstwomethodsofadoption:retrospectivelytoeachpriorreportingperiodpresented(fullretrospective),orretrospectivelywiththecumulativeeffectofinitiallyapplyingtheguidancerecognizedatthedateofinitialapplication(modifiedretrospective).EffectiveApril1,2018,theCompanywilladoptthenewrevenuerecognitionstandard,IFRS15—RevenuefromContractswithCustomers("IFRS15").TheCompanywilladoptthenewstandardbyusingthemodifiedretrospectiveapproachandaccordinglyourfinancialstatementsfortheyearsendedMarch31,2018and2017willnotberetrospectivelyadjusted.

TheCompanyisstillevaluatingtheimpactofthenewaccountingstandard,includingtheaccountingforcertainmarketingandsalespromotionexpenses,whichisnotlikelytohaveamaterialimpactontheconsolidatedfinancialstatementsoftheCompanyexceptforreclassificationeffectswithintheconsolidatedstatementofprofitorlossandothercomprehensivelossfrommarketingandsalespromotionexpensestoareductioninrevenue.Thispertainstoupfrontcashincentivesandselectloyaltyprogramscostasincurredforcustomerinducementandacquisitionforpromotingtransactionsacrossvariousbookingplatforms.Astheinterpretationofthenewrulescontinuetoevolve,theCompanywillcontinuetomonitorthedevelopmentsandevaluatetheimpactofsuchrulesonconsolidatedfinancialstatementsoftheCompany.

IFRS 16 Leases

InJanuary2016,IASBissuedstandard,IFRS16Leases.IFRS16supersedesIAS17Leases;IFRIC4DeterminingwhetheranArrangementcontainsaLease;SIC-15OperatingLeases—Incentives;andSIC-27EvaluatingtheSubstanceofTransactionsInvolvingtheLegalFormofaLease.Thepreviousaccountingmodelforleasesrequiredlesseesandlessorstoclassifytheirleasesaseitherfinanceleasesoroperatingleasesandaccountforthosetwotypesofleasesdifferently.IFRS16introducesasinglelesseeaccountingmodelandrequiresalesseetorecognizeassetsandliabilitiesforallleaseswithatermofmorethan12months,unlesstheunderlyingassetisoflowvalue.

TheeffectivedateofIFRS16isannualperiodsbeginningonorafterJanuary1,2019.EarlieradoptionoftheStandardispermittedifIFRS15RevenuefromContractswithCustomersisadoptedatorbeforethedateofinitialapplicationofIFRS16.TheGroupisrequiredtoadoptthestandardby

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thefinancialyearcommencingApril1,2019.TheGroupiscurrentlyevaluatingtherequirementsofIFRS16onitsconsolidatedfinancialstatementsandrelateddisclosures.

IFRIC 22 Foreign Currency Transactions and Advance Consideration

InDecember2016,IASBissuedIFRSinterpretationIFRIC22ForeignCurrencyTransactionsandAdvanceConsiderationwhichclarifiesthedateofthetransactionforthepurposeofdeterminingtheexchangeratetouseoninitialrecognitionoftherelatedasset,expenseorincome,whenanentityhasreceivedorpaidadvanceconsiderationinaforeigncurrency.TheeffectivedateforadoptionofIFRIC22isannualreportingperiodsbeginningonorafterJanuary1,2018,thoughearlyadoptionispermitted.TheGroupiscurrentlyevaluatingtheeffectofIFRIC22onitsconsolidatedfinancialstatements.

IFRIC 23 Uncertainty over Income Tax Treatments

InJune2017,IASBissuedIFRICinterpretation23UncertaintyoverIncomeTaxTreatmentswhichistobeappliedwhileperformingthedeterminationoftaxableprofit(orloss),taxbases,unusedtaxlosses,unusedtaxcreditsandtaxrates,whenthereisuncertaintyoverincometaxtreatmentsunderIAS12.AccordingtoIFRIC23,companiesneedtodeterminetheprobabilityoftherelevanttaxauthorityacceptingeachtaxtreatment,orgroupoftaxtreatments,thatthecompanieshaveusedorplantouseintheirincometaxfilingwhichhastobeconsideredtocomputethemostlikelyamountortheexpectedvalueofthetaxtreatmentwhendeterminingtaxableprofit(taxloss),taxbases,unusedtaxlosses,unusedtaxcreditsandtaxrates.

TheeffectivedateforadoptionofIFRIC23isannualperiodsbeginningonorafterJanuary1,2019,thoughearlyadoptionispermitted.TheGroupiscurrentlyevaluatingtheeffectofIFRIC23onitsconsolidatedfinancialstatements.

CertainNon-IFRSMeasures

Ascertainpartsofourrevenuearerecognizedona"net"basisandotherpartsofourrevenuearerecognizedona"gross"basis,weevaluateourfinancialperformancebasedonRevenueLessServiceCost,whichisanon-IFRSmeasure.WebelievethatRevenueLessServiceCostprovidesinvestorswithusefulsupplementalinformationaboutthefinancialperformanceofourbusinessandmoreaccuratelyreflectsthevalueadditionofthetravelservicesthatweprovidetoourcustomers.Thepresentationofthisnon-IFRSinformationisnotmeanttobeconsideredinisolationorasasubstituteforourconsolidatedfinancialresultspreparedinaccordancewithIFRSasissuedbytheIASB.OurRevenueLessServiceCostmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompaniesduetopotentialdifferencesinthemethodofcalculation.

Thefollowingtablereconcilesourrevenue,whichisanIFRSmeasure,toRevenueLessServiceCost,whichisanon-IFRSmeasure:

InadditiontoreferringtoRevenueLessServiceCost,wealsorefertoAdjustedEBITDA(Loss),AdjustedResultsfromOperations,AdjustedLossforthePeriodandAdjustedBasicandDilutedLossPerSharewhicharealsonon-IFRSmeasures.Weusefinancialstatementsthatexcludeemployeeshare-basedcompensationcost,depreciationandamortization,listingandrelatedexpensesandchange

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FiscalYearEndedMarch31,

AirTicketing HotelsandPackages Other Total

AmountinINRthousandsexcept%

2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 Revenue 2,876,688 3,656,976 5,012,931 5,225,136 5,326,414 6,628,236 243,410 373,422 607,346 8,345,234 9,356,812 12,248,513Servicecost — — — (4,164,352) (4,179,486) (4,930,757) — — — (4,164,352) (4,179,486) (4,930,757)RevenueLessServiceCost 2,876,688 3,656,976 5,012,931 1,060,784 1,146,928 1,697,479 243,410 373,422 607,346 4,180,882 5,177,326 7,317,756

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infairvalueofwarrantsforourinternalmanagementreporting,budgetinganddecisionmakingpurposes,includingcomparingouroperatingresultstothatofourcompetitors.

Ournon-IFRSfinancialmeasuresreflectadjustmentsbasedonthefollowing:

• Employee share-based compensation cost: ThecompensationcosttoberecordedisdependentonvaryingavailablevaluationmethodologiesandsubjectiveassumptionsthatcompaniescanusewhilevaluingtheseexpensesespeciallywhenadoptingIFRS2"Share-based Payment ".Thus,ourmanagementbelievesthatprovidingnon-IFRSfinancialmeasuresthatexcludesuchexpensesallowsinvestorstomakeadditionalcomparisonsbetweenouroperatingresultsandthoseofothercompanies.

• Listing and related expenses: Theseprimarilyreflectthelistingexpensesincurred,arenon-recurringexpensesincurredonconsummationofbusinesscombinationagreement.

• Change in fair value of warrants: ConsequenttoconsummationoftheBusinessCombination,theCompanyissued34.67millionwarrantshavingrighttosubscribeto17.33millionordinarysharesofYatraOnline,Inc.andthewarrantsissuedtotheSiliconValleyBankandMacquarieCorporateHoldingsPTYLimited.Theaccountingguidancerequiresthatwerecordanychangeinthefairvalueofwarrantsinconsolidatedstatementofprofitorlossandothercomprehensiveloss.Wehaveexcludedtheeffectoftheimpliedfairvaluechangesincalculatingournon-IFRSfinancialmeasures.

• Contingent consideration: Thecontingentconsiderationrelatestothepaymenttobemadeunderbusinesscombinationagreement,basedonthecertainperformanceconditionsoftheacquiredbusiness.ThisisdueforfinalmeasurementandfinalpaymenttotheformershareholdersofATB.

Weevaluatetheperformanceofourbusinessafterexcludingtheimpactofabovemeasuresandthusbelieveitisusefultounderstandtheeffectsoftheseitemsonourresultsfromoperations,lossfortheperiodandbasicanddilutedlosspershare.Thepresentationofthesenon-IFRSmeasuresisnotmeanttobeconsideredinisolationorasasubstituteforourconsolidatedfinancialresultspreparedinaccordancewithIFRSasissuedbytheIASB.Thesenon-IFRSmeasuresmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompaniesduetopotentialdifferencesinthemethodofcalculation.

AlimitationofusingAdjustedEBITDA(Loss),AdjustedResultsfromOperations,AdjustedLossforthePeriodandAdjustedBasicandDilutedLossPerShareasagainstusingthemeasuresinaccordancewithIFRSasissuedbytheIASBarethatthesenon-IFRSfinancialmeasuresexcludeshare-basedcompensationcost,non-recurringlistingandrelatedexpense,changeinfairvalueofwarrantsandremeasurementofcontingentconsideration.ManagementcompensatesforthislimitationbyprovidingspecificinformationontheIFRSamountsexcludedfromAdjustedResultsfromOperationsandAdjustedLossforthePeriod.

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ThefollowingtablereconcilesourProfit/(loss)(anIFRSmeasure)toAdjustedEBITDA(Loss)(anon-IFRSmeasure)fortheperiodsindicated:

Thefollowingtablereconcilesourresultsfromoperations(anIFRSmeasure)toAdjustedResultsfromOperations(anon-IFRSmeasure)fortheperiodsindicated:

Thefollowingtablereconcilesprofit/(loss)fortheperiod(anIFRSmeasure)toAdjustedLossforthePeriod(anon-IFRSmeasure)fortheperiodsindicated:

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FiscalYearEndedMarch31, ReconciliationofAdjustedEBITDA(Loss)(AmountinINRthousands) 2016 2017 2018 LossfortheperiodasperIFRS (1,243,303) (5,936,963) (4,051,976)Employeeshare-basedcompensationcosts 19,370 586,932 729,920Depreciation&Amortizationofintangibleassets 233,703 275,587 425,600Shareoflossofjointventure 11,802 9,441 10,559Financeincome (95,072) (139,158) (91,912)Financecosts 111,973 149,863 153,056Changeinfairvalueofwarrants 3,167 (230,111) 563,253Listingandrelatedexpense — 4,242,526 —Remeasurementofcontingentconsideration — — 294,344Income-Tax 6,515 40,987 56,887AdjustedEBITDA(Loss) (951,845) (1,000,896) (1,910,269)

FiscalYearEndedMarch31,

ReconciliationofAdjustedResultsfromOperations(unaudited)(AmountinINRthousands)

2016 2017 2018 Resultsfromoperations(asperIFRS)* (1,204,918) (1,863,415) (3,360,133)Employeeshare-basedcompensationcosts 19,370 586,932 729,920Remeasurementofcontingentconsideration — — 294,344AdjustedResultsfromOperations (1,185,548) (1,276,483) (2,335,869)

* Doesnotinclude"Listingandrelatedexpense"and"Shareoflossofjointventure."

FiscalYearEndedMarch31,

ReconciliationofAdjustedLoss(unaudited)(AmountinINRthousands)

2016 2017 2018 Lossfortheperiod(asperIFRS) (1,243,303) (5,936,963) (4,051,976)Employeeshare-basedcompensationcosts 19,370 586,932 729,920Listingandrelatedexpense — 4,242,526 —Netchangeinfairvalueofwarrants 3,167 (230,111) 563,253Remeasurementofcontingentconsideration — — 294,344AdjustedLossforthePeriod (1,220,766) (1,337,616) (2,464,459)

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Thefollowingtablereconcilesbasicanddilutedearnings/(loss)pershare(anIFRSmeasure)toAdjustedBasicandDilutedLossPerShare(anon-IFRSmeasure)fortheperiodsindicated:

SafeHarbor

ThisAnnualReportcontainsforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActandSection21EoftheExchangeActandasdefinedinthePrivateSecuritiesLitigationReformActof1995.See"SpecialNoteRegardingForward-LookingStatements."

ITEM6.DIRECTORS,SENIORMANAGEMENTANDEMPLOYEES

A. DirectorsandSeniorManagement

Thefollowingtablesetsforthinformationofourexecutiveofficersanddirectors,andtheiragesasofMarch31,2018.Unlessotherwisestated,theaddressforourdirectorsandofficersis1101-03,11thFloor,Tower-B,UnitechCyberPark,Sector39,Gurgaon,Haryana122002,India.

Executive Officers

DhruvShringi.Mr.Shringiisourco-founderandhasservedasourChiefExecutiveOfficersinceJune2008andasamemberofourboardofdirectorssinceDecember2005.Priortojoiningourcompany,Mr.ShringiwasDirectorofGroupOperationsandTechnologyoftheEbookersGroupinLondonfromOctober2003toJune2005.FromFebruary2002toSeptember2003,Mr.Shringiserved

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FiscalYearEndedMarch31,

ReconciliationofAdjustedBasicandDilutedLoss(PerShare)(unaudited)(AmountinINRthousands)

2016 2017 2018 BasicandDilutedLosspershare(asperIFRS) (58.10) (237.89) (116.41)Employeeshare-basedcompensationcosts 0.91 23.52 20.91Listingandrelatedexpense — 170.00 —Netchangeinfairvalueofwarrants 0.15 (9.22) 16.42Remeasurementofcontingentconsideration — — 8.43AdjustedBasicandDilutedLossPerShare (57.04) (53.59) (70.66)

Name Age PositionDhruvShringi 44 ChiefExecutiveOfficerandClassIIIDirectorAlokVaish 48 ChiefFinancialOfficerManishAmin 52 ChiefInformationOfficerSharatDhall 49 ChiefOperatingOfficer,B2CHimanshuVerma 43 ChiefTechnologyOfficerAkashPoddar 50 ChiefOperatingOfficer,B2BSatvinderSodhi 41 ChiefOperatingOfficer,CorporateTravel,andHeadofIndustryRelationsSeanAggarwal(1) 52 Non-ExecutiveClassIDirectorSanjayArora(1)(2)(3) 50 Non-ExecutiveClassIIDirectorMurlidharaLakshmikanthaKadaba(1)(2)(3) 56 Non-ExecutiveClassIIDirectorSudhirKumarSethi(2)(3) 60 ChairmanoftheBoardandNon-ExecutiveClassIIIDirector

(1) Memberoftheauditcommittee.

(2) Memberofthecompensationcommittee.

(3) Memberofnominatingandcorporategovernancecommittee.

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intheStrategyandBusinessDevelopmentteamatFordMotorCompanyintheUK,andfromMay1994toOctober2000,heworkedintheAudit&BusinessConsultingteamofArthurAndersonintheirofficesinIndiaandLondon.HeholdsaB.Com(Hons.)degreefromDelhiUniversity,aMasterofBusinessAdministrationdegreefromINSEADandisalsoaqualifiedcharteredaccountant.WebelieveMr.ShringiisqualifiedtoserveonourboardofdirectorsbecauseofhisextensiveknowledgeofthetravelindustryandhisexperienceasourChiefExecutiveOfficer.

AlokVaish.Mr.VaishhasservedasourChiefFinancialOfficersinceDecember2007.Priortojoiningourcompany,Mr.VaishwastheChiefFinancialOfficerofHSILLimitedfromApril2005toNovember2007.Priortothat,heworkedasVicePresidentinAmbitCorporateFinancePte.fromSeptember2004toMarch2005.FromJuly1997toSeptember2004heworkedintheMergersandAcquisitionsDepartmentoftheInvestmentBankingGroupofDeutscheBank,NewYork.Mr.VaishholdsaMasterofBusinessAdministrationdegreefromTheDardenSchoolofBusiness,UniversityofVirginiaandalsoholdsB.Com(Hons.)fromDelhiUniversity.HeisalsoanationalmeritrankholderCharteredAccountant.

ManishAmin.Mr.Aminisourco-founderandhasservedasourChiefInformationOfficersinceJanuary2006.HealsoservesasadirectorofAirTravelBureauLimited,YatraHotelSolutionsPrivateLimitedandMiddleEastTravelManagementCompanyPvt.Ltd.,whicharesubsidiariesofYatraIndia,andAdventureandNatureNetworkPrivateLimited,whichisajointventureofYatraIndia.Priortojoiningourcompany,Mr.AminworkedatEbookersfromJune1990toNovember2005wherehislastrolewasHeadofTechnologyInfrastructure.HeholdsaBTECHigherNationalDiplomafromSouthThamesCollege,London.

SharatDhall.Mr.DhallhasservedasourPresident(B2C)sinceMay2011.HeisalsothedirectorofoursubsidiariesYatraTGStaysPrivateLimitedandAdventureandNatureNetworkPrivateLimited.Priortojoiningourcompany,Mr.DhallwastheManagingDirectorofTripAdvisorIndiafromMay2008toApril2011,andtheManagingDirectorofExpediaIndiafromMay2007toApril2008.Priortothat,heworkedinsalesandmarketingatHindustanUnileverfrom1996to2005andasDirector,ecommerce,atIndiatimes.comfromOctober2005toApril2007.Mr.DhallholdsaMasterofManagementStudiesdegreefromB.I.T.S.PilaniandaMasterofBusinessAdministrationdegreefromX.L.R.I.Jamshedpur.

HimanshuVerma.Mr.VermahasservedasourChiefTechnologyOfficersinceApril2015.Priortojoiningourcompany,Mr.VermaworkedatFlipkartasDirectorofEngineeringfromApril2012toMarch2015andatYahoo!Inc.asDirectorofEngineeringfromNovember2006toApril2012.

AkashPoddar.Mr.PoddarhasservedasourChiefOperatingOfficer—B2BbusinesssinceSeptember2010.HealsoservesasadirectorofTSIYatraPrivateLimited,whichisasubsidiaryofYatraIndia.Priortojoiningourcompany,Mr.PoddarservedasCOOatTravelBoutiqueOnlinefromDecember2007toAugust2010.Priortothat,heworkedatIndoramaSyntheticlimitedasGeneralManager,SalesfromJanuary1999toAugust2005.HeholdsaBachelorofArtsinEconomicsfromSt.Stephen'sCollege,DelhiUniversityandaMasterofBusinessAdministrationdegreefromtheAmericanGraduateSchoolofInternationalManagement,Thunderbird,Glendale,Arizona.

SatvinderSodhi.Mr.SodhihasservedasourChiefOperatingOfficersinceNovember1,2010.HealsoservesasadirectorofYatraTGStaysPrivateLimitedandAirTravelBureauLimited,whicharesubsidiariesofYatraIndia.Priortojoiningourcompany,Mr.SodhiservedasSr.VicePresident—SBUNorthandSouthandHeadSalesatKuoniIndiafromSeptember2002toAugust2010,asAccountManagerforGEIndiaatCarlsonWagonlitTravelfromDecember1992toAugust2002andasTeamleaderOperationsatPLWorldwaysfromApril1996toNovember1996.HeholdsaB.ComdegreefromDelhiUniversity.HealsohasaDiplomainHotelandTourismManagementfromSkylineCollegeSharjah(UAE).

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Non-Executive Directors

MurlidharaLakshmikanthaKadaba.Mr.Kadabahasservedasanon-executivememberofourboardofdirectorssinceNovember2016.Mr.KadabaistheChairmanandManagingDirectorofMoonbeamCapital,aproprietaryventurecapitalfirmfocusedonluxury,realestateande-commerceventures.Mr.Kadabahasover25yearsofbankingexperience,withprovenexpertiseingeneralmanagement,marketingandproductdevelopmentacrossconsumerbanking,wealthmanagement,consumerlendingandpaymentproducts.Beforebecominganentrepreneur,heservedastheGroupPresidentandChiefExecutiveOfficerofFinancialServicesatReliancePaymentsSolutionsLimited.Priortothis,Mr.KadabaworkedforAmericanExpressforeightyearswherehewasthecountrymanagerforIndiaandareacountries.HewasresponsibleforlaunchingAmex'sConsumerbankingfranchiseandseveralcreditcardsinIndia.Earlier,Mr.KadabawasVPandHeadofInvestmentProductsatCitibank-India.Mr.KadabahasservedontheboardsofAmchamandFinancialPlanningStandardsBoard.HeisamemberoftheAdvisoryBoardofIndianInstituteofLearningManagement(IILM),isanactivememberofYPOandachartermemberofTIE.Amongstothers,Mr.KadabaiscurrentlyservingasaBoardMemberofBigTree(bookmyshow.com),YatraOnlinePrivateLimitedandTV18HomeShoppingNetworkLimited.Mr.KadabaisanalumnusofXavierSchoolofManagement,JamshedpurandisagraduateinMechanicalEngineeringfromSriJayachamarajendra,Mysore.Mr.Kadabaiswellqualifiedtoserveasadirectorgiventhebreadthanddepthofhisexperienceaswellashiscapitalmarketsexpertise.

SanjayArora.Mr.Arorahasservedasanon-executivememberofourboardofdirectorssinceDecember2016.Mr.AroracurrentlyservesasaManagingDirectorofATLPartners(ATL),aprivateequityfirmbasedinNewYorkwhichfocusesonaerospace,transportationandlogistics.PriortojoiningATL,Mr.AroraworkedatTerrapinPartners,LLC(TerrapinPartners)from2007to2017,wherehefocusedonthefirm'sprincipalinvestmentactivities.From2014to2016,Mr.AroraservedastheCEOofTerrapin3(nowknownasYatraUSACorp.),which,pursuanttotheBusinessCombination,becameourpartiallyownedsubsidiaryinDecember2016.Inaddition,from2012to2017,Mr.ArorawastheportfoliomanageroftheTerrapinIncomeandCreditOpportunitiesFund,whichspecializedinmakingdirectloanstosmallbusinesses.PriortojoiningTerrapinPartners,Mr.ArorawasamanagingdirectoratDeutscheBankAGinHongKong,whereheranthefirm'sequity-linkedoriginationbusinessforAsia-Pacificfrom2003to2005.Priortothis,from1989to2003,Mr.Aroraheldavarietyofpositionsinleveragedfinance,derivatives,andequitycapitalmarketsatBankersTrustandDeutscheBank.Mr.ArorareceivedaMasterofBusinessAdministrationdegreeinfinancefromtheUniversityofChicagoandaBScineconomicsfromTheLondonSchoolofEconomics.Mr.Aroraiswellqualifiedtoserveasdirectorduetohisexperienceincapitalmarketsandportfoliomanagement.

SudhirKumarSethi.Mr.Sethihasservedasanon-executivememberofourboardofdirectorssinceMarch2014.HeisfounderandchairmanofIDGVenturesIndiaAdvisors,inwhichrolehehasadvisedoninvestmentsinnumerouscompaniestheacrossdigitalconsumer,enterprisesoftwareandhealthcaresectorssince1998.InadditiontoleadingIDGVenturesIndiaAdvisors,Mr.SethiservesontheAsiaAdvisoryBoardofEMPEA(EmergingMarketsPrivateEquityAssociation)andasAdvisorontheTechnologyInnovationandProductivityCounciloftheGMRGroup.HealsoservedontheExecutiveCommitteeofIndianVentureCapitalAssociation(IVCA),InvestmentCommitteeofUTIVentures,ontheBoardofAscentCapital,AdvisoryBoardofWestbridgeCapitalandontheBoardofAdvisorsatN.S.RaghavanCentreforEntrepreneurship,IIMBangalore.Hecurrentlyservesontheboardofdirectorsofseveralcompanies,includingPerfintHealthcare,NewgenSoftwareandFirstCryandpreviouslyservedontheboardofdirectorsofMyntra,whichwasacquiredbyFlipkart,andManthanSystems.Mr.SethiaB.TechdegreeinengineeringfromIETE,DelhiandaMasterofBusinessAdministrationdegreefromFacultyofManagementStudiesUniversity,Delhi.Mr.Sethiiswellqualifiedtoserveasadirectorduetohisextensiveinvestmentexperienceandhisrolesservingontheboardofdirectorsofothercompanies.

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SeanAggarwal.Mr.Aggarwalhasservedasanon-executivememberofourboardofdirectorssinceMarch2018.HeisacurrentboardmemberofLyft,Inc.andtheformerCFOofTrulia,whichhehelpedtakepublicin2012andorchestrateditssaletoZillowGroupIncin2015.PriortoTrulia,Mr.AggarwalheldfinancepositionsatPaypalHoldingsInc,eBayInc.,Amazon.com,Inc.,PepsiCo,Inc.andMerrillLynchCapitalMarkets.Mr.AggarwalholdsanMBAfromNorthwesternUniversity'sKelloggSchoolofManagement.Mr.Aggarwaliswellqualifiedtoserveasadirectorduetohisexperienceincapitalmarketsandhisroleservingontheboardofdirectorsofanothertechonologycompany.

B. Compensation

Non-Executive Director Compensation

Wepaythereasonablecostsandexpensesincurredinconnectionwithattendingmeetingsofourboardofdirectorsandourcommittees.Infiscalyears2015and2016,wepaidnocashcompensationtoournon-executivedirectors.StartinginJanuary2017,wepaya$15,000annualbasedirector'sfeetoeachofournon-executivedirectorswhoareontheBoardoftheCompany.Ournon-executivedirectorswhoserveonourauditcommittee,compensationcommittee,andnominatingandcorporategovernancecommitteewillreceiveanadditionalcashretainerof$10,000peryearforamembershipineachoftheabovecommittees.Wedonothaveservicecontractswithanyofournon-executivedirectorsthatprovideforbenefitsupontermination.Acertainnon-executivedirectorwasalsograntedoptionstopurchase140,000ordinarysharesoftheCompanypursuanttothe2016StockOptionandIncentivePlan.

DuringthefinancialyearendedMarch31,2018,wehavepaid$161,000toournon-executivedirectorstowardstheirdirectorfeesandcashretainersforthecalendaryearendingDecember2017.

Executive Director and Other Senior Management Compensation

Theaggregatecompensation,includingbenefitsinkind,paidtoourexecutivedirectorandseniormanagementfortheyearended2018,includingbenefitsinkindbutexcludinganyequitycompensation,wasINR130.1million.Wehavenotsetasideoraccruedanyamountstoprovidepension,retirementorsimilarbenefitsforourexecutivedirectorsorotherseniormanagement.Wehaveemploymentagreementswithourseniormanagementandexecutivedirectorsthatprovideforbenefitsupontermination.Wehavealsograntedshareoptionstoourexecutivedirectors.Foroptiongrantstoseniormanagement,see"—ShareOptionsandRestrictedStockAwards"below.

Share Options and Restricted Stock Awards

ThetwoequityincentiveplansdescribedinthissectionaretheYatraOnline,Inc.2006IndiaSharePlan(the"2006Plan"),andthe2016StockOptionandIncentivePlan(the"2016Plan").AspartoftheBusinessCombination,wehavegranted2millionrestrictedstockawards(RSAs)tocertainemployeesoftheCompany,outofwhich74,458RSAsvestedthroughDecember16,2016(theseRSAsaresubjecttoarepurchaserightonproportionalbasisoveraperiodof2yearsfromthedateoftheawardatanominalamount).DuringthefiscalyearendingMarch31,2018,theCompanyhasmodifiedthevestingconditionsuchthatone-quarteroftheremainingunvestedRSAsvestedonJune30,2017andtheremainingrestthree-fourthsoftheRSAwillthereaftervestinsixequalquarterlyinstallments,thefinalinstallmenttovestonDecember15,2018.Inconnectionwiththischange,theseawardsbecameRestrictedStockUnits("RSUs").

TheCompanyalsogranted92,179RSUstocertainindividuals,includingtheemployeesoftheCompany,onFebruary2,2017.TheseRSUsvestoveratwo-yearperiodinequalquarterlyinstallments,beginningMay31,2017.

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TheCompanyalsogranted7,277RSUstocertainemployeesoftheCompanyonMay15,2017.TheseRSUsvestinequalquarterlyinstallmentsoverfouryears,beginningonSeptember30,2017andfinishingonJune30,2021.

TheCompanyalsogranted20,000RSUstoanemployeeoftheCompanyonNovember14,2017.TheseRSUsvestoveraperiodoffouryears,withone-tenthvestingonFebruary1,2018equivalentandtheremainingRSUsvestingthereafterinquarterlyinstallmentsofone-twelvthoftheinitialgrant.

TheCompanyalsogranted203,194stockoptionstocertainemployeesoftheCompanyonNovember14,2017.Thesestockoptionsvestoverafour-yearperiodinequalquarterlyinstallments,beginningonFebruary1,2018andfinishingonNovember1,2021.

TheCompanyalsogranted480,000RSUstocertainemployeesoftheCompanyonJanuary30,2018.TheseRSUsvestoveraperiodofoneyearinequalquarterlyinstallments,beginningononApril1,2018.

TheCompanyalsogranted140,000stockoptionstoanon-executivedirectoroftheCompanyonFebruary21,2018.Thesestockoptionsvestovertwoyearsinequalmonthlyinstallments,beginningonMarch1,2018andfinishingonFebruary1,2020.

TheCompanyalsogranted5,000RSUstoanemployeeoftheCompanyonMarch23,2018.One-quarteroftheseRSUsvestedonApril1,2018andtheremainingRSUsvestquarterlyininstallmentsofone-twelfthofthetotalRSUs,beginningonJuly1,2018andfinishingonApril1,2021.

2006 Plan

Ourboardofdirectorsadoptedthe2006Plantoattractandretainappropriatepersonnelinouremployment,toincentiveouremployeesandconsultantsandtopromotethesuccessofourbusiness.

The2006Planisadministeredbythecompensationcommitteeofourboardofdirectors.Amongotherthings,ourcompensationcommitteedeterminesthetermsandconditionsofeachoptiongrant,including,butnotlimitedto,thenumberofoptions,exerciseprice,vestingperiod,exerciseperiod,thefairmarketvalueofordinaryshares,forfeitureprovisions,adjustmentstobemadetothenumberofoptionsandexercisepriceintheeventofachangeincapitalstructureorothercorporateaction,andsatisfactionofanyperformanceconditions.

Wemaygrantawardstoanyofouremployees,consultantsordirectors.Theplanadministratordeterminestheindividualseligibletoparticipateinthe2006Planinaccordancewithcriterialaiddownbyourboardofdirectorsfromtimetotime.Underthe2006Plan,wehavegranted1,114,641optionstopurchaseourordinaryshares.

Upontheoccurrenceofachangeofcontrolofourcompany,the2006Planprovidesthateachoutstandingoptionorsharepurchaserightwillbeassumed,oranequivalentoptionorrightwillbesubstitutedbythesuccessorcorporationoraparentorsubsidiaryofsuchsuccessorcorporation,unlessthesuccessorcorporationdoesnotagreetoassumetheawardortosubstituteanequivalentoptionorright,inwhichcasesuchoptionorsharepurchaserightwillterminateupontheconsummationofthechangeofcontroltransaction.

Ourboardofdirectorsmayatanytimeamend,alter,suspendordiscontinuethe2006Plan,butnoamendment,alteration,suspensionordiscontinuation,otherthancertainadjustmentsuponchangesinourcapitalizationorinconnectionwithachangeofcontrolofourcompany,maybemadethatwouldmateriallyandadverselyaffecttherightsofanyoptioneeorholderofsharepurchaserightsunderanyoutstandinggrant,withouttherecipient'sconsent

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2016 Plan

OnDecember13,2016,ourboardofdirectorsapprovedthe2016PlanandonDecember15,2016,ourshareholdersapprovedthe2016Plan.The2016Planenablesourcompanytomakeequitybasedawardstoitsofficers,employees,non-employeedirectorsandconsultants.The2016Planprovidesforthegrantofincentiveshareoptions,non-qualifiedshareoptions,shareappreciationrights,restrictedshareawards,restrictedshareunits,unrestrictedshareawards,cash-basedawards,performanceshareawardsanddividendequivalentrights.AsofMarch31,2018,wehavereservedforissuance6,439,760authorizedbutunissuedordinarysharesunderthe2016Plan,whichsharesaresubjecttoanannualincreaseonJanuary1ofeachyearequaltothreepercentofthenumberofsharesissuedandoutstandingontheimmediatelyprecedingDecember31orsuchlessernumberofsharesasdeterminedbytheadministratorofthe2016Plan.The2016Planlimitsthenumberorvalueofsharesthatmaybegrantedtoanyparticipantinanyonecalendaryear,amongotherlimits.

Cash Incentive Bonus Plan

OnDecember13,2016,ourboardofdirectorsadoptedtheSeniorExecutiveCashIncentiveBonusPlan,ortheBonusPlan.TheBonusPlanprovidesforcashbonuspaymentsbasedupontheattainmentofperformancetargetsestablishedbythecompensationcommittee.Thepaymenttargetswillberelatedtofinancialandoperationalmeasuresorobjectiveswithrespecttoourcompany,whichwerefertoascorporateperformancegoals,aswellasindividualperformanceobjectives.

Thecompensationcommitteemayselectcorporateperformancegoalsfromamongthefollowing:totalshareholderreturn;grossbookingvalue;RevenueLessServiceCost;EBITDA;sharecompensationexpense;netincome(loss)(eitherbeforeorafterinterest,taxes,depreciationand/oramortization);changesinthemarketpriceofourordinaryshares;economicvalueadded;fundsfromoperationsorsimilarmeasure;sales,revenueormarketshare;acquisitionsorstrategictransactions;operatingincome(loss);cashflow(including,butnotlimitedto,operatingcashflowandfreecashflow);returnoncapital,assets,equityorinvestment;returnonsales,grossornetprofitlevels;productivity;expensemargins;operatingefficiency;customersatisfaction;workingcapital;earnings(loss)pershare;andthenumberofcustomers,anyofwhichmaybemeasuredeitherinabsolutetermsorascomparedtoanyincrementalincreaseorascomparedtoresultsofapeergroup.

EachexecutiveofficerwhoisselectedtoparticipateintheBonusPlanwillhaveatargetbonusopportunitysetforeachperformanceperiod.TheBonusPlanalsopermitsthecompensationcommitteetoapproveadditionalbonusestoexecutiveofficersinitssolediscretion.

AsofMarch31,2018,nocashincentivebonushasbeengranted.

InadditiontotheBonusPlandescribedabove,eachofourexecutiveofficersisalsoentitledtoreceiveaperformance-linkedbonus,orPLB,aspartofhisremuneration,basedontheattainmentofcertainspecificperformancegoals.WehavehistoricallypaidaPLBtoourexecutiveofficersandcertainotheremployees.

OutstandingOptions

DuringthefiscalyearendingMarch31,2018,wegranted140,000stockoptions(nooptionsweregrantedforthediscalyearsendingMarch31,2017andMarch31,2016)toourdirectorsandexecutive

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officers.AsofMarch31,2018,634,264outstandingoptionswereheldbyourdirectorsandexecutiveofficersassetforthinthefollowingtable.

OutstandingRSAsandRSUs

DuringthefiscalyearendingMarch31,2018,42,008RSAsand1,812,909RSUsweregranted,pursuanttotheBusinessCombinationagreement,toourdirectorsandexecutiveofficers,ofwhich42,008RSAsand823,201RSUsfullyvestedasofMarch31,2018.TheoutstandingRSAsandRSUsgrantedtoourdirectorsandexecutiveofficersasofMarch31,2018areassetforthinthefollowingtable:

DuringtheyearendedMarch31,2018,504,796RSUsweregrantedunderour2016plantoourdirectorsandexecutiveofficers,ofwhich20,000fullyvestedasofMarch31,2018.TheoutstandingRSUstoourdirectorsandexecutiveofficersasofMarch31,2018areassetforthinthefollowingtable:

EmployeeBenefitPlans

Wemaintainemployeebenefitplansintheformofcertainstatutoryandincentiveplanscoveringsubstantiallyallofouremployees.Forfiscalyears2016,2017and2018,theaggregateamountsetasideoraccruedbyustoprovideforpensionorretirementbenefitsforallofouremployees(includingourdirectorsandexecutiveofficers),whichamountconsistsoftheProvidentFundandgratuitydisclosedbelow,wasINR81.8million,INR92.5millionandINR131.6million,respectively.

Provident Fund

InaccordancewithIndianlaw,allofouremployeesinIndiaareentitledtoreceivebenefitsundertheEmployees'ProvidentFundScheme,1952,asamended,aretirementbenefitschemeunderwhichanamountequalto12%ofthebasicsalaryofanemployeeiscontributedbothbytheemployerandtheemployeeinagovernmentfund.WemakeamonthlydeposittoagovernmentfundandhavecontributedanaggregateofINR71.3million,INR77.8millionandINR105.0millioninfiscalyears2016,2017and2018,respectively.

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SharesUnderlyingOutstandingOptions ExercisePrice GrantDate ExpiryDate

181,593 $ 3.91 April21,2010 April18,202043,324 $ 5.42 June12,2012 June10,202263,603 $ 5.42 March20,2011 March17,2021339,911 $ 4.34 August1,2014 July24,20295,833 $ 7.81 February21,2018 February20,2022

TotalRSAsGrantedinFiscalYear2018

SharesUnderlyingOutstandingRSAs ExercisePrice

42,008 — —

TotalRSUsGrantedinFiscalYear2018

SharesUnderlyingOutstandingRSUs ExercisePrice

1,812,909 989,708 —

TotalRSUsGrantedinFiscalYear2018

SharesUnderlyingOutstandingRSUs ExercisePrice

504,796 484,796 —

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Gratuity

InaccordancewithIndianlaw,wepaygratuitytooureligibleemployeesinIndia.Underourgratuityplan,anemployeeisentitledtoreceiveagratuitypaymentontheterminationofhisorheremploymentiftheemployeehasrenderedcontinuousservicetoourcompanyfornotlessthanfiveyears,oriftheterminationofemploymentisduetodeathordisability.Theamountofgratuitypayabletoaneligibleemployeeisequalto15days'salaryforeveryyearofemployment(oranyportionofayearexceedingsixmonths),andcurrentlyasperthePaymentofGratuityActof1972,themaximumamountofgratuitypayableisINR2million.WehavepaidgratuitytoouremployeesintheaggregateamountofINR10.5million,INR14.7millionandINR26.6millioninfiscalyears2016,2017and2018,respectively.

EmploymentAgreementswithExecutiveOfficers

Wehaveenteredintoemploymentagreementswithcertainofourkeyemployees.

Mr.ShringienteredintoanemploymentagreementwithusonJanuary1,2006.Theagreementcontainscustomaryprovisionsregardingnon-competition,non-solicitation,confidentialityofinformationandassignmentofinventions.WeandMr.Shringiareeachobligatedtoprovidetheotherpartywiththreemonths'writtennoticetoterminatetheemploymentrelationship.Alternatively,inlieuofprovidingthreemonths'notice,wemayelecttopayMr.Shringialumpsumequaltohisbasesalaryforthenoticeperiod.SuchnoticeperiodandterminationbenefitsdonotapplyintheeventthatMr.Shringiisterminatedbyusforanyoneofthereasonsenumeratedintheagreement.

Messrs.Vaish,Amin,Dhall,Verma,PoddarandSodhihavealsoenteredintoemploymentagreementswithus,whichagreementscontaincustomaryprovisionsregardingnon-competition,non-solicitation,confidentialityofinformationandassignmentofinventions.Weandeachoftheseexecutivesareobligatedtoprovidetheotherpartywiththreemonths'writtennoticetoterminatetheemploymentrelationship.Alternatively,inlieuofprovidingthreemonths'notice,wemayelecttopaytheexecutivealumpsumequaltohisbasesalaryforthenoticeperiod.Suchnoticeperiodandterminationbenefitsdonotapplyintheeventthatsuchexecutiveisterminatedbyusforanyoneofthereasonsenumeratedintheagreement.

C.BoardPractices

BoardofDirectors

Ourboardofdirectorsiscomprisedoffivedirectors,atleastamajorityofwhomqualifyas"independent"directorsunderthelistingstandardsforindependenceofNASDAQandRule10A-3undertheExchangeAct.Ourboardofdirectorshasdeterminedthatthefollowingdirectorsareindependent:SanjayArora,MurlidharaLakshmikanthaKadaba,SudhirKumarSethiandSeanAggarwal.UponconsummationoftheBusinessCombination,Mr.ArorawasdesignatedtoserveasamemberofourboardofdirectorsbytheTerrapinSponsors.Mr.SethiwasnominatedbyIDGVenturesIndiaFundIILLCandsubsequentlyselectedtoourboardofdirectors.

OurArticlesofAssociationprovideforaboardofdirectorsconsistingofnolessthanonedirector,withalldirectorsdividedintothreeclasseswithstaggeredthree-yearterms.Ateachannualgeneralmeetingofourshareholders,theelectionorre-electionofdirectorsfollowingtheexpirationofthetermofofficeofthedirectorsofthatclassofdirectorswillbeforatermofofficethatexpiresonthethirdannualgeneralmeetingfollowingsuchelectionorre-election.Eachdirectorsoelectedwillholdofficeuntiltheannualgeneralmeetingofourshareholdersfortheyearinwhichhisorhertermexpires,unlessthetenureofsuchdirectorexpiresearlierpursuanttotheCompaniesLaworunlessheorsheisremovedfromofficeasdescribedbelow.

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• theClassIdirectorisSeanAggarwalandhistermwillexpireatourannualmeetingofshareholderstobeheldin2020;

• theClassIIdirectorsareSanjayAroraandMurlidharaLakshmikanthaKadaba,andtheirtermswillexpireatourannualmeetingofshareholderstobeheldin2018;and

• theClassIIIdirectorsareDhruvShringiandSudhirKumarSethi,andtheirtermswillexpireatourannualmeetingofshareholderstobeheldin2019.

Adirectormaybere-electedtoserveforanunlimitednumberofterms.Asaresultofthestaggeredterms,notallofourdirectorswillbeelectedinanygivenyear.

Thedirectorsareappointedbythegeneralmeetingofshareholders.Adirectormayberemovedforcausebyaresolutionpassedbyamajorityofthevotescastbythosepresentinpersonorbyproxyatameetingandwhoareentitledtovote.Ourboardofdirectorsmayalso,incertaincircumstances,appointadditionaldirectors.Inaddition,theTerrapinSponsorsandcertainofourinvestorsandexecutiveofficers,incertaincircumstances,willhavetherighttodesignateindividualstobenominatedforelectiontoserveasourdirectorsandtoappointatleastonedirectortoserveoneachcommitteeofourboardofdirectors.EachofMIHILLCandtheTerrapinSponsorsshallalsohavetherighttodesignateonerepresentativetoattendourboardmeetinginanonvotingobservercapacity.MIHILLCandtheTerrapinSponsorsshallceasetohaveboardobservationrightswhentheynolongerownatleast5%ofouroutstandingordinaryshares.

Theprimaryresponsibilityoftheexecutivedirector,DhruvShringi,istomanageourcompany.Theprimaryresponsibilityofthenon-executivedirectorsistosupervisethepoliciesoftheexecutivedirectorandseniormanagementandtheaffairsofourcompanyandouraffiliatedenterprises.Inaddition,thenon-executivedirectorsassisttheexecutivedirectorandseniormanagementbyprovidingadvice.

Executiveofficersareselectedbyandserveatthediscretionoftheboardofdirectors.

CommitteesoftheBoardofDirectors

Wehaveanauditcommittee,acompensationcommitteeandanominatingandcorporategovernancecommittee.Ourboardofdirectorsmayestablishothercommitteesasitdeemsnecessaryorappropriatefromtimetotime.

Audit Committee

ThecurrentmembersofourauditcommitteeareMurlidharaKadaba,SanjayAroraandSeanAggarwalwithMr.Kadabaservingasitschairman.AllmembersofourauditcommitteemeettherequirementsforfinancialliteracyundertheapplicablerulesandregulationsoftheSECandNASDAQandallmembersofourauditcommitteeare"independent"asthattermisdefinedintheNASDAQListingRules.OurboardofdirectorshasdeterminedthatMurlidharaKadabaisan"auditcommitteefinancialexpert"asdefinedundertheapplicablerulesoftheSEC.TheauditcommitteeoperatesunderawrittencharterthatsatisfiestheapplicablestandardsoftheSECandNASDAQ.Ourauditcommittee'sresponsibilitiesinclude:

• overseeingourcorporateaccountingandfinancialreportingprocess;

• evaluatingtheindependentauditors'qualifications,independenceandperformance;

• determiningtheengagementoftheindependentauditors;

• reviewingandapprovingthescopeoftheannualauditandtheauditfee;

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• discussingwithmanagementandtheindependentauditorstheresultsoftheannualauditandthereviewofourquarterlyfinancialstatements;

• approvingtheretentionoftheindependentauditorstoperformanyproposedpermissiblenon-auditservices;

• monitoringtherotationofpartnersoftheindependentauditorsonourengagementteamasrequiredbylaw;

• reviewingourcriticalaccountingpoliciesandestimates;

• overseeingourinternalauditfunction;and

• annuallyreviewingtheauditcommitteecharterandtheauditcommittee'sperformance.

Theauditcommitteeoperatesunderawrittencharteradoptedbyourboardofdirectors,acurrentcopyofwhichisavailableonourwebsiteatwww.yatra.com.

Compensation Committee

ThecurrentmembersofourcompensationcommitteeareSudhirKumarSethi,MurlidharaKadabaandSanjayArora,withMr.Sethiservingasitschairman.OurboardofdirectorshasdeterminedthatallmembersofourCompensationCommitteeare"non-employeedirectors"forpurposesofRule16b-3undertheExchangeActand"outsidedirectors"forpurposesofSection162(m)oftheCode.Ourcompensationcommitteereviewsandrecommendspoliciesrelatingtocompensationandbenefitsofitsofficersandemployees.Thecompensationcommittee'sresponsibilitiesinclude:

• reviewingandapprovingcorporategoalsandobjectivesrelevanttocompensationofourchiefexecutiveofficer;

• evaluatingtheperformanceofourchiefexecutiveofficerinlightofthosegoalsandobjectives;

• settingthecompensationofourchiefexecutiveofficerbasedonsuchevaluations;

• determiningthecompensationofallourexecutiveofficersotherthanthechiefexecutiveofficerandreviewingperiodicallytheaggregateamountofcompensationbeingpaidorpotentiallypayabletotheCompany'sofficers;

• reviewingandmakingrecommendationstotheboardwithregardtoincentive-basedcompensationplansandequity-basedplansfortheCompany'sexecutiveofficers;and

• reviewingandevaluating,atleastannually,theperformanceofthecompensationcommitteeanditsmembers,includingcomplianceofthecompensationcommitteewithitscharter.

Thecompensationcommitteeoperatesunderawrittencharteradoptedbyourboardofdirectors,acurrentcopyofwhichisavailableonourwebsiteatwww.yatra.com.

Nominating and Corporate Governance Committee

ThecurrentmembersofournominatingandcorporategovernancecommitteeareSanjayArora,SudhirKumarSethiandMurlidharaKadaba,withMr.Kadabaservingasitschairman.Thenominatingandcorporategovernancecommittee'sresponsibilitiesinclude:

• makingrecommendationstoourboardofdirectorsregardingcandidatesfordirectorshipsandthestructureandcompositionofourboardofdirectors;

• recommendingtotheboardcriteriaforboardandcommitteemembership;

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• developingandrecommendingtotheboardasetofcorporategovernanceguidelinesapplicabletotheCompany,periodicallyreviewingsuchguidelinesandrecommendinganychangesthereto;

• overseeingtheevaluationoftheboardandmanagement;

• reportingandmakingrecommendationstoourboardofdirectorsconcerninggovernancematters;and

• reviewingandevaluating,atleastannually,theperformanceofthenominatingandcorporategovernancecommittee.

Thenominatingandcorporategovernancecommitteeoperatesunderawrittencharteradoptedbyourboardofdirectors,acurrentcopyofwhichisavailableonourwebsiteatwww.yatra.com.

ForeignPrivateIssuerExemptions

Wearea"foreignprivateissuer"underthesecuritieslawsoftheUnitedStatesandtherulesoftheNASDAQ.UnderthesecuritieslawsoftheUnitedStates,"foreignprivateissuers"aresubjecttodifferentdisclosurerequirementsthanU.S.domiciledregistrants.WeintendtotakeallactionsnecessarytomaintaincomplianceasaforeignprivateissuerundertheapplicablecorporategovernancerequirementsoftheSarbanes-OxleyActof2002,therulesadoptedbytheSECandNASDAQ'slistingstandards.UndertheNASDAQrules,a"foreignprivateissuer"issubjecttolessstringentcorporategovernancerequirements.Subjecttocertainexceptions,therulesoftheNASDAQpermita"foreignprivateissuer"tofollowitshomecountrypracticeinlieuofthelistingrequirementsofNASDAQ.Accordingly,inthefutureyoumaynothavethesameprotectionsaffordedtoshareholdersofcompaniesthataresubjecttoalloftheNASDAQcorporategovernancerequirements.

CorporateGovernanceGuidelines

Ourboardofdirectorshasapprovedasetofgeneralguidelinesthatprovidetheframeworkforourcorporategovernance.Theboardwillreviewtheseguidelinesandotheraspectsofourcorporategovernanceperiodically,asnecessary.OurCorporateGovernanceGuidelinescanbefoundonourwebsiteatwww.yatra.com .

CodeofBusinessConductandEthics

OurboardofdirectorshasadoptedaCodeofBusinessConductandEthics,ortheCodeofConduct.OurCodeofConductdocumentstheprinciplesofconductandethicstobefollowedbyourdirectors,officersandemployeeswhenconductingourbusinessandperformingtheirday-to-dayduties.ThepurposeofourCodeofConductistopromotehonestandethicalconduct,compliancewithapplicablegovernmentalrulesandregulations,promptinternalreportingofviolationsoftheCodeofConductandacultureofhonestyandaccountability.AcopyoftheCodeofConducthasbeenprovidedtoeachofourdirectors,officersandemployeeswhoarerequiredtoacknowledgethattheyhavereceivedandwillcomplywiththeCodeofConduct.Weintendtodiscloseanymaterialamendmentstothecode,oranywaiversofitsrequirements,inourpublicSECfilingsand/oronourwebsiteinaccordancewithapplicableSECandNASDAQrulesandregulations.OurCodeofConductcanbefoundonourwebsiteatwww.yatra.com .

DisclosureCommittee

Wemaintainadisclosurecommitteeconsistingofmembersofourexecutivemanagement.ThepurposeofthedisclosurecommitteeistooverseeoursystemofdisclosurecontrolsandassistandadvisetheChiefExecutiveOfficerandChiefFinancialOfficerinmakingtherequiredcertificationsinSECreports.Thedisclosurecommitteewasestablishedtobringtogetheronaregularbasisrepresentativesfromourkeybusinessunitsandemployeesinvolvedinthepreparationofourfinancial

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statementstodiscussanyissuesormattersofwhichthemembersareawarethatshouldbeconsideredfordisclosureinourpublicSECfilingsandreviewourdraftperiodicSECreportspriortofiling.ThedisclosurecommitteereportstoourChiefExecutiveOfficerandChiefFinancialOfficer.

D.Employees

See"Item4.InformationontheCompany—B.BusinessOverview—Employees."

E.ShareOwnership

Thefollowingtablesetsforththebeneficialownershipof:

• eachpersonwho,toourknowledge,isthebeneficialownerofmorethan5%ofouroutstandingsharecapital;

• eachofourpresentdirectors;

• eachofourexecutiveofficersservingduringthe2018fiscalyear;and

• allofourcurrentdirectorsandexecutiveofficersasagroup.

BeneficialownershiphasbeendeterminedasofMarch31,2018.Exceptasotherwiseindicated,eachpersonorentitynamedinthetableisexpectedtohavesolevotingandinvestmentpowerwithrespecttoallsharesattributabletosuchperson.BeneficialownershipforthepurposesofthistableisdeterminedinaccordancewiththerulesandregulationsoftheSEC.Theserulesgenerallyprovidethatapersonisthebeneficialownerofsecuritiesifsuchpersonhasorsharesthepowertovoteordirectthevotingthereof,ortodisposeordirectthedispositionthereoforhastherighttoacquiresuchpowerswithin60days.Incomputingthenumberofsharesbeneficiallyownedbyapersonandthepercentageownershipofthatperson,weincludedsharesissuablepursuanttooptionsand/orwarrantsheldbythatpersonthatarecurrentlyexercisableorthatareexercisablewithin60days.Theseshares,however,werenotdeemedoutstandingforthepurposeofcomputingthepercentageownershipofanyotherperson.

Theinformationpresentedinthetablebelowisbasedon35,371,318ofourordinarysharesissuedandoutstandingonMarch31,2018andassumestheconversionintoordinarysharesofalli)Terrapin3

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ClassFcommonstock,ii)ClassAnon-votingsharesandiii)allconvertiblesharesheldatthesubsidiarylevelthatareconvertibleintoourordinaryshares.

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NameofBeneficialOwners(1) NumberofSharesBeneficiallyOwned

PercentageofOutstandingShares

5%Stockholders: EntitiesAffiliatedwithNathanLeight(2) 7,615,229 19.51%MacquarieGroupLimited(3) 6,076,594 15.96%RotationCapitalManagement(4) 6,680,599 15.54%(4)

RelianceCapitalLtd.(5) 2,980,139 8.43%FuhHwaSecuritiesInvestmentTrustCo.,Ltd.(6) 2,834,265 8.01%E-18Limited&Capital18FincapPrivateLimited(7) 2,496,165 7.06%EntitiesAffiliatedwithNorwestVenturePartners(8) 2,392,168 6.76%HabitatforHumanityInternational,Inc.(9) 2,227,273 6.30%

ExecutiveOfficersandDirectors: DhruvShringi(10) 874,419 2.44%AlokVaish(11) 183,404 *ManishAmin(12) 470,770 1.33%SharatDhall(13) 101,848 *HimanshuVerma(14) 12,067 *AkashPoddar(15) 30,856 *SatvinderSinghSodhi(16) 23,345 *SeanAggarwal(17) 5,833 *SudhirKumarSethi(18) — —MurlidharaLakshmikanthaKadaba — —SanjayArora(19) 194,526 *Alldirectorsandofficersasagroup(11persons) 1,897,068 5.25%

* Lessthan1percent.

(1) Unlessotherwisenoted,thebusinessaddressofeachofthepersonsandentitieslistedaboveisc/oYatraOnline,Inc.,1101-03,11thFloor,Tower-B,UnitechCyberPark,Sector39,Gurgaon,Haryana122002,India.

(2) BasedontheSchedule13GandtheSchedules13G/AfiledwiththeSECbyAppleOrangeLLC,LeightFamily1998IrrevocableTrust,ArgyleInvestorsLLC,CandlemakerPartnersLLLP,WeDeserveBetter,LLCandNathanLeightonDecember27,2016,January11,2017andFebruary14,2018,respectively.Consistsof(i)395,000ordinaryshares,warrantstopurchase3,668,290ordinarysharesand1,955,939ClassFsharesheldbyAppleOrangeLLC,TerrapinPartnersEmployeePartnership3,LLCandTerrapinPartnersGreenEmployeePartnershipLLC;(ii)550,000ordinarysharesheldbyArgyleInvestorsLLC;(iii)327,000ordinarysharesheldbyCandlemakerPartners,LLLP;(iv)557,500ordinarysharesheldbytheLeightFamily1998IrrevocableTrust;(v)158,500ordinarysharesheldbyWeDeserveBetter,LLC;and(vi)3,000ordinarysharesheldbyNathanLeight.Mr.LeightisthesolemanagingmemberofAppleOrangeLLC,CandlemakerManagementLLC,whichisthegeneralpartnerofCandlemakerLLLP,andWeDeserveBetter,LLCandhassolevotinganddispositivecontroloversecuritiesheldbyAppleOrangeLLC,CandlemakerLLLPandWeDeserveBetter,LLC.Mr.Leight'schildrenarethebeneficiariesoftheLeightFamily1998IrrevocableTrustandhiswifeisthetrustee.TheLeightFamily1998IrrevocableTrustisthesolemanagingmemberofArgyleInvestorsLLCandhassolevotinganddispositivecontroloverthesecuritiesheldbyArgyleInvestorsLLC.ThebusinessaddressforeachoftheseentitiesandMr.Leightis60EdgewaterDrive,UnitTSK,CoralGables,Florida33133.

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(3) Consistsof(i)324,355ordinarysharesandwarrantstopurchase46,458ordinarysharesheldbyMacquarieCorporateHoldingsPtyLimitedand(ii)2,000,000ordinaryshares,1,060,781ClassFsharesandwarrantstopurchase2,645,000ordinarysharesheldbyMIHILLC.MIHILLCisanaffiliateofMacquarieandMacquarieCapital.MacquarieGroupLimitedistheultimateindirectparentofeachofMacquarieCorporateHoldingsPty.LimitedandMIHILLCandmaybedeemedtobenefisciallyownthecompany'ssharesheldbythem.ThebusinessaddressofMacquarieGroupLimitedis50MartinPlaceSydney,NewSouthWales,Australia.ThebusinessaddressofMacquarieCorporateHoldingsPty.LimitedisLevel6,50MartinPlace,SydneyNSW2000,Australia.ThebusinessaddressofMIHILLCis125West55thStreet,L-22,NewYork,NewYork10019.

(4) BasedontheSchedule13GandtheSchedule13G/AfiledwiththeSECbyRotationCapitalManagement,LPandMatthewRothfleischonJune9,2017andFebruary9,2018,respectively.Consistsof165,704ordinarysharesandwarrantstopurchase6,509,701ordinarysharesheldbyRotationCapitalCreditOpportunitiesFund,Ltd.(the"RotationFund").RotationCapitalManagement,LPservesastheinvestmentmanagertotheRotationFund.ThegeneralpartnerofRotationCapitalManagement,LPisRotationCapitalPartners,LLC(the"GeneralPartner").Mr.RothfleischisthemanagingmemberoftheGeneralPartner.Pursuanttothetermsofthewarrants,thewarrantscannotbeexercisedif,afteranysuchexercise,RotationCapitalManagement,LPandMr.Rothfleischwouldbeneficiallyownmorethan9.8%oftheoutstandingordinarysharesoftheCompany.Consequently,atthistime,theRotationFundisnotabletoexerciseallofthewarrantsthatitholds.ThePercentageofOutstandingSharesreportedheredoesnotgiveeffecttothis9.8%limitonbeneficialownership.ThebusinessaddressforeachoftheseentitiesandMr.Rothfleischis489FifthAvenue,11thFloor,NewYork,NY10017.

(5) BasedontheSchedule13GandtheSchedule13G/AfiledwiththeSECbyRelianceCapitalLimitedonOctober10,2017andFebruary13,2018.Consistsof2,980,139ordinarysharesheldbyRelianceCapitalLimited.ThebusinessaddressofRelianceCapitalLimitedisHBlock,1stFloor,DhirubhaiAmbaniKnowledgeCity,NaviMumbai—400710,India.

(6) BasedontheSchedule13GandtheSchedules13G/AfiledwiththeSECbyFuhHwaSecuritiesInvestmentTrustCo.,Ltd.onDecember29,2016,January19,2017andJanuary16,2018.Includes2,300,000ordinarysharesheldbyFuhHwaOrientalFund.FuhHwaSecuritiesInvestmentTrustCo.,Ltd.,initscapacityasadvisertoFuhHwaOrientalFundandcertainothermutualfundsandmanagedaccounts(directlyorindirectlythroughitssubsidiaries),maybedeemedtobeneficiallyownthecompany'ssharesheldbythem.ThebusinessaddressofFuhHwaSecuritiesInvestmentTrustCo.,Ltd.andFuhHwaOrientalFundis8F,No.308,BadeRd.,Taipei10492,Taiwan.

(7) Consistsof1,926,397ordinarysharesheldbyE-18Limitedand569,768ordinarysharesissuableuponswapofordinarysharesofYatraOnlinePrivateLimitedheldbyCapital18FincapPrivateLimited(together,the"E-18Entities").Network18Media&InvestmentsLimited,acompanyregisteredinIndiaistheholdingcompanyoftheE-18Entities.ThebusinessaddressesforE-18LimitedandCapital18FincapPrivateLimitedareEbeneEsplanade,24BankStreet,Cybercity,Ebene,MauritiusandFirstFloor,EmpireComplex,414,SenapatiBapatMarg,LowerParel,Mumbai400013,Maharashtra,India,respectively.

(8) Consistsof(i)1,196,084ClassAnon-votingsharesheldofrecordbyNorwestVenturePartnersIX,LP(PartnersIX)and(ii)1,196,084ClassAnon-votingsharesheldofrecordbyNorwestVenturePartnersX,LP(PartnersXandtogetherwithPartnersIX,NorwestVenturePartners).ClassAnon-votingshareshavesubstantiallythesamerightsasourordinarysharesbuthavenovotingrights.NVPAssociates,LLC(NVP)isthemanagingmemberofthegeneralpartnersofNorwestVenturePartners,andsharesvotinganddispositivepoweroverthesharesheld

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SignificantChanges

• EntitiesAffiliatedwithNorwestVenturePartnershavebeneficialownershipof6.76%,whichisreducedfrom19.88%asreportedinourannualreportforfiscalyearendingMarch31,2017filedwiththeSEConJune30,2017.

• PursuanttoSchedule13G/AfiledwiththeSECbyValiantCapitalManagement,L.P.onFebruary13,2018,EntitiesAffiliatedwithValiantCapitalMasterFundLPceasedtobeabeneficialownerof5%ormoreofourordinaryshares.

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byNorwestVenturePartners.PromodHaque,JeffreyCroweandMatthewHoward,asco-chiefexecutiveofficersofNVPandmembersofthegeneralpartners,maybedeemedtosharevotinganddispositivepowerwithrespecttothesharesheldofrecordbyNorwestVenturePartners.Thebusinessaddressforeachoftheseentitiesisc/oPromodHaque,525UniversityAve,Ste800,PaloAlto,California94301-1922.

(9) BasedontheSchedule13GfiledwiththeSECbyHabitatforHumanityInternational,Inc.onFebruary7,2018.Consistsof2,227,273ordinarysharesheldbyHabitatforHumanityInternational,Inc.ThebusinessaddressofHabitatforHumanityInternational,Inc.is70PeachtreeStreetNW,Suite1300,Atlanta,GA30303.

(10) Consistsof469,291ordinarysharesandoptionstopurchase405,128ordinarysharesthatareexercisablewithin60daysofMarch31,2018.

(11) Consistsof69,102ordinarysharesandoptionstopurchase114,302ordinarysharesthatareexercisablewithin60daysofMarch31,2018.

(12) Consistsof453,486ordinarysharesandoptionstopurchase17,284ordinarysharesthatareexercisablewithin60daysofMarch31,2018.

(13) Consistsof39,627ordinarysharesandoptionstopurchase62,221ordinarysharesthatareexercisablewithin60daysofMarch31,2018.

(14) Consistsof12,067ordinaryshares.

(15) Consistsof15,647ordinarysharesandoptionstopurchase15,209ordinarysharesthatareexercisablewithin60daysofMarch31,2018.

(16) Consistsof9,058ordinarysharesandoptionstopurchase14,287ordinarysharesthatareexercisablewithin60daysofMarch31,2018.

(17) Consistsoftheoptionstopurchase5,833ordinarysharesthatareexercisablewithin60daysofMarch31,2018.

(18) SudhirKumarSethiisthefounderandchairmanofIDGVenturesIndiaAdvisorsandmaybedeemedtobeneficiallyownthesharesheldbytheIDGVenturesIndiaFundIILLC.Mr.SethidisclaimsbeneficialownershipofthesharesownedbyIDGVenturesIndiaFundIILLCasthevotingandinvestmentpowerforsuchsharesisheldbytheboardofdirectorsofIDGVenturesIndiaFundIILLC.TheaddressofMr.Sethiis7B,7thfloor,SobhaPearl,#1CommissariatRoad,Bangalore,Karnataka560025,India.

(19) Consistsof100ordinarysharesheldbyMr.Arora,100ordinarysharesheldbyMr.Arora'swifeand100ordinaryshares,58,593ClassFsharesandwarrantstopurchase135,633ordinarysharesheldbyNoyacPathLLC.100ordinarysharesheldbyMr.Arora,100ordinarysharesheldbyMr.Arora'swifeand100ordinarysharesheldbyNoyacPathLLCareheldinbrokerageaccountsforwhichmarginsareavailable.ThesolememberofNoyacPathLLCisatrustofwhichMr.Aroraissettlorandabeneficiary.Mr.AroradisclaimsbeneficialownershipoveranysecuritiesownedbyhiswifeandNoyacPathLLCinwhichhedoesnothaveanypecuniaryinterest.

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• PursuanttoSchedule13G/AfiledwiththeSEConFebruary12,2018,IntelCapitalCorporationceasedtobeabeneficialownerof5%ormoreofourordinaryshares.

• PursuanttoSchedule13G/AfiledwiththeSEConFebruary9,2018,RotationCapitalManagementbecameabeneficialownerof5%ormoreofourordinaryshares.

• PursuanttoSchedule13G/AfiledwiththeSEConFebruary7,2018,HabitatforHumanityInternational,Inc.becameabeneficialownerof5%ormoreofourordinaryshares.

NorwestVenturePartnersIX,LPandNorwestVenturePartnersX,LPholdClassAnon-votingshares,whichhavesubstantiallythesamerightsasourordinarysharesbuthavenovotingrights.

Toourknowledge,theCompanyisnotdirectlyorindirectlyownedorcontrolledbyanothercorporation,byanyforeigngovernmentorbyanyothernaturalorlegalpersonseverallyorjointly.

AsofJuly20,2018,weestimatethat:

• approximately91%ofouroutstandingordinaryshareswereheldintheUnitedStatesby7holdersofrecord(theUnitedStatesrecordholdersincludCede&Co.,thenomineeoftheDepositaryTrustCompany),

• approximately100%ofouroutstandingClassFshareswereheldintheUnitedStatesbyapproximately9holdersofrecord,and

• approximately100%ofouroutstandingClassAshareswereheldintheUnitedStatesby2holdersofrecord.

ThenumberandtheU.S.residenceofrecordholdersofourordinarysharesmaynotberepresentativeofthenumberofbeneficialownersorwherethebeneficialownershaveresidencebecauseitincludesbeneficialownerswhosesharesareheldinstreetnamebybrokersandothernominees.

ITEM7.MAJORSHAREHOLDERSANDRELATEDPARTYTRANSACTIONS

A.MajorShareholders

See"Item6.Directors,SeniorManagementandEmployees—E.ShareOwnership."

B.RelatedPartyTransactions

Ourauditcommitteecharterrequiresourauditcommitteetoreviewallrelatedpartytransactionsonanongoingbasisandforallsuchtransactionstobeapprovedbyourauditcommittee.Thefollowingisasummaryofourrelatedpartytransactions.

LoanAgreementwithRelianceCapitalLtd.

OnJanuary22,2015,March13,2015,April2,2015,andDecember22,2015,we,throughYatraIndia,enteredintointercorporatedeposit(ICD)facilityagreementswithRelianceCapitalLtd.,oneofourshareholders.PursuanttothetermsoftheseICDfacilityagreements,weborrowedanaggregateofINR570,000,000advancesundertheseICDfacilityagreements,whichbearinterestatarateof13%perannumandmustberepaidwithin30daysofthedateofdisbursement.TheICDfacilityagreementscontaincertainnegativecovenantsrestrictingourabilitytochangeourstatustoaprivateborrower,undertakeanymerger,consolidationorreorganization,orliquidateordissolve.Duringthefiscalyears2015and2016,weborrowedINR170,000,000andINR400,000,000,respectively,undertheseICDfacilityagreements,allofwhichamountshavebeenrepaid.WepaidanaggregateofINR423,826andINR2,617,808ininterestontheseadvancesinfiscalyears2015and2016,respectively.

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LetterAgreementwithMacquarieCapital(USA)Inc.

OnJuly13,2016,weenteredintoaletteragreementwithMacquarieCapital(USA)Inc.,anaffiliateofoneofourshareholders,pursuanttowhichweagreedthatpriortoJuly16,2017wewillengageMacquarieCapital(USA)Inc.,oranaffiliateofMacquarieCapital(USA)Inc.designatedbyit,toactonanyandalltransactionswithavaluegreaterthan$30millionas:

• abookrunningmanagingunderwriter,abookrunningmanagingplacementagent,orabookrunningmanaginginitialpurchaser,asthecasemaybe,inconnectionwithanyofferingorplacementofsecurities(including,butnotlimitedto,debt,equity,preferredandotherhybridequitysecuritiesorequitylinkedsecurities)byusoranyofoursubsidiaries,ineachcasewithMacquarieCapital(USA)Inc.receivingtotalcompensationinrespectofanysuchtransactionthatisequaltoorbetterthan40%ofthetotalcompensationreceivedbyallunderwriters,placementagents,andinitialpurchasers,asthecasemaybe,inconnectionwithsuchtransactionandnotlessthanthecompensationreceivedbyanyoneindividualunderwriter,placementagentorinitialpurchaser,asthecasemaybe;and

• afinancialadvisorinconnectionwithany(x)restructuring(througharecapitalization,extraordinarydividend,stockrepurchase,spin-off,jointventureorotherwise)byusoranyofoursubsidiaries,(y)acquisitionordispositionofabusiness,assetorvotingsecuritiesbyusoranyofoursubsidiariesor(z)debtorequityfinancingoranyrefinancingofanyportionofanyfinancingbyusoranyofoursubsidiaries,ineachcasewithMacquarieCapital(USA)Inc.receivingtotalcompensationinrespectofanysuchtransactionthatisequaltoorgreaterthan40%ofthetotalcompensationreceivedbyallfinancialadvisorsinconnectionwithsuchtransaction(50%inthecaseoftheinitialbusinesscombination),andnotlessthanthecompensationreceivedbyanyindividualfinancialadvisor.

MacquarieCapital(USA)Inc.hastherighttodeclineanysuchengagementinitssoleandabsolutediscretion.

PreloadAgreementwithRelianceRetailLtd.

OnSeptember26,2016,thesubsidiaryoftheGroupYatraOnlinePrivateLimited(YatraIndia),enteredintoapreloadagreementwithRelianceRetailLtd.Pursuanttothepreloadagreement,RelianceRetailLtd.hasagreedtopre-installtheYatramobileapplicationsonRelianceJioLYFsmartphonesforconsiderationtobesettledinequitysharesofYatraIndia.AnyinvoicedamountsbyReliance,willbearinterestatarateof15%peryearfromthedateofinvoiceuntilthedateofequitysettlement.TheagreementremainsineffectuntilSeptember5,2019.Eitherpartymayterminatetheagreementintheeventofanuncuredbreachofamaterialtermoftheagreement.YatraIndiaalsohastherighttoterminateasofSeptember5,2017.

InvestorRightsAgreement

OnDecember16,2016,weenteredintotheInvestorRightsAgreementwithMIHILLC,theTerrapinSponsorsandcertainotherTerrapin3stockholdersandYatrashareholderswhowillownourordinarysharesuponconsummationoftheBusinessCombination.PursuanttothetermsoftheInvestorRightsAgreement,oncewebecameeligibletouseFormF-3oritssuccessorform,webecameobligatedtofileashelfregistrationstatementtoregistertheresaleofcertainofourordinarysharesissuedinconnectionwiththeBusinessCombination.TheInvestorRightsAgreementalsoprovidesuchshareholderswithdemand,"piggy-back"andFormF-3registrationrights,subjecttocertainminimumrequirementsandcustomaryconditions.Shareholderswillbeentitledtomakeonedemandforregistrationofordinaryshares,exceptforcertainYatrashareholderswillbeentitledtomakethreedemands.

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TheInvestorRightsAgreementalsoprovidestheTerrapinSponsorstherighttonominateanindividualforelectiontoourboardofdirectorsupontheresignation,removal,deathordisabilityofthedirectorinitiallydesignatedbythempursuanttothetermsoftheBusinessCombinationAgreement,aswellastherighttore-nominatesuchdirectortwosuccessivetimes.TheInvestorRightsAgreementalsoprovidescertainofourinvestorsandourexecutiveofficers,DhruvShringi,AlokVaishandManishAmin,therighttonominateanindividualforelectiontoourboardupontheresignation,removal,deathordisabilityofanyofthedirectorsinitiallydesignatedbyourcompanypursuanttothetermsoftheBusinessCombinationAgreement,aswellastherighttore-nominateanyofsuchdirectorswhoareClassIorClassIIdirectorstwosuccessivetimesandtherighttore-nominateanyofsuchdirectorswhoareClassIIIdirectorsonetimeortodesignateareplacementforanysuchdirector.Subjecttoapplicablelawandapplicablestockexchangerules,untilsuchtimeasthereisnodirectordesignatedbytheTerrapinSponsorsornodirectordesignatedbyourcompanypursuanttothetermsoftheBusinessCombination,wearerequiredtotakeallnecessaryactiontocauseatleastonedirectornominatedbytheTerrapinSponsorsandatleastonedirectornominatedbyourinvestorstobeappointedtoeachcommitteeofourboardofdirectors.TheInvestorRightsAgreementalsoprovideseachofMIHILLCandtheTerrapinSponsorstherighttodesignateonerepresentativetoattendourboardmeetinginanonvotingobservercapacity.MIHILLCandtheTerrapinSponsorsshallceasetohaveboardobservationrightswhentheynolongerownatleast5%ofouroutstandingordinaryshares.

TransactionspursuanttoServiceAgreements

Pursuanttoserviceagreementswiththebelowmentionedcompanies(alongwiththeiraffiliates)thathaveasignificantinfluenceontheGroup,wehaveprovidedtravelandtraderelatedservicesofINR176,252,INR110,973,INR6,823infiscalyears2018,2017and2016,respectively:

a. E-18Limitedandgroupcompanies

b. RelianceCapitalLimitedanditsgroupcompanies

c. IDGVenturesIndiaAdvisorsPrivateLimited

TheCompanyhasalsoavailedtheinsuranceandcommunicationservicesofRelianceGeneralInsuranceCompanyLimitedandRelianceInfocommLimitedatacostofINR11,497,INR12,979,andINR16,702infiscalyears2018,2017and2016,respectively.

ExchangeandSupportAgreement

OnDecember16,2016,weenteredintoanexchangeandsupportagreementwithTerrapin3andholdersofTerrapin3'sClassFcommonstock.Pursuanttotheagreement,commencingonNovember16,2017,holdersofTerrapin3'sClassFcommonstockhavetherightfromtimetotimetoexchangeanyoralloftheirsharesofClassFcommonstockforthesameamountofourordinaryshares.Uponanysuchexchange,anequalnumberofourClassFsharesheldbysuchexchangingshareholderswillbeconvertedbyusinto0.00001ofourordinaryshareforeachClassFshareconverted.TherighttomakesuchexchangewillexpireonDecember16,2021.

AdministrativeServicesArrangement

BeginninginJanuary2017,TerrapinPartners,LLC,aprivateequityandventurecapitalfirm,hasagreedtoprovideuswithcertainprofessionalservicesaswellascertainofficespace,utilitiesandgeneraloffice,receptionistandsecretarialsupport.Inreturnforsuchservices,whenprovided,wehaveagreedtopayTerrapinPartners,LLCamonthlyfeeof$5,000.NathanLeight,oneofourshareholders,isthemanagingmemberofTerrapinPartners,LLC.

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ShareholdersAgreements

See"Item10.AdditionalInformation—B.MemorandumandArticlesofAssociation."

EmploymentAgreements

See"Item6.Directors,SeniorManagementandEmployees—B.Compensation—EmploymentAgreementswithExecutiveOfficers."

EquityOptionandShareIncentivePlans

See"Item6.Directors,SeniorManagementandEmployees—B.Compensation."

C.InterestofExpertsandCounsel

Notapplicable.

ITEM8.FINANCIALINFORMATION

A.ConsolidatedStatementsandOtherFinancialInformation

See"Item18.FinancialStatements"foralistofthefinancialstatementsfiledaspartofthisAnnualReport.

LegalProceedings

Fromtimetotimewemaybecomeinvolvedinlegalproceedingsorbesubjecttoclaimsarisingintheordinarycourseofourbusinessandtheresultsoflitigationandclaimscannotbepredictedwithcertainty.

Exceptforthetaxproceedingsdescribedbelow,therearenogovernmental,legalorarbitrationproceedings(includinganysuchproceedingswhicharependingorthreatened,ofwhichweareaware)thatwebelievecouldreasonablybeexpectedtohaveamaterialadverseeffectonourresultsofoperationsorfinancialposition.

Tax Proceedings

See"Item4.InformationontheCompany—B.BusinessOverview—Litigation"foradescriptionoftaxproceedings.

DividendDistributionPolicy

Wecurrentlyexpecttoretainallfutureearningsforuseintheoperationandexpansionofourbusinessanddonotplantopayanydividendsonourordinarysharesinthenearfuture.ThedeclarationandpaymentofanydividendsinthefuturewillbedeterminedbyourBoardofDirectorsinitsdiscretion,andwilldependonanumberoffactors,includingourearnings,capitalrequirements,overallfinancialcondition,applicablelawandcontractualrestrictions.Inaddition,asaholdingcompany,ourabilitytopaydividendsdependsonourreceiptofcashdividendsfromouroperatingsubsidiaries,whichmayfurtherrestrictourabilitytopaydividendsasaresultofthelawsoftherespectivejurisdictionsoforganizationofoursubsidiaries,agreementsofoursubsidiariesorcovenantsunderfutureindebtednessthatweortheymayincur.

B.SignificantChanges

ExceptfortheconsummationoftheofferingdescribedinItem14.MaterialModificationstotheRightsofSecurityHoldersandUseofProceeds,therehavebeennosignificantsubsequentevents

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followingthecloseofthelastfinancialyearuptothedateofthisAnnualReportthatareknowntousandthatrequiredisclosureinthisAnnualReport.

ITEM9.THEOFFERANDLISTING

A.OfferandListingDetails

OuroutstandingordinarysharesarecurrentlylistedandtradedontheNasdaqCapitalMarketunderthesymbol"YTRA."

ThefollowingtableshowsthereportedhighandlowtradingpricesquotedinUSdollarsforourordinarysharesontheNASDAQGlobalMarket.

OuroutstandingwarrantsarecurrentlylistedandtradedontheOTCQXMarketunderthesymbol"YTROF."

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NasdaqCapitalMarketPricePerOrdinaryShare

Period High Low FiscalYear 2017 $ 10.68 $ 7.712018 $ 12.85 $ 5.63

FiscalQuarter 2019 1stQuarter $ 8.16 $ 5.00

2018 1stQuarter $ 11.39 $ 9.022ndQuarter $ 12.85 $ 9.503rdQuarter $ 11.71 $ 7.304thQuarter $ 8.19 $ 5.63

2017 3rdQuarter(1) $ 10.15 $ 8.404thQuarter $ 10.68 $ 7.71

Month 2018 January $ 7.71 $ 6.44February $ 8.19 $ 6.52March $ 7.44 $ 5.63April $ 8.16 $ 6.34May $ 7.85 $ 6.82June $ 7.75 $ 5.00July(2) $ 6.66 $ 5.08

Notes:

(1) 3rdQuarter2017datarepresentspricesfromDecember20,2016toDecember31,2016.

(2) UntilJuly30,2018.

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ThefollowingtableshowsthereportedhighandlowtradingpricesquotedinUSdollarsforourwarrantsontheOTCQXMarket.

B.PlanofDistribution

NotApplicable.

C.Markets

OurordinarysharesarelistedontheNasdaqGlobalMarketunderthesymbol"YTRA".OurwarrantsarelistedontheOTCQX®Marketunderthesymbol"YTROF."

D.SellingShareholders

Notapplicable.

E.Dilution

Notapplicable.

F.ExpensesoftheIssue

Notapplicable.

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OTCQXMarketPricePerWarrant

Period High Low FiscalYear 2017 $ 0.80 $ 0.152018 $ 1.94 $ 0.53

FiscalQuarter 2019 1stQuarter $ 0.90 $ 0.54

2018 1stQuarter $ 1.63 $ 0.532ndQuarter $ 1.94 $ 1.503rdQuarter $ 1.70 $ 0.904thQuarter $ 1.15 $ 0.65

2017 3rdQuarter(1) $ 0.80 $ 0.254thQuarter $ 0.80 $ 0.15

Month 2018 January $ 1.00 $ 0.71February $ 1.15 $ 0.65March $ 1.03 $ 0.69April $ 0.90 $ 0.75May $ 0.88 $ 0.54June $ 0.80 $ 0.61July(2) $ 0.70 $ 0.50

Notes:

(1) 3rdQuarter2017datarepresentspricesfromDecember30,2016.

(2) UntilJuly30,2018.

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ITEM10.ADDITIONALINFORMATION

A.ShareCapital

Notapplicable.

B.MemorandumandArticlesofAssociation

TheinformationsetforthinourRegistrationStatementonFormF-3(FileNo.333-224661),asamended,originallyfiledwiththeSEConMay3,2018anddeclaredeffectivebytheSEConMay24,2018,undertheheadings"DescriptionofShareCapital"isincorporatedhereinbyreference.

C.MaterialContracts

Describedherein.

D.ExchangeControls

India

IndiaregulatesownershipofIndiancompaniesbyforeignentities.ForeigninvestmentinsecuritiesissuedbyIndiancompaniesandexchangecontrolsaregenerallyregulatedbytheForeignExchangeManagementAct,1999,asamended,andtheregulationsframedthereunder(FEMA).TransfersofanysecurityofanIndiancompanyfromforeigners/foreignentitiestoIndianresidentsandviceversaarerequiredtobeinaccordancewithFEMAandinsomeinstancesisrequiredtobepermittedbytheReserveBankofIndiabesidegeneralreportingrequirementsundertheFEMA.Theseregulationsandrestrictionsmayapplytoacquisitionsbyusorouraffiliates,includingYatraIndiaandaffiliateswhicharenotresidentinIndia,ofsharesinIndiancompaniesortheprovisionoffundingbyusoranyotherentitytoIndiancompanieswithinourgroup.Forexample,underitsconsolidatedforeigndirectinvestmentpolicy,theGovernmentofIndiahassetoutadditionalrequirementsforforeigninvestmentsinIndia,includingrequirementswithrespecttodownstreaminvestmentsbyIndiancompanieshavingforeigninvestment,andthetransferofownershiporcontrolofIndiancompaniesinsectorswithcapsonforeigninvestmentfromresidentIndianpersonsorentitiestoforeigners,aswellassuchtransactionbetweenforeignentities.Further,India'sForeignExchangeManagementAct,1999,asamended,andtherulesandregulationspromulgatedthereunder,restrictorregulatethelendingtoorborrowingfromourIndianSubsidiaries.Theserequirementscurrentlyincluderestrictions/regulationswithrespecttoonvaluationsandsourcesoffundingforsuchinvestmentsandmayincludepriorapprovalfromtheGovernmentofIndia.

Further,theGovernmentofIndiahasinthepastmadeandmaycontinuetomakerevisionstotheFDIPolicyone-commerceinIndia(includinginrelationtobusinessmodelandpermittedservices).SuchchangesmayrequireustomakechangestoourbusinessinordertocomplywithIndianlaw.

Ourabilitytopaydividendstoourshareholdersmaydependon,amongotherthings,theavailabilityofdividendsfromYatraIndia.AsofthedateofthisAnnualReport,YatraIndiahasnotpaidanycashdividendsonitsequityshares.DividendsotherthanincasharenotpermittedunderIndianlaw.ThedeclarationandpaymentofanydividendsinthefuturewillberecommendedbytheboardofdirectorsofYatraIndiaandapprovedbytheshareholdersofYatraIndiaattheirdiscretionandwoulddependonanumberoffactors,includingitsfinancialcondition,resultsofoperations,capitalrequirementsandsurplus,contractualobligations,applicableIndianlegalrestrictions,theprovisionsofitsarticlesofassociation,thetermsofitscreditfacilitiesandotherfinancingarrangementsatthetimeadividendisconsideredandotherfactorsconsideredrelevantbytheboardofdirectors.YatraIndiamayalsofromtimetotimepayinterimdividends.YatraIndiaiscurrentlyliabletopaydividenddistributiontaxinIndiaattherateof15.0%,plusapplicablecessandsurcharge,onanydividendspaidbyit.

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UnderIndianlaw,acompanydeclaresdividendsuponarecommendationbyitsboardofdirectorsandapprovalbyamajorityoftheshareholdersattheannualgeneralmeetingofshareholdersheldwithinsixmonthsoftheendofeachfiscalyear.However,whilefinaldividendscanbepaidoutbyacompanyonlyaftersuchdividendshavebeenrecommendedbytheboardofdirectorsandapprovedbyshareholders,interimdividendscanbepaidoutwithonlyarecommendationbytheboardofdirectors.Theshareholdershavetherighttodecreasebutnottoincreaseanydividendamountrecommendedbytheboardofdirectors.UnderIndianlaw,sharesofacompanybelongingtothesameclassmustreceiveequaldividendtreatment.

YatraIndiamay,beforethedeclarationofanydividendinanyfinancialyear,transfersuchpercentageofitsprofitsforthatfinancialyearasitmayconsiderappropriatetothereservesofYatraIndia.

UnderIndianlaw,anIndiancompanyispermittedtodeclareorpaydividendsforanyfiscalyearoutofprofitsforthatyear(calculatedtoincludeanydividenddistributiontax)afterprovidingfordepreciationinthemannerprescribed.However,nocompanyispermittedtodeclaredividendsunlesspreviousyears'carriedoverlossesanddepreciationnotprovidedinthepreviousyearoryearsaresetoffagainstprofitsofthecompanyforthecurrentyear.

Ifprofitsforaparticularyearareinsufficienttodeclaredividends(includinginterimdividends),thedividendsforthatyearmaybedeclaredandpaidoutfromaccumulatedprofitsifthefollowingconditionsarefulfilled:

• therateofdividendtobedeclaredshallnotexceedtheaverageoftheratesatwhichdividendsweredeclaredinthethreeyearsimmediatelyprecedingthatyear(exceptwherenodividendshavebeendeclaredineachoftheprecedingthreeyears);

• thetotalamounttobedrawnfromtheaccumulatedprofitsearnedinpreviousyearsshallnotexceedanamountequaltoone-tenthofthesumofthecompany'spaid-upsharecapitalandfreereserves(basedonthelatestauditedfinancialstatementsavailable),andtheamountsodrawnshallfirstbeutilizedtosetoffthelossesincurredinthefinancialyearinwhichdividendisdeclaredbeforeanydividendinrespectofequitysharesisdeclared;and;

• thebalanceofthereservesaftersuchwithdrawalshallnotfallbelow15.0%ofthecompany'spaid-upsharecapital(basedonthelatestauditedfinancialstatementsavailable).

ExchangeRates

Thefollowingtablesshow,fortheperiodsindicated,informationconcerningtheexchangeratebetweentheU.S.dollarandtheIndianrupee.Thisinformationisprovidedsolelyforyourconvenience,andwedonotrepresentthatIndianrupeeshavebeenconvertedintoU.S.dollarsattheseratesoratanyotherrate.TheseratesmaydifferfromtheratesusedbyusinthepreparationofourconsolidatedfinancialstatementsorotherfinancialinformationappearinginthisAnnualReport.

ThedataprovidedinthefollowingtablesareexpressedinIndianrupeesperU.S.dollarandarebasedonthenoonbuyingrateinTheCityofNewYorkforcabletransfersofIndianrupeesascertifiedforcustomspurposesbytheFederalReserveBankofNewYork.

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OnMarch31,2018,theexchangeratebetweentheU.S.dollarandtheIndianrupeeexpressedinIndianrupeesperU.S.dollarwas$1.00=Rs.65.11.

E.Taxation

MATERIALU.S.FEDERALINCOMETAXCONSEQUENCES

ThefollowingisageneraldiscussionofthematerialU.S.federalincometaxconsequencesoftheownershipanddispositionofourordinarysharestoU.S.holdersandnon-U.S.holders.ThisdiscussionisbasedonprovisionsoftheInternalRevenueCode(the"Code"),theU.S.DepartmentoftheTreasuryregulationspromulgatedthereunder(whetherfinal,temporaryorproposed),administrativerulingsoftheInternalRevenueService("IRS"),judicialdecisions,allasineffectonthedatehereof,andallofwhicharesubjecttodifferinginterpretationsorchange,possiblywithretroactiveeffect.Anysuchchangeordifferinginterpretationcouldaffecttheaccuracyofthestatementsandconclusionssetforthherein.ThisdiscussionisforgeneralpurposesonlyanddoesnotpurporttobeacompleteanalysisorlistingofallpotentialU.S.federalincometaxconsiderationsthatmayapplytoholdersasaresultoftheownershipanddispositionofourshares.ThisdiscussiondoesnotaddressallaspectsofU.S.federalincometaxationthatmayberelevanttoparticularholders,nordoesittakeintoaccounttheindividualfactsandcircumstancesofanyparticularholderthatmayaffecttheU.S.federalincometaxconsequencestosuchholder.Accordingly,itisnotintendedtobe,andshouldnotbeconstruedas,taxadvice.ThisdiscussiondoesnotaddressanyaspectsofU.S.federaltaxationotherthanthosepertainingtotheincometax,nordoesitaddressanytaxconsequencesarisingunderanyU.S.stateandlocal,ornon-U.S.,taxlaws.Holdersshouldconsulttheirtaxadvisorsregardingsuchtaxconsequencesinlightoftheirparticularcircumstances.NorulinghasbeenrequestedorwillbeobtainedfromtheIRSregardingthestatementsmadeandtheconclusionsreachedinthefollowingdiscussionandtherecanbenoassurancethattheIRSwillnotchallengetheU.S.federalincometaxtreatmentdescribedbeloworthat,ifchallenged,suchtreatmentwillbesustainedbyacourt.

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AnnualData(YearEndedMarch31) High Low Average(1) PeriodEnd (IndianrupeesperU.S.dollar) 2014 68.80 53.65 60.35 60.002015 63.67 58.30 61.34 62.312016 68.84 61.99 67.24 66.252017 68.86 64.85 67.01 64.852018 65.71 63.38 64.45 65.11

(1) Theaverageratesfortheinterimandannualperiodswerecalculatedbytakingthesimpleaverageoftheexchangeratesonthelastbusinessdayofeachmonthduringtherelevantperiod.

High Low

(IndianrupeesperU.S.dollar)

RecentMonthlyData(1) January2017 64.01 63.38February2018 65.20 63.93March2018 65.24 64.83April2018 66.92 64.92May2018 68.38 66.52June2018 68.81 66.87

(1) ExchangeratesaspublishedbytheFederalReserveBank.

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ThisdiscussionislimitedtoU.S.federalincometaxconsiderationsrelevanttoU.S.holdersandnon-U.S.holdersthatholdourordinarysharesas"capitalassets"withinthemeaningofSection1221oftheCode(generally,propertyheldforinvestment).ThisdiscussiondoesnotaddressallaspectsofU.S.federalincometaxationthatmaybeimportanttoparticularholdersinlightoftheirindividualcircumstances,includingholderssubjecttospecialtreatmentundertheU.S.taxlaws,suchas,forexample:

• banks,thrifts,mutualfundsorotherfinancialinstitutions,underwriters,orinsurancecompanies;

• tradersinsecuritieswhoelecttoapplyamark-to-marketmethodofaccounting;

• realestateinvestmenttrustsandregulatedinvestmentcompanies;

• tax-exemptorganizations,qualifiedretirementplans,individualretirementaccounts,orothertax-deferredaccounts;

• expatriatesorformerlong-termresidentsoftheUnitedStates;

• partnershipsorotherpass-throughentities(orarrangementstreatedassuch)orinvestorstherein;

• dealersortradersinsecurities,commoditiesorcurrencies;

• grantortrusts;

• personssubjecttothealternativeminimumtax;

• U.S.personswhose"functionalcurrency"isnottheU.S.dollar;

• personswhoreceivedourordinarysharesthroughtheexerciseofincentivestockoptionsorthroughtheissuanceofrestrictedstockunderanequityincentiveplanorthroughatax-qualifiedretirementplanorotherwiseascompensation;

• personswhoown(directlyorthroughattribution)10%ormore(byvoteorvalue)ofouroutstandingordinaryshares;

• personswhoaresubjecttotheaccountingrulesunderSection451(b)oftheCode;

• theinitialstockholdersandtheiraffiliates;or

• holdersholdingourordinarysharesasapositionina"straddle,"aspartofa"syntheticsecurity"or"hedge,"aspartofa"conversiontransaction,"orotherintegratedinvestmentorriskreductiontransaction.

Forpurposesofthisdiscussion,theterm"U.S.holder"meansabeneficialownerofourordinaryshares,thatis,forU.S.federalincometaxpurposes:

• anindividualwhoisacitizenorresidentoftheUnitedStates;

• acorporation(orotherentitythatisclassifiedasacorporationforU.S.federalincometaxpurposes)thatiscreatedororganizedinorunderthelawsoftheUnitedStates,anyStatethereofortheDistrictofColumbia;

• anestatetheincomeofwhichissubjecttoU.S.federalincometaxregardlessofitssource;or

• atrust(i)ifacourtwithintheUnitedStatesisabletoexerciseprimarysupervisionovertheadministrationofthetrustandoneormoreU.S.personshavetheauthoritytocontrolallsubstantialdecisionsofthetrust,or(ii)thathasavalidelectionineffectunderapplicableTreasuryregulationstobetreatedasaU.S.personforU.S.federalincometaxpurposes.

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Forpurposesofthisdiscussion,a"non-U.S.holder"meansabeneficialownerofourordinarysharesthatisneitheraU.S.holdernorapartnership(oranentityorarrangementtreatedasapartnership)forU.S.federalincometaxpurposes.

Ifapartnership,includingforthispurposeanyentityorarrangementthatistreatedasapartnershipforU.S.federalincometaxpurposes,holdsourordinaryshares,theU.S.federalincometaxtreatmentofapartnerinsuchpartnershipgenerallywilldependonthestatusofthepartnerandtheactivitiesofthepartnership.AholderthatisapartnershipandthepartnersinsuchpartnershipshouldconsulttheirtaxadvisorswithregardtotheU.S.federalincometaxconsequencesoftheownershipanddispositionofourordinaryshares.

THISSUMMARYDOESNOTPURPORTTOBEACOMPREHENSIVEANALYSISORDESCRIPTIONOFALLPOTENTIALU.S.FEDERALINCOMETAXCONSEQUENCESOFTHEOWNERSHIPANDDISPOSITIONOFYATRAORDINARYSHARES.HOLDERSSHOULDCONSULTWITHTHEIROWNTAXADVISORSREGARDINGTHEPARTICULARTAXCONSEQUENCESTOTHEMOFTHEOWNERSHIPANDDISPOSITIONOFYATRAORDINARYSHARES,INCLUDINGTHEAPPLICABILITYANDEFFECTSOFU.S.FEDERAL,STATE,LOCALANDOTHERTAXLAWS.

TaxResidenceofYatraandUtilizationofTerrapin'sTaxAttributes

Tax Residence of Yatra for U.S. Federal Income Tax Purposes

AcorporationisgenerallyconsideredforU.S.federalincometaxpurposestobeataxresidentinthejurisdictionofitsorganizationorincorporation.Accordingly,underthegenerallyapplicableU.S.federalincometaxrules,YatraOnline,Inc.,whichisincorporatedunderthelawsoftheCaymanIslands,wouldbeclassifiedasanon-U.S.corporation(and,therefore,notaU.S.taxresident)forU.S.federalincometaxpurposes.Section7874oftheCodeprovidesanexceptiontothisgeneralrule(morefullydiscussedbelow),underwhichanon-U.S.incorporatedentitymay,incertaincircumstances,betreatedasaU.S.corporationforU.S.federalincometaxpurposes.Theserulesarerelativelynewandcomplexandthereislimitedguidanceregardingtheirapplication.

UnderSection7874,acorporationcreatedororganizedoutsidetheUnitedStates(i.e. ,anon-U.S.corporation)willneverthelessbetreatedasaU.S.corporationforU.S.federalincometaxpurposes(and,therefore,asaU.S.taxresidentsubjecttoU.S.federalincometaxonitsworldwideincome)ifeachofthefollowingthreeconditionsaremet:(i)thenon-U.S.corporation,directlyorindirectly,acquiressubstantiallyallofthepropertieshelddirectlyorindirectlybyaU.S.corporation(includingthroughtheacquisitionofalloftheoutstandingsharesoftheU.S.corporation);(ii)thenon-U.S.corporation's"expandedaffiliatedgroup"doesnothave"substantialbusinessactivities"inthenon-U.S.corporation'scountryoforganizationorincorporationandtaxresidencerelativetotheexpandedaffiliatedgroup'sworldwideactivities;and(iii)aftertheacquisition,theformershareholdersoftheacquiredU.S.corporationholdatleast80%(byeithervoteorvalue)ofthesharesofthenon-U.S.acquiringcorporationbyreasonofholdingsharesintheU.S.acquiredcorporation(takingintoaccountthereceiptofthenon-U.S.corporation'ssharesinexchangefortheU.S.corporation'sshares)asdeterminedforpurposesofSection7874(thistestisreferredtoasthe"80%ownershiptest").

ForpurposesofSection7874,thefirsttwoconditionsdescribedaboveweremetwithrespecttothemergerscompletedinJuly2016withTerrapin,becauseweacquiredindirectlyalloftheassetsofTerrapinthroughthemergerswithTerrapin,andYatraOnline,Inc.,includingits"expandedaffiliatedgroup,"didnothave"substantialbusinessactivities"intheCaymanIslandswithinthemeaningofSection7874uponconsummationofthemergerswithTerrapin.Asaresult,whetherSection7874willapplytocauseustobetreatedasaU.S.corporationforU.S.federalincometaxpurposesfollowingthemergerswithTerrapinshoulddependonthesatisfactionofthe80%ownershiptest.

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BasedonthetermsofthemergerswithTerrapin,therulesfordeterminingshareownershipunderSection7874andtheTreasuryregulationspromulgatedthereunder(includingtheTemporarySection7874Regulations)andbaseduponcertainfactualassumptions,webelievethattheSection7874ownershippercentageoftheformerTerrapinstockholdersinourcompanyshouldbelessthan80%andaccordinglywearenotexpectedtobetreatedasaU.S.corporationforU.S.federalincometaxpurposes.Further,forpurposesofdeterminingtheownershippercentageofformerTerrapinstockholdersforpurposesofSection7874,formerTerrapinstockholderswillbedeemedtoownanamountofourordinarysharesinrespecttocertainredemptionsbyTerrapinpriortotheclosingofthemergerswithTerrapin.Inaddition,asdiscussedabove,therulesfordeterminingownershipunderSection7874arecomplex,unclearandthesubjectofongoingregulatorychange.ManyoftheserulesarecontainedintheTemporaryRegulationsunderSection7874whichhaveonlyrecentlybeenissued,andthereisnoguidanceastotheirapplication.Accordingly,therecanbenoassurancethattheIRSwouldnotassertthatthe80%ownershiptestismetwithrespecttothemergerswithTerrapinandthat,accordingly,weshouldbetreatedasaU.S.corporationforU.S.federalincometaxpurposesorthatsuchanassertionwouldnotbesustainedbyacourt.

TherehasbeendiscussionofadditionalchangestoSection7874.AnychangestotherulesofSection7874ortheTreasuryregulationspromulgatedthereunder,orotherchangesoflaw,whichcouldbemaderetroactivelyeffective,couldadverselyaffectourstatusasanon-U.S.corporationforU.S.federalincometaxpurposes.

IfweweretobetreatedasaU.S.corporationforU.S.federalincometaxpurposes,wecouldbesubjecttosubstantialliabilityforadditionalU.S.incometaxes,andthegrossamountofanydividendpaymentstoournon-U.S.shareholderscouldbesubjectto30%U.S.withholdingtax,dependingontheapplicationofanyincometaxtreatythatmightapplytoreducethewithholdingtax.

TheremainderofthisdiscussionassumesthatwewillnotbetreatedasaU.S.corporationforU.S.federalincometaxpurposesunderSection7874.

Utilization of Terrapin's Tax Attributes

FollowingtheacquisitionofaU.S.corporationbyanon-U.S.corporation,Section7874canlimittheabilityoftheacquiredU.S.corporationanditsU.S.affiliatestoutilizecertainU.S.taxattributes(includingnetoperatinglossesandcertaintaxcredits)tooffsetU.S.taxableincomeresultingfromcertaintransactions.Theselimitationswillpotentiallyapplyif:(i)thenon-U.S.corporationacquires,directlyorindirectly,substantiallyallofthepropertiesheld,directlyorindirectly,bytheU.S.corporation(includingthroughthedirectorindirectacquisitionofalloftheoutstandingsharesoftheU.S.corporation);(ii)aftertheacquisition,thenon-U.S.corporation's"expandedaffiliatedgroup"doesnothave"substantialbusiness"activitiesinthenon-U.S.corporation'scountryoforganizationorincorporationandtaxresidencerelativetotheexpandedaffiliatedgroup'sworldwideactivities(asdeterminedundertheTreasuryregulations);and(iii)aftertheacquisition,theformershareholdersoftheacquiredU.S.corporationholdlessthan80%butatleast60%(byeithervoteorvalue)ofthesharesofthenon-U.S.acquiringcorporationbyreasonofholdingsharesintheU.S.acquiredcorporation(takingintoaccountthereceiptofthenon-U.S.corporation'ssharesinexchangefortheU.S.corporation'sshares)(thistestisreferredtoasthe"60%ownershiptest").Ifeachoftheseconditionsismet,thenthetaxableincomeoftheU.S.corporation(andanyU.S.personrelatedtotheU.S.corporation)foranygivenyear,withinaperiodbeginningonthefirstdatetheU.S.corporation'spropertieswereacquireddirectlyorindirectlybythenon-U.S.acquiringcorporationandending10yearsafterthelastdatetheU.S.corporation'spropertieswereacquired,willbenolessthanthatperson's"inversiongain"forthattaxableyear.Aperson'sinversiongainincludesgainfromthetransferofsharesoranyotherproperty(otherthanpropertyheldforsaletocustomers)andincomefromthelicenseofanypropertythatiseithertransferredorlicensedaspartoftheacquisition,oraftertheacquisitionifthetransferorlicenseistoanon-U.S.relatedperson.Ingeneral,theeffectofthis

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provisionistodenytheuseofnetoperatinglosses,foreigntaxcreditsorothertaxattributestooffsettheinversiongain.

BasedonthetermsofthemergerswithTerrapin,therulesfordeterminingshareownershipunderSection7874andtheTreasuryregulationspromulgatedthereunder(includingtheTemporarySection7874Regulations)andbaseduponcertainfactualassumptions,webelievethattheSection7874ownershippercentageoftheformerTerrapinstockholdersinourcompanyshouldbelessthan60%andaccordinglythelimitationsandotherrulesdescribedabovearenotexpectedtoapplytoTerrapinafterthemergerswithTerrapin.Inaddition,asdiscussedaboveunder"—Tax Residence of Yatra for U.S. Federal Income TaxPurposes ,"therulesfordeterminingownershipunderSection7874arecomplex,unclearandthesubjectofrecentandongoingregulatorychangeandtherecanbenoassurancethattheIRSwouldnotassertthatthe60%ownershiptestismetwithrespecttothemergerswithTerrapinandthataccordinglytheforegoinglimitationsandruleswouldapplyorthatsuchanassertionwouldnotbesustainedbyacourt.

IftheIRSweretosuccessfullyassertthatthe60%ownershiptesthasbeenmet,theabilityofTerrapinanditsU.S.affiliatestoutilizecertainU.S.taxattributesagainstincomeorgainrecognizedpursuanttocertaintransactionsmaybelimited.However,asablankcheckcompany,whoseassetswereprimarilycomprisedofcashandcashequivalents,itisnotexpectedthatTerrapinwouldhaveasignificantamountofinversiongain.Accordingly,evenifthe60%ownershiptestweresatisfied,theeffectoftheresultinglimitationsontheuseofnetoperatinglossesandtaxattributeswouldnotbeexpectedtobematerial.

U.S.FederalIncomeTaxConsequencesoftheOwnershipandDispositionofOrdinarySharesofYatra

U.S.Holders

Distributions on our Ordinary Shares

Subjecttothediscussionbelowunder"—Passive Foreign Investment Company Status ,"thegrossamountofanydistributiononourordinarysharesthatismadeoutofourcurrentoraccumulatedearningsandprofits(asdeterminedforU.S.federalincometaxpurposes)generallywillbetaxabletoaU.S.holderasordinarydividendincomeonthedatesuchdistributionisactuallyorconstructivelyreceived.AnysuchdividendswillnotbeeligibleforthedividendsreceiveddeductionallowedtocorporationsinrespectofdividendsreceivedfromotherU.S.corporations.Totheextentthattheamountofthedistributionexceedsourcurrentandaccumulatedearningsandprofits(asdeterminedunderU.S.federalincometaxprinciples),suchexcessamountwillbetreatedfirstasanon-taxablereturnofcapitaltotheextentoftheU.S.holder'staxbasisinourordinaryshares,andthereafterascapitalgainrecognizedonasaleorexchange.

Dividendsreceivedbynon-corporateU.S.holders(includingindividuals)froma"qualifiedforeigncorporation"maybeeligibleforreducedratesoftaxation,providedthatcertainholdingperiodrequirementsandotherconditionsaresatisfied.Anon-U.S.corporationistreatedasaqualifiedforeigncorporationwithrespecttodividendsitpaysonsharesthatarereadilytradableonanestablishedsecuritiesmarketintheUnitedStates.U.S.TreasuryguidanceindicatesthatshareslistedontheNASDAQ(whereourordinarysharesarecurrentlylisted)willbeconsideredreadilytradableonanestablishedsecuritiesmarketintheUnitedStates.Therecanbenoassurancethatourordinaryshareswillbeconsideredreadilytradableonanestablishedsecuritiesmarketinfutureyears.Non-corporateU.S.holdersthatdonotmeetaminimumholdingperiodrequirementduringwhichtheyarenotprotectedfromtheriskoflossorthatelecttotreatthedividendincomeas"investmentincome"pursuanttoSection163(d)(4)oftheCode(dealingwiththedeductionforinvestmentinterestexpense)willnotbeeligibleforthereducedratesoftaxationregardlessofourstatusasaqualifiedforeigncorporation.Inaddition,theratereductionwillnotapplytodividendsiftherecipientofadividendisobligatedtomakerelatedpaymentswithrespecttothepositionsinsubstantiallysimilarorrelated

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property.Thisdisallowanceapplieseveniftheminimumholdingperiodhasbeenmet.Wewillnotconstituteaqualifiedforeigncorporationforpurposesoftheserulesifweareapassiveforeigninvestmentcompany(a"PFIC")forthetaxableyearinwhichwepayadividendorfortheprecedingtaxableyear.See"—PassiveForeign Investment Company Status. "

Subjecttocertainconditionsandlimitations,withholdingtaxes,ifany,ondividendspaidbyusmaybetreatedasforeigntaxeseligibleforcreditagainstaU.S.holder'sU.S.federalincometaxliabilityundertheU.S.foreigntaxcreditrules.ForpurposesofcalculatingtheU.S.foreigntaxcredit,dividendspaidonourordinaryshareswillgenerallybetreatedasincomefromsourcesoutsidetheUnitedStatesandwillgenerallyconstitutepassivecategoryincome.TherulesgoverningtheU.S.foreigntaxcreditarecomplex.U.S.holdersshouldconsulttheirtaxadvisorsregardingtheavailabilityoftheU.S.foreigntaxcreditundertheirparticularcircumstances.

Sale, Exchange, Redemption or Other Taxable Disposition of Our Ordinary Shares

Subjecttothediscussionbelowunder"—Passive Foreign Investment Company Status ,"aU.S.holdergenerallywillrecognizegainorlossonanysale,exchange,redemptionorothertaxabledispositionofourordinarysharesinanamountequaltothedifferencebetween(i)theamountrealizedonthedispositionand(ii)suchU.S.holder'sadjustedtaxbasisinsuchshares.AnygainorlossrecognizedbyaU.S.holderonataxabledispositionofourordinarysharesgenerallywillbecapitalgainorlossandwillbelong-termcapitalgainorlossiftheholder'sholdingperiodinsuchsharesexceedsoneyearatthetimeofthedisposition.Preferentialtaxratesmayapplytolong-termcapitalgainsofnon-corporateU.S.holders(includingindividuals).Thedeductibilityofcapitallossesissubjecttolimitations.AnygainorlossrecognizedbyaU.S.holderonthesaleorexchangeofourordinarysharesgenerallywillbetreatedasU.S.sourcegainorloss.

ItispossiblethatIndiamayimposeanincometaxuponsaleofourordinaryshares.BecausegainsgenerallywillbetreatedasU.S.sourcegain,asaresultoftheU.S.foreigntaxcreditlimitation,anyIndianincometaximposeduponcapitalgainsinrespectofourordinarysharesmaynotbecurrentlycreditableunlessaU.S.holderhasotherforeignsourceincomefortheyearintheappropriateU.S.foreigntaxcreditlimitationbasket.U.S.holdersshouldconsulttheirtaxadvisorsregardingtheapplicationofIndiantaxestoadispositionofourordinarysharesandtheirabilitytocreditanIndiantaxagainsttheirU.S.federalincometaxliability.

Characterization as a "Controlled Foreign Corporation" for U.S. Federal Income Tax Purposes

Thereisapossibilitythatwewillbeclassifiedasa"controlledforeigncorporation"(a"CFC"),forU.S.federalincometaxpurposes.WewillgenerallybeclassifiedasaCFCifmorethan50%ofouroutstandingshares,measuredbyreferencetovotingpowerorvalue,areowned(directly,indirectlyorbyattribution)by"10%U.S.Shareholders."Forthispurpose,a"10%U.S.Shareholder"isanyU.S.personthatownsdirectly,indirectlyorbyattribution,10%ormoreofthevotingpowerorvalueofouroutstandingordinaryshares.Inaddition,recentchangestotheattributionrulesrelatingtothedeterminationofCFCstatusmaymakeitdifficulttodetermineourCFCstatusforanytaxableyear.IfweweretobeclassifiedasaCFC,a10%U.S.ShareholdermaybesubjecttoU.S.federalincometaxationatordinaryincometaxratesonalloraportionofourundistributedearningsandprofitsattributableeveniftheCFChasmadenodistributionstoitsshareholders,including"SubpartFincome,"globalintangiblelow-taxedincomeandcertainotherincomegeneratedbytheCFC,andmayalsobesubjecttoU.S.federalincometaxationatordinaryincometaxratesonanygainrealizedonasaleofordinaryshares,totheextentofthecurrentandaccumulatedearningsandprofitsofourcompanyattributabletosuchshares.TheCFCrulesarecomplexandU.S.holdersthatare,ormaybe,10%U.S.ShareholdersareurgedtoconsulttheirowntaxadvisorsregardingthepossibleapplicationoftheCFCrulestothemintheirparticularcircumstances.ItisnotexpectedthatwewillbeclassifiedasaCFC,andtheremainderofthisdiscussionassumesthatwewillnotbeclassifiedasaCFCforU.S.federalincometaxpurposesbutnoassurancescanbeofferedinthisregard.

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Passive Foreign Investment Company Status

ThetreatmentofU.S.holdersofourordinarysharescouldbemateriallydifferentfromthatdescribedabove,ifwearetreatedasapassiveforeigninvestmentcompany(a"PFIC")forU.S.federalincometaxpurposes.

Anon-U.S.corporation,suchasYatraOnline,Inc.,willbeaPFICforU.S.federalincometaxpurposesforanytaxableyearinwhich,aftertheapplicationofcertainlook-throughruleseither:(i)75%ormoreofitsgrossincomeforsuchtaxableyearispassiveincome,or(ii)50%ormoreofthetotalvalueofitsassets(basedonanaverageofthequarterlyvaluesoftheassetsduringsuchyear)isattributabletoassets,includingcash,thatproducepassiveincomeorareheldfortheproductionofpassiveincome.Passiveincomegenerallyincludesdividends,interest,royalties,rents,annuities,netgainsfromthesaleorexchangeofpropertyproducingsuchincomeandnetforeigncurrencygains.ThedeterminationofwhetherweareaPFICisbaseduponthecompositionofourincomeandassets,(including,amongothers,corporationsinwhichweownatleasta25%interest),andthenatureofouractivities.

Basedontheprojectedcompositionofitsincomeandassets,includinggoodwill,itisnotexpectedthatwewillbeaPFICforthistaxableyearorintheforeseeablefuture.ThetestsfordeterminingPFICstatusareappliedannuallyafterthecloseofthetaxableyear,anditisdifficulttopredictaccuratelyfutureincomeandassetsrelevanttothisdetermination.Thefairmarketvalueoftheassetsofourcompanyisexpectedtodepend,inpart,upon(a)themarketvalueofourordinaryshares,and(b)thecompositionofourassetsandincome.Adecreaseinthemarketvalueofourordinarysharesand/oranincreaseincashorotherpassiveassetswouldincreasetherelativepercentageofitspassiveassets.TheapplicationofthePFICrulesissubjecttouncertaintyinseveralrespectsand,therefore,theIRSmayassertthat,contrarytoexpectations,weareaPFICforthistaxableyearorinafutureyear.Accordingly,therecannoassurancethatwewillnotbeaPFICforthistaxableyearoranyfuturetaxableyear.

IfweareorbecomeaPFICduringanyyearinwhichaU.S.holderholdsourordinaryshares,unlesstheU.S.holdermakesaqualifiedelectingfund(QEF)electionormark-to-marketelectionwithrespecttotheshares,asdescribedbelow,aU.S.holdergenerallywouldbesubjecttoadditionaltaxes(includingtaxationatordinaryincomeratesandaninterestcharge)onanygainrealizedfromasaleorotherdispositionofourordinarysharesandonany"excessdistributions"receivedfromus,regardlessofwhetherwequalifyasaPFICintheyearinwhichsuchdistributionisreceivedorgainisrealized.Forthispurpose,apledgeofourordinarysharesassecurityforaloanmaybetreatedasadisposition.TheU.S.holderwouldbetreatedasreceivinganexcessdistributioninataxableyeartotheextentthatdistributionsonthesharesduringthatyearexceed125%oftheaverageamountofdistributionsreceivedduringthethreeprecedingtaxableyears(or,ifshorter,theU.S.holder'sholdingperiod).Tocomputethetaxonexcessdistributionsoronanygain,(i)theexcessdistributionorgainwouldbeallocatedratablyovertheU.S.holder'sholdingperiod,(ii)theamountallocatedtothecurrenttaxableyearandanyyearbeforethefirsttaxableyearforwhichwewereaPFICwouldbetaxedasordinaryincomeinthecurrentyear,and(iii)theamountallocatedtoothertaxableyearswouldbetaxedatthehighestapplicablemarginalrateineffectforeachsuchyear(i.e., atordinaryincometaxrates)andaninterestchargewouldbeimposedtorecoverthedeemedbenefitfromthedeferredpaymentofthetaxattributabletoeachsuchprioryear.

IfweweretobetreatedasaPFIC,aU.S.holdermayavoidtheexcessdistributionrulesdescribedabovebyelectingtotreatourcompany(forthefirsttaxableyearinwhichtheU.S.holderownsanyshares)andanylower-tierPFIC(forthefirsttaxableyearinwhichtheU.S.holderistreatedasowninganequityinterestinsuchlower-tierPFIC)asaQEF.IfaU.S.holdermakesaneffectiveQEFelectionwithrespecttoourcompany(andanylower-tierPFIC),theU.S.holderwillberequiredtoincludeingrossincomeeachyear,whetherornotwemakedistributions,ascapitalgains,ourproratashare's

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(andsuchlower-tierPFIC's)netcapitalgainsand,asordinaryincome,ourproratashare's(andsuchlower-tierPFIC's)netearningsinexcessofitsnetcapitalgains.U.S.holderscanmakeaQEFelectiononlyifwe(andeachlower-tierPFIC)providecertaininformation,includingtheamountofitsordinaryearningsandnetcapitalgainsdeterminedunderU.S.taxprinciples.WewillmakecommerciallyreasonableeffortstoprovideU.S.holderswiththisinformationifwedeterminethatweareaPFIC.

AsanalternativetomakingaQEFelection,aU.S.holdermayalsobeabletoavoidsomeoftheadverseU.S.taxconsequencesofPFICstatusbymakinganelectiontomarktheordinarysharestomarketannually.AU.S.holdermayelecttomark-to-markettheordinarysharesonlyiftheyare"marketablestock."Theordinaryshareswillbetreatedas"marketablestock"iftheyareregularlytradedona"qualifiedexchange."TheordinarysharesarelistedontheNASDAQ,whichshouldbeaqualifiedexchangeforthispurpose.Theordinaryshareswillbetreatedasregularlytradedinanycalendaryearinwhichmorethanademinimisquantityoftheordinarysharesaretradedonatleast15daysduringeachcalendarquarter.Therecanbenocertainlythattheordinaryshareswillbesufficientlytradedsuchastobetreatedasregularlytraded.

U.S.holdersshouldconsulttheirtaxadvisorsregardingtheU.S.federalincometaxconsequencesofthePFICrules.IfwearetreatedasaPFIC,eachU.S.holdergenerallywillberequiredtofileaseparateannualinformationreturnwiththeIRSwithrespecttoourcompanyandanylower-tierPFICs.

Medicare Surtax on Net Investment Income

Non-corporateU.S.holderswhoseincomeexceedscertainthresholdsgenerallywillbesubjectto3.8%surtaxontheir"netinvestmentincome"(whichgenerallyincludes,amongotherthings,dividendson,andcapitalgainfromthesaleorothertaxabledispositionof,ourordinaryshares).Non-corporateU.S.holdersshouldconsulttheirowntaxadvisorsregardingthepossibleeffectofsuchtaxontheirownershipanddispositionofourordinaryshares.

Additional Reporting Requirements

CertainU.S.holdersholdingspecifiedforeignfinancialassetswithanaggregatevalueinexcessoftheapplicabledollarthresholdsarerequiredtoreportinformationtotheIRSrelatingtoourordinaryshares,subjecttocertainexceptions(includinganexceptionforourordinarysharesheldinaccountsmaintainedbyU.S.financialinstitutions),byattachingacompleteIRSForm8938,StatementofSpecifiedForeignFinancialAssets,withtheirtaxreturn,foreachyearinwhichtheyholdourordinaryshares.SubstantialpenaltiesapplytoanyfailuretofileIRSForm8938,unlessthefailureisshowntobeduetoreasonablecauseandnotwillfulneglect.Also,intheeventaU.S.holderdoesnotfileIRSForm8938orfailstoreportaspecifiedforeignfinancialassetthatisrequiredtobereported,thestatuteoflimitationsontheassessmentandcollectionofU.S.federalincometaxesofsuchU.S.holderfortherelatedtaxableyearmaynotclosebeforethedatewhichisthreeyearsafterthedateonwhichtherequiredinformationisfiled.U.S.holdersshouldconsulttheirtaxadvisorsregardingtheeffect,ifany,oftheserulesontheownershipanddispositionofourordinaryshares.

Non-U.S.Holders

Ingeneral,anon-U.S.holderofourordinaryshareswillnotbesubjecttoU.S.federalincometaxor,subjecttothediscussionbelowunder"—InformationReporting and Backup Withholding ,"U.S.federalwithholdingtaxonanydividendsreceivedonourordinarysharesoranygainrecognizedona

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saleorotherdispositionofourordinaryshares(including,anydistributiontotheextentitexceedstheadjustedbasisinthenon-U.S.holder'sordinaryshares)unless:

• thedividendorgainiseffectivelyconnectedwiththenon-U.S.holder'sconductofatradeorbusinessintheUnitedStates,andifrequiredbyanapplicabletaxtreaty,isattributabletoapermanentestablishmentmaintainedbythenon-U.S.holderintheUnitedStates;or

• inthecaseofgainonly,thenon-U.S.holderisanonresidentalienindividualpresentintheUnitedStatesfor183daysormoreduringthetaxableyearofthesaleordisposition,andcertainotherrequirementsaremet.

Anon-U.S.holderthatisacorporationalsomaybesubjecttoabranchprofitstaxatarateof30%(orsuchlowerratespecifiedbyanapplicabletaxtreaty)onitseffectivelyconnectedearningsandprofitsforthetaxableyear,asadjustedforcertainitems.Non-U.S.holdersshouldconsulttheirtaxadvisorsregardinganyapplicabletaxtreatiesthatmayprovidefordifferentrules.

ForeignAccountTaxComplianceAct

TheUnitedStatesForeignAccountTaxComplianceAct,orFATCA,imposesareportingregimeand,potentially,a30%withholdingtaxoncertainpaymentsmadetocertainnon-USfinancialinstitutionsthatfailtocomplywithcertaininformation-reporting,accountidentification,withholding,certificationandotherFATCA-relatedrequirementsinrespectoftheirdirectandindirectUnitedStatesshareholdersand/orUnitedStatesaccountholders.ToavoidbecomingsubjecttoFATCAwithholding,wemayberequiredtoreportinformationtotheIRSregardingtheholdersofourcommonsharesandtowithholdonaportionofpaymentswithrespecttoourcommonsharestocertainholdersthatfailtocomplywiththerelevantinformationreportingrequirements(orthatholdourcommonsharesdirectlyorindirectlythroughcertainnon-compliantintermediaries).ThiswithholdingtaxmadewithrespecttoourcommonshareswillnotapplytopaymentsbeforeJanuary1,2019.AnintergovernmentalagreementbetweentheUnitedStatesandanothercountrymayalsomodifytheserequirements.FATCAisparticularlycomplexanditsapplicationisuncertainatthistime.HoldersofourcommonsharesshouldconsulttheirowntaxadvisorstoobtainamoredetailedexplanationofFATCAandtolearnhowFATCAmightaffecteachholderinitsparticularcircumstances.

InformationReportingandBackupWithholding

Ingeneral,informationreportingrequirementsmayapplytodividendsreceivedbyU.S.holdersofourordinaryshares,andtheproceedsreceivedonthedispositionofourordinaryshareseffectedwithintheUnitedStates(and,incertaincases,outsidetheUnitedStates),ineachcaseotherthanU.S.holdersthatareexemptrecipients(suchascorporations).Backupwithholding(currentlyatarateof24%)mayapplytosuchamountsiftheU.S.holderfailstoprovideanaccuratetaxpayeridentificationnumber(generallyonanIRSFormW-9providedtothepayingagentoftheU.S.holder'sbroker)orisotherwisesubjecttobackupwithholding.Proceedsfromthesale,exchange,redemptionorotherdispositionofourordinarysharesmaybesubjecttoinformationreportingtotheIRSandpossibleU.S.backupwithholding.U.S.holdersshouldconsulttheirtaxadvisorsregardingtheapplicationoftheU.S.informationreportingandbackupwithholdingrules.

InformationreturnsmaybefiledwiththeIRSinconnectionwith,andnon-U.S.holdersmaybesubjecttobackupwithholdingonamountsreceivedinrespectoftheirordinaryshares,unlessthenon-U.S.holderfurnishestotheapplicablewithholdingagenttherequiredcertificationastoitsnon-U.S.status,suchasbyprovidingavalidIRSFormW-8BEN,IRSFormW-8BEN-EorIRSFormW-8ECI,asapplicable,orthenon-U.S.holderotherwiseestablishesanexemption.DividendspaidwithrespecttoourordinarysharesandproceedsfromthesaleorotherdispositionofourordinarysharesreceivedintheUnitedStatesbyanon-U.S.holderthroughcertainU.S.-relatedfinancialintermediariesmaybesubjecttoinformationreportingandbackupwithholdingunlesssuch

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non-U.S.holderprovidesproofofanapplicableexemptionorcomplieswithcertaincertificationproceduresdescribedabove,andotherwisecomplieswiththeapplicablerequirementsofthebackupwithholdingrules.

Backupwithholdingisnotanadditionaltax.Amountswithheldasbackupwithholdingmaybecreditedagainsttheholder'sU.S.federalincometaxliability,andsuchholdermayobtainarefundofanyexcessamountswithheldunderthebackupwithholdingrulesbytimelyfilingtheappropriateclaimforarefundwiththeIRSandfurnishinganyrequiredinformation.

Theprecedingdiscussionisnottaxadvice.Eachprospectiveinvestorshouldconsulttheprospectiveinvestor'sowntaxadvisorregardingtheparticularU.S.federal,state,andlocalandnon-U.S.taxconsequencesoftheownershipanddispositionofourordinaryshares,includingtheconsequencesofanyproposedchangeinapplicablelaws.

MATERIALINDIANTAXCONSEQUENCES

ThefollowingisageneraldiscussionofmaterialIndiantaxconsequencesofownershipanddispositionofourregisteredordinarysharesforinvestorswhoarenotresidentsinIndiaasperthe(Indian)IncomeTaxAct,1961,asamended,ortheITAct.ThisdiscussionisbasedontheprovisionsoftheITActasareinforceasofthedateofthisAnnualReportandinterpretationsthereofaspronouncedinjudicialprecedentsandissubjecttochange.

Also,asmentionedabove,theIndiantaxconsequencessummarizedbelowarefromtheperspectiveofinvestorswhoarenon-residentsinIndianpertheprovisionsofITAct.InvestorswhoqualifyasresidentsinIndiashallremainliableforIndiantaxesinrespectoftheirglobalincome.

THISSUMMARYISNOTINTENDEDTOCONSTITUTEACOMPLETEANALYSISOFALLINDIANTAXCONSEQUENCESINRELATIONTOTHEOWNERSHIPANDDISPOSALOFOURORDINARYSHARES.FURTHER,THEDISCUSSIONBELOWPROVIDESASUMMARYOFTHETAXCONSEQUENCESUNDERTHEITACT,ANDINVESTORSMAYBEENTITLEDTOAMOREBENEFICIALTAXTREATMENTUNDERTAXTREATIESTHATINDIAMAYHAVEENTEREDINTOWITHCOUNTRIESOFRESIDENCEOFINDIVIDUALINVESTORS.

WHILSTITISBELIEVEDTHATTHEDISCUSSIONBELOWREPRESENTSAREASONABLEINTERPRETATIONOFTHERELEVANTPROVISIONSOFTHEITACT,THERECANBENOASSURANCE(ESPECIALLYINVIEWOFFACTSSPECIFICTOAPARTICULARINVESTOR)THATTHEREVENUEAUTHORITIESMAYAGREEWITHSUCHINTERPRETATIONS.

INVESTORSSHOULDTHEREFORECONSULTTHEIROWNTAXADVISORSONTHEINDIANTAXCONSEQUENCESOFTHEOWNERSHIPANDDISPOSALOFOURORDINARYSHARESUNDERINDIANLAW,INCLUDINGSPECIFICALLYCONSIDERINGTHEPROVISIONSOFTAXTREATYBETWEENINDIAANDTHEIRCOUNTRYOFRESIDENCE.

InvestorsMaybeSubjecttoIndianTaxesonIncomeArisingThroughtheSaleofOurOrdinaryShares

Amendmentsintroducedin2012totheITAct,providedthatincomearisingdirectlyorindirectlythroughthesaleofacapitalassetbeinganyshareorinterestinacompanyincorporatedoutsideofIndia,willbesubjecttotaxinIndiaifsuchshareorinterestdirectlyorindirectlyderivesitsvaluesubstantiallyfromassetslocatedinIndia,irrespectiveofwhetherthesellerofsuchshareshasaresidence,placeofbusiness,businessconnection,oranyotherpresenceinIndia(seeExplanation5tosection9(1)(i)oftheITAct).Throughamendmentsintroducedin2015,ithasbeenprovidedthatashareoraninterestinanentityissaidtoderiveitsvaluesubstantiallyfromassetslocatedinIndiawhenthefollowingtwoconditionsaresatisfied:(i)thevalueoftheassetslocatedinIndiaowneddirectlyorindirectlybyanentitywhosesharesorinterestaretransferredexceedsINR100millionand

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(ii)thevalueofassetslocatedinIndiaisatleast50%ofthevalueofallassetsownedbytheentitywhosesharesorinterestarethesubjectmatteroftransfer(seeExplanation6tosection9(1)(i)oftheITAct).ThevalueoftheassetsiscomputedonafairvaluebasisasperaspecificmethodprescribedundertheIncomeTaxRules,1962(Rule11UB).Incasetaxabilityistriggeredundertheaforesaidprovisions,capitalgainsproportionatetothefairvalueoftheIndianassetscontributinginthevalueoftheforeignentitywhosesharesaretransferredareregardedastaxableinIndia.ThemannerofcomputingcapitalgainsinsuchascenariohasbeenprescribedintheIncomeTaxRules,1962(Rule11UC).

AsofthedateofthisAnnualReport,ourordinarysharesandwarrantsderivetheirvaluesubstantiallyfromassetslocatedinIndia,asdefinedundertheITAct.Hence,investorsmaybesubjecttoIndiantaxesontheincomearisingfromthetransferofourordinaryshares/warrantssubjecttotheprovisionsofrespectivetaxtreatiesthatIndiahasenteredintowiththeircountryofresidence.Theincomeshallbetaxableascapitalgains,whichshallbecomputedaspertheprovisionsoftheITAct.

However,theITActalsocontainsanexemptionwithrespecttoalienationofsharesbyatransferor-investor,whosevotingrightsorsharecapital,eitherindividuallyoralongwithitsAssociatedEnterprises(asdefinedintheITAct)atanytimeduringthe12-monthperiodprecedingthedateofsaledoesnotexceedfivepercentofthetotalvotingrightsorsharecapitalinthecompany,providedsuchtransferor-investorisnotvestedwithrightsofmanagementorcontrolinanyotherform.

ProvisionsRelatingtoLongTermCapitalGainsandShortTermCapitalGains

Gainsarisingfromtransferofcapitalassetarechargedtotaxundertheheading"capitalgains."Acapitalassetmayeitherbeashort-termorlong-termcapitalasset,dependingontheperiodofitsholding.

Gainsarisingfromashort-termcapitalassetareshort-termcapitalgainsandgainsarisingfromlong-termcapitalassetarelong-termcapitalgains.

Short-term capital gains:

ShareswhicharenotlistedonarecognizedstockexchangeinIndiaareregardedasshort-termcapitalassets,ifsuchsharesareheldfornotmorethantwoyearsimmediatelyprecedingthedateoftransfer(seesection2(42A)oftheITAct).Gainsarisingfromthetransferofashort-termcapitalassetaretaxedasshort-termcapitalgains.

Therateoftaxforshort-termcapitalgainsforaforeigncompanyis40%(plusapplicablesurchargeandcess)subjecttotheapplicabletaxtreatybenefit.

Forassesseesotherthanforeigncompanies,theshort-termcapitalgainsaretaxableatapplicableslabratesasprescribedforthefinancialyear.

Long-term capital gains:

ShareswhicharenotlistedonarecognizedstockexchangeinIndiaareregardedaslong-termcapitalassets,ifsuchsharesareheldformorethantwoyearsimmediatelyprecedingthedateoftransfer(seesection2(29A)oftheITAct).Gainsarisingfromthetransferofalong-termcapitalassetaretaxedaslong-termcapitalgains.

Therateoftaxforlong-termcapitalgainsaspersection112(1)(c)(iii)oftheITActis10%(plusapplicablesurchargeandcess)subjecttotheapplicabletaxtreatybenefit.

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CarryForwardandSetOffCapitalLoss

ThelossesarisingfromatransferofacapitalassetinIndiacanonlybesetoffagainstcapitalgainsandnotagainstanyotherincomeinaccordancewiththeITAct.

Along-termcapitallossmaybesetoffonlyagainstalong-termcapitalgain.Ashort-termcapitallossmaybesetoffagainstashort-termcapitalgainorlong-termcapitalgain(seesection74oftheITAct).

Totheextentthatthelossesarenotabsorbedintheyearoftransfer,theymaybecarriedforwardforaperiodofeightyearsimmediatelysucceedingtheyearforwhichthelosswasfirstcomputedandmaybesetoffagainstthecapitalgainsassessableforsuchsubsequentyears(seesection74oftheITAct).

Inordertogetthebenefitofset-offofthecapitallossesinthismanner,thenon-residentinvestormustfileappropriateandtimelytaxreturnsinIndiaandundergotheusualassessmentprocedures.

WithholdingTaxObligationonthePurchaserofOurSecurities

Aspersection195oftheITAct,everypersonmakinganypaymenttoanon-resident,whichischargeabletotaxinIndiaisrequiredtodeducttaxattheappropriateratesatthetimeofpaymentoratthetimeofcredit,whicheverisearlier.Therefore,apayerwouldberequiredtodeducttaxonpaymentsattheratesinforceinIndiaoraspertheapplicabletaxtreaty,ifthesaidsumischargeabletotaxinIndia.

Accordingly,anypersonresponsibleformakingpaymentonpurchaseofourordinaryshares/warrantsfromanexistingnon-residentinvestorshallbeliabletowithholdtaxesatsourceifthetransferorisliableforIndiantaxesonaccountofthetransfer.Itispertinenttonotethatthepayerhasanobligationtowithholdtaxesonlywhenthecapitalgainsarisingontransferofourordinaryshares/warrantsischargeabletotaxinIndia.Further,incasebenefitofataxtreatyistakenintoaccountbythenon-residenttransferor,thentheIndianlawprescribesdocumentationwhichthepayershouldmaintainwhilewithholdingtaxes.

F.DividendsandPayingAgents

Notapplicable.

G.StatementsbyExperts

Notapplicable.

H.DocumentsonDisplay

AllinformationfiledwiththeSECcanbeinspectedandcopiedatthepublicreferencefacilitiesmaintainedbytheSECat100FStreet,N.E.,Washington,D.C.20549.Youcanrequestcopiesofthesedocumentsuponpaymentofaduplicatingfee,bywritingtotheSEC.PleasecalltheSECat1-800-SEC-0330forfurtherinformationontheoperationofthepublicreferencerooms.TheSECmaintainsawebsiteatwww.sec.govthatcontainsreports,proxyandinformationstatementsandotherinformationregardingregistrantsthatmakeelectronicfilingsthroughitsElectronicDataGathering,Analysis,andRetrieval,orEDGAR,system.AllourExchangeActreportsandotherSECfilingswillbeavailablethroughtheEDGARsystem.

I.SubsidiaryInformation

Notapplicable.

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ITEM11.QUANTITATIVEANDQUALITATIVEDISCLOSURESABOUTMARKETRISK

Thecompany'sactivitiesareexposedtovarietyoffinancialrisk:creditrisk,foreigncurrencyriskandliquidityrisk.Thecompany'sseniormanagementoverseesthemanagementoftheserisks.Thecompany'sseniormanagementensuresthatthecompany'sfinancialriskactivitiesaregovernedbyappropriatepoliciesandproceduresandthatfinancialrisksareidentified,measuredandmanagedinaccordancewiththecompany'spoliciesandriskobjectives.Thecompanyreviewsandagreesonpoliciesformanagingeachoftheseriskswhicharesummarizedbelow:

Credit Risk. Creditriskistheriskthatacounterpartywillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancialloss.Thecompanyisexposedtocreditriskfromitsoperatingactivities(primarilytradereceivables),includingdepositswithbanksandfinancialinstitutions,foreignexchangetransactionsandotherfinancialinstruments.

Customercreditriskismanagedbyeachbusinessunitsubjecttothecompany'sestablishedpolicy,proceduresandcontrolrelatingtocustomercreditriskmanagement.Creditqualityofacustomerisassessedbasedonanextensivecreditratingscorecardandindividualcreditlimitsaredefinedinaccordancewiththisassessment.

SeeNote40toourauditedconsolidatedfinancialstatementsincludedelsewhereinthisAnnualReportforadditionalinformationrelatingtoourexposuretocreditrisk.

Liquidity Risk. Prudentliquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecurities,theavailabilityoffundingthroughanadequateamountofcommittedcreditfacilitiesandtheabilitytocloseoutmarketpositions.Duetothedynamicnatureoftheunderlyingbusinesses,weaimtomaintainflexibilityinfundingbykeepingcommittedcreditlinesavailable.

TheGroupmanagesliquiditybymaintainingadequatereserves,bankingfacilities,bycontinuouslymonitoringforecastandactualcashflowsandmatchingthematurityprofilesoffinancialassetsandfinancialliabilities.

Basedonourpastperformanceandcurrentexpectations,webelievethatthecashandcashequivalentandcashgeneratedfromoperationswillsatisfytheworkingcapitalneeds,fundingofoperationallosses,capitalexpenditure,commitmentsandotherliquidityrequirementsassociatedwithourexistingoperationsthroughatleastthenext12months.Inaddition,therearenotransactions,arrangementsandotherrelationshipswithanyotherpersonthatarereasonablylikelytomateriallyaffecttheavailabilityoftherequirementofcapitalresources.SeeNote40toourauditedconsolidatedfinancialstatementsincludedelsewhereinthisAnnualReportforadditionalinformationrelatingtoourexposuretoliquidityrisk.

Foreign Currency Risk. ForeignCurrencyRiskistheriskthatthefairvalueorfuturecashflowsofanexposurewillfluctuatebecauseofthechangesinforeignexchangerates.TheGroupoperatesthroughsubsidiariesinIndia,SingaporeandUnitedStates.Thefunctionalcurrencyofthesesubsidiariesisthelocalcurrencyintherespectivecountriesandaccordinglytherearenorelatedsignificantforeigncurrencyexposures.TheCompanycurrentlydoesnothaveanyhedgingagreementsorsimilararrangementswithanycounter-partytocoveritsexposuretoanyfluctuationsinforeignexchangerates.TheGroup'sexposuretotheriskofchangesinforeignexchangeratesrelatesprimarilytotheGroup'soperatingtransactionswhicharedenominatedincurrencyotherthansubsidiary'sfunctionalcurrency(foreigncurrencydenominatedreceivablesandpayables).SeeNote40toourauditedconsolidatedfinancialstatementsincludedelsewhereinthisAnnualReportforsensitivityanalysisrelatingtoourexposuretoforeigncurrencyrisk.

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ITEM12.DESCRIPTIONOFSECURITIESOTHERTHANEQUITYSECURITIES

A.DebtSecurities

Notapplicable.

B.WarrantsandRights

Notapplicable.

C.OtherSecurities

Notapplicable.

D.AmericanDepositaryShares

Notapplicable.

PARTII

ITEM13.DEFAULTS,DIVIDENDARREARAGESANDDELINQUENCIES

None.

ITEM14.MATERIALMODIFICATIONSTOTHERIGHTSOFSECURITYHOLDERSANDUSEOFPROCEEDS

OnJuly26,2018,wecompletedafollow-onpublicofferinginwhichweofferedandsoldanaggregateof10,350,000ordinaryshares,including1,350,000ordinarysharessoldpursuanttotheunderwriters'fullexerciseoftheiroptiontopurchaseadditionalshares,atapublicofferingpriceof$5.50pershare.Theaggregatepriceoftheofferingamountregisteredandsoldwas$56.9million,ofwhichwereceivednetproceedsof$53.0million.Noneofthetransactionexpensesincludedpaymentstodirectorsorofficersofourcompanyortheirassociates,personsowningmorethan10%ormoreofourequitysecuritiesorouraffiliates.Noneofthenetproceedsfromtheofferingwerepaid,directlyorindirectly,toanyofourdirectorsorofficersortheirassociates,personsowning10%ormoreofourequitysecuritiesorouraffiliates.Yatraintendstousethenetproceedsfromtheofferingforgeneralcorporateandbusinesspurposes.TheeffectivedateofourregistrationstatementonFormF-3(Filenumber:333-224661)wasMay24,2018.CitigroupGlobalMarketsInc.andJefferiesLLCactedasjointbook-runningmanagersfortheoffering.

ITEM15.CONTROLSANDPROCEDURES

A. DisclosureControlsandProcedures

AsrequiredbyRules13a-15and15d-15undertheExchangeAct,management,includingourgroupchiefexecutiveofficerandourgroupchieffinancialofficer,hasevaluatedtheeffectivenessofourdisclosurecontrolsandproceduresasoftheendoftheperiodcoveredbythisreport.DisclosurecontrolsandproceduresrefertocontrolsandotherproceduresdesignedtoensurethatinformationrequiredtobedisclosedinthereportswefileorsubmitundertheExchangeActisrecorded,processed,summarizedandreported,withinthetimeperiodsspecifiedintherulesandformsoftheSEC.Disclosurecontrolsandproceduresinclude,withoutlimitation,controlsandproceduresdesignedtoensurethatinformationrequiredtobedisclosedbyusinourreportsthatwefileorsubmitundertheExchangeActisaccumulatedandcommunicatedtomanagement,includingourprincipalexecutiveandprincipalfinancialofficers,orpersonsperformingsimilarfunctions,asappropriatetoallowtimelydecisionsregardingourrequireddisclosure.

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BasedontheirevaluationasofMarch31,2018,ourgroupchiefexecutiveofficerandgroupchieffinancialofficerhaveconcludedthatourdisclosurecontrolsandprocedureswereeffectivetoprovidereasonableassurancethattheinformationrequiredtobedisclosedinfilingsandsubmissionsundertheExchangeAct,isrecorded,processed,summarized,andreportedwithinthetimeperiodsspecifiedbytheSEC'srulesandforms,andthatmaterialinformationrelatedtousandourconsolidatedsubsidiariesisaccumulatedandcommunicatedtomanagement,includingthegroupchiefexecutiveofficerandgroupchieffinancialofficer,asappropriatetoallowtimelydecisionsaboutrequireddisclosures.

B. Management'sReportonInternalControloverFinancialReporting

OurmanagementisresponsibleforestablishingandmaintainingadequateinternalcontroloverfinancialreportingasdefinedinRules13a-15(f)and15d-15(f)undertheExchangeAct.Ourinternalcontroloverfinancialreportingisaprocessdesignedby,orunderthesupervisionof,ourChiefExecutiveOfficerandChiefFinancialOfficerandeffectedbyourmanagementandotherpersonneltoprovidereasonableassuranceregardingthereliabilityofourfinancialreportingandthepreparationofourfinancialstatementsforexternalreportingpurposesinaccordancewithInternationalFinancialReportingStandards,orIFRS,asissuedbytheInternationalAccountingStandardsBoard,orIASB.Ourinternalcontroloverfinancialreportingincludesthosepoliciesandproceduresthat:

• pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsofourassets;

• providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithIFRSasissuedbytheIASB,andthatourreceiptsandexpendituresarebeingmadeonlyinaccordancewithauthorizationsofourmanagementanddirectors;and

• providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,useordispositionofourassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Becauseofitsinherentlimitations,internalcontroloverfinancialreportingmaynotpreventordetectmisstatements.Also,projectionsofanyevaluationofeffectivenesstofutureperiodsaresubjecttotheriskthatcontrolsmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

ManagementassessedtheCompany'sinternalcontroloverfinancialreportingasofMarch31,2018,theendoftheCompany'sfiscalyear.ManagementbaseditsassessmentoncriteriaestablishedinInternalControl—IntegratedFramework(COSOFramework)publishedbyTheCommitteeofSponsoringOrganizations(COSO2013).Management'sassessmentincludedevaluationofsuchelementsasthedesignandoperatingeffectivenessofkeyfinancialreportingcontrols,processdocumentation,accountingpolicies,andtheCompany'soverallcontrolenvironment.

BasedontheCompany'sassessment,managementhasconcludedthattheCompany'sinternalcontroloverfinancialreportingwaseffective,asoftheendofthefiscalyear,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalreportingpurposesinaccordancewithIFRSasissuedbytheIASB.

AspermittedbytheSecuritiesandExchangeCommission,managementhaselectedtoexcludeATBfromitsassessmentofinternalcontrolsoverfinancialreportingasofMarch31,2018.ATBconstitutedapproximately15.6%oftotalassetsand6.3%ofrevenues,respectively,asofMarch31,2018.

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C. AttestationReportoftheRegisteredPublicAccountingFirm

BecausetheCompanyisan"emerginggrowthcompany"asdefinedintheUnitedStatesJumpstartOurBusinessStartupsActof2012,theCompanywillnotberequiredtocomplywiththeauditorattestationrequirementsoftheUnitedStatesSarbanes-OxleyActof2002foraslongastheCompanyremainsan"emerginggrowthcompany",whichmaybeforaslongasfiveyearsfollowingitsinitialregistrationintheUnitedStates.

D. ChangesinInternalControloverFinancialReporting

DuringtheperiodcoveredbythisAnnualReportonForm20-F,therewerenochangesinourinternalcontroloverfinancialreportingthathavemateriallyaffectedorarereasonablylikelytomateriallyaffectourinternalcontroloverfinancialreporting.

ITEM16A.AUDITCOMMITTEEFINANCIALEXPERT

OurBoardofDirectorshasdeterminedthatwehaveatleastoneauditcommitteefinancialexpertservingontheauditcommittee.MurlidharaKadaba,amemberoftheauditcommittee,isanauditcommitteefinancialexpertand"independent"asthattermisdefinedintheNASDAQListingRules.

ITEM16B.CODEOFETHICS

OurboardofdirectorshasadoptedaCodeofBusinessConductandEthics,ortheCodeofConduct.OurCodeofConductdocumentstheprinciplesofconductandethicstobefollowedbyourdirectors,officersandemployeeswhenconductingourbusinessandperformingtheirday-to-dayduties.ThepurposeofourCodeofConductistopromotehonestandethicalconduct,compliancewithapplicablegovernmentalrulesandregulations,promptinternalreportingofviolationsoftheCodeofConductandacultureofhonestyandaccountability.AcopyoftheCodeofConducthasbeenprovidedtoeachofourdirectors,officersandemployeeswhoarerequiredtoacknowledgethattheyhavereceivedandwillcomplywiththeCodeofConduct.Weintendtodiscloseanymaterialamendmentstothecode,oranywaiversofitsrequirements,inourpublicSECfilingsand/oronourwebsiteinaccordancewithapplicableSECandNASDAQrulesandregulations.OurCodeofConductcanbefoundonourwebsiteatwww.yatra.com .

ITEM16C.PRINCIPALACCOUNTANTFEESANDSERVICES

OurfinancialstatementspreparedinaccordancewithIFRSasissuedbyIASBareauditedbyErnst&YoungAssociatesLLP,afirmregisteredwiththePublicCompanyAccountingOversightBoardintheUnitedStates.

Ernst&YoungAssociatesLLP,hasservedasourindependentregisteredpublicaccountantforeachoftheyearsendedMarch31,2018,March31,2017andMarch31,2016forwhichauditedstatementsappearinthisAnnualReport.

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ThefollowingtableshowstheaggregatefeesforservicesrenderedbyErnst&YoungAssociatesLLPtous,includingoursubsidiaries,infiscalyears2018and2017.

Audit Committee Pre-approval Process

Ourauditcommitteereviewsandpre-approvesthescopeandthecostofauditservicesrelatedtousandpermissiblenon-auditservicesperformedbytheindependentauditors,otherthanthosefordeminimisserviceswhichareapprovedbytheauditcommitteepriortothecompletionoftheaudit.

ITEM16D.EXEMPTIONSFROMTHELISTINGSTANDARDSFORAUDITCOMMITTEES

Notapplicable.

ITEM16E.PURCHASESOFEQUITYSECURITIESBYTHEISSUERANDAFFILIATEDPURCHASERS

Thefollowingtableprovidesinformationaboutpurchasesbyusduringfiscalyear2018ofouroutstandingordinaryshares,parvalue$0.0001pershare:

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Fiscal 2017 2018 Auditfees(auditandreviewoffinancialstatements) INR18,417 INR29,705Audit-relatedfees(includingfeesrelatedtotheofferingsandothermiscellaneousaudit-relatedcertifications) 3,348 3,450

Taxfees(othercertificationsandtaxadvisoryservices) 605 1,385Total 22,370 34,540

Period

TotalNumberofShares

Purchased AveragePricePaid

PerShare(2)

TotalNumberofSharesPurchasedasPartofPubliclyAnnouncedPlansorPrograms

MaximumNumber(orApproximateDollarValue)ofSharesthatMayYetBePurchasedUnderthePlansor

Programs(1) Upto3/31/2017 18,892 INR593.85 11,219,014 NIL4/1/2017-3/31/2018 NIL NIL NIL NIL4/1/2018-4/30/2018 NIL NIL NIL NIL5/1/2018-5/31/2018 NIL NIL NIL NIL6/1/2018-6/30/2018 NIL NIL NIL NILTotal 18,892 593.85 11,219,014 NIL

(1) OnJanuary12,2017,theBoardofDirectorshadaccordedtheirconsenttopurchasetheoutstandingordinaryshares,parvalue$0.0001pershareoftheCompanyfromtheemployeesandgranteesinordertosettletheirtaxobligations.Werepurchased18,892ordinarysharesatanaveragepriceofapproximatelyINR593.85pershare(excludingbrokerandtransactionfees)infiscalyear2017,respectively.

(2) Theaveragepricepaidpershareexcludesbrokerandtransactionfees.

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ITEM16F.CHANGEINREGISTRANT'SCERTIFYINGACCOUNTANT

None.

ITEM16G.CORPORATEGOVERNANCE

TheNasdaqMarketplaceRules,ortheNasdaqRules,providethatforeignprivateissuersmayfollowhomecountrypracticeinlieuofthecorporategovernancerequirementsoftheNasdaqStockMarketLLC,subjecttocertainexceptionsandrequirementsandexcepttotheextentthatsuchexemptionswouldbecontrarytoUSFederalsecuritieslawsandregulations.Todate,wehavefollowedandintendtocontinuetofollowtheapplicablecorporategovernancestandardsundertheNasdaqMarketplaceRules.

InaccordancewithRule5250(d)(1)underNasdaqMarketplaceRules,wewillpostthisAnnualReportonForm20-Fonourcompanywebsiteatwww.yatra.com .Inaddition,wewillprovidehardcopiesofourAnnualReportfreeofchargetoshareholdersuponrequest.

ITEM16H.MINESAFETYDISCLOSURE

Notapplicable.

PARTIII

ITEM17.FINANCIALSTATEMENTS

See"Item18.FinancialStatements"foralistofthefinancialstatementsfiledaspartofthisAnnualReport.

ITEM18.FINANCIALSTATEMENTS

• OurconsolidatedfinancialstatementsareincludedinthisAnnualReportatpagesF-1throughF-83.

ITEM19.EXHIBITS

ThefollowingexhibitsarefiledaspartofthisAnnualReport:

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1.1 MemorandumandArticlesofAssociationoftheRegistrantasineffectpriortothisoffering(incorporatedbyreferencetoExhibitDtoAnnexAtotheRegistrant'sFormF-4/AfiledonNovember15,2016).

2.1 WarrantAgreement,datedJuly16,2014,betweenTerrapin3AcquisitionCorporation(n/k/aYatraUSACorp.)andContinentalStockTransfer&TrustCompany(incorporatedbyreferencetoExhibit4.1totheRegistrant'sFormF-1/AfiledonFebruary9,2017).

2.2 Assignment,AssumptionandAmendmentAgreement,datedDecember16,2016,amongtheRegistrant,Terrapin3AcquisitionCorporationandContinentalStockTransfer&TrustCompany(incorporatedbyreferencetoExhibit4.2totheRegistrant'sFormF-1/AfiledonFebruary9,2017).

4.1 FormofSubscriptionAgreementbetweentheRegistrantandtheInvestorspartythereto(incorporatedbyreferencetoExhibit10.1totheRegistrant'sFormF-4/AfiledonNovember21,2016).

4.2 2006SharePlanoftheRegistrant,andformsofagreementsthereunder(incorporatedbyreferencetoExhibit10.3totheRegistrant'sFormF-4/AfiledonNovember21,2016).

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4.3# SubscriberAgreementbetweenYatraOnlinePrivateLimitedandInterGlobeTechnologiesInc.,datedDecember29,2015(incorporatedbyreferencetoExhibit10.4totheRegistrant'sFormF-4/AfiledonNovember15,2016).

4.4 AmendedandRestatedBusinessCombinationAgreementamongtheRegistrant,T3ParentCorp.,T3MergerSubCorp.,Terrapin3AcquisitionCorporation,MIHILLCandShareholderRepresentativeServicesLLC,datedSeptember28,2016(incorporatedbyreferencetoAnnexAtotheproxystatement/prospectusformingpartoftheRegistrant'sFormF-4/AfiledonNovember21,2016).

4.5 LetterAgreement,datedSeptember27,2016,amongYatraOnline,Inc.,aCaymanIslandsexemptedcompanylimitedbyshares,DhruvShringi,E-18Limited,Capital18FincapPrivateLimited,HareshChawla,HarshalShah,IDGVenturesIndiaFundIILLC,PandaraTrustSchemeI,IntelCapitalCorporation,MacquarieCorporateHoldingsPtyLimited,ManishAmin,NorwestVenturePartnersIX,LP,NorwestVenturePartnersX,LP,RajasthanTrusteeCompanyPvtLtdA/cSMETechFundRVCFTrustII,RelianceCapitalLimited,ValiantCapitalMasterFundLP,ValiantCapitalPartnersLP,VertexAsiaFundPte.Ltd.andWortal,Inc.(incorporatedbyreferencetoExhibit10.17totheRegistrant'sFormF-4/AfiledonNovember15,2016).

4.6 RepurchaseAgreement,datedSeptember28,2016,amongYatraOnline,Inc.,aCaymanIslandsexemptedcompanylimitedbyshares,E-18Limited,Capital18FincapPrivateLimited,IDGVenturesIndiaFundIILLC,PandaraTrustSchemeI,IntelCapitalCorporation,MacquarieCorporateHoldingsPtyLimited,NorwestVenturePartnersIX,LP,NorwestVenturePartnersX,LP,RajasthanTrusteeCompanyPvtLtdA/cSMETechFundRVCFTrustII,RelianceCapitalLimited,SVBFinancialGroup,ValiantCapitalMasterFundLP,ValiantCapitalPartnersLPandVertexAsiaFundPte.Ltd.(incorporatedbyreferencetoExhibit10.18totheRegistrant'sFormF-4/AfiledonNovember21,2016).

4.7 SupportAgreement,datedSeptember28,2016,amongYatraOnline,Inc.,aCaymanIslandsexemptedcompanylimitedbyshares,DhruvShringi,E-18Limited,Capital18FincapPrivateLimited,HareshChawla,HarshalShah,IDGVenturesIndiaFundIILLC,PandaraTrustSchemeI,IntelCapitalCorporation,MacquarieCorporateHoldingsPtyLimited,ManishAmin,NorwestVenturePartnersIX,LP,NorwestVenturePartnersX,LP,RajasthanTrusteeCompanyPvtLtdA/cSMETechFundRVCFTrustII,RelianceCapitalLimited,SVBFinancialGroup,ValiantCapitalMasterFundLP,ValiantCapitalPartnersLP,VertexAsiaFundPte.Ltd.andWortal,Inc.(incorporatedbyreferencetoExhibit10.19totheRegistrant'sFormF-4/AfiledonNovember21,2016).

4.8 ShareSubscriptionCumShareholdersAgreement,datedApril29,2015,amongYatraOnlinePrivateLimited,IL&FSTrustCompanyLimitedactingastrusteeforPandaraTrustSchemeI,Capital18FincapPrivateLimitedandYatraOnline,Inc.,aCaymanIslandsexemptedcompanylimitedbyshares(incorporatedbyreferencetoExhibit10.20totheRegistrant'sFormF-4/AfiledonNovember21,2016).

4.9 ExchangeandSupportAgreement,datedDecember16,2016,byandamongtheRegistrant,YatraUSACorp.andtheholdersofClassFCommonStockpartythereto(incorporatedbyreferencetoExhibit10.1totheRegistrant'sForm6-KfiledonDecember22,2016).

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137

4.10* LetterAgreement,datedasofDecember15,2016,byandamongtheRegistrant,DhruvShringi,ManishAmin,HarshalShah,HareshChawla,Wortal,Inc.,NorwestVenturePartnersX,LP,NorwestVenturePartnersIX,LP,VertexAsiaFundPte.Ltd.,RajasthanTrusteeCompanyPvtLtdA/cSMETechFundRVCFTrustII,IDGVenturesIndiaFundIILLC,RelianceCapitalLimited,E-18Limited,IntelCapitalCorporation,ValiantCapitalMasterFundLP,ValiantCapitalPartnersLP,Capital18FincapPrivateLimited,PandaraTrustSchemeI,andMacquarieCorporateHoldingsPtyLimited.

4.11 ForwardPurchaseContractAmendment,datedasofDecember16,2016,amongtheRegistrant,MIHILLCandYatraUSACorp.(incorporatedbyreferencetoExhibit10.2totheRegistrant'sForm6-KfiledonDecember22,2016).

4.12 LetterAgreement,datedasofDecember16,2016,byandamongtheRegistrant,YatraUSACorp.,MIHILLC,AppleOrangeLLC,NoyacPathLLC,Periscope,LLC,TerrapinPartnersEmployeePartnership3LLC,TerrapinPartnersGreenEmployeePartnership,LLC,JonathanKagan,GeorgeBrokawandVictorMendelson(incorporatedbyreferencetoExhibit10.3totheRegistrant'sForm6-KfiledonDecember22,2016).

4.13 2016StockOptionandIncentivePlanandformsofagreementsthereunder(incorporatedbyreferencetoExhibit10.2totheRegistrant'sFormS-8filedonJune5,2017).

4.14 TermLoanAgreement,datedSeptember12,2017,byandamongtheRegistrant,AsiaConsolidatedDMCPte.Ltd.andInnovenCapitalSingaporePte.Ltd.(incorporatedbyreferencetoExhibit10.28totheRegistrant'sFormF-1filedonDecember19,2017).

4.15 TermLoanAgreement,datedSeptember12,2017,byandamongtheRegistrant,YatraOnlinePrivateLimitedandInnovenCapitalIndiaPrivateLimited(incorporatedbyreferencetoExhibit10.29totheRegistrant'sFormF-1filedonDecember19,2017).

4.16 IndentureforSeniorDebtSecurities,datedMay3,2018betweentheRegistrantandComputershareTrustCompany,N.A.,asTrustee(incorporatedbyreferencetoExhibit4.5totheRegistrant'sFormF-3filedonMay3,2018).

4.17 IndentureforSubordinatedDebtSecurities,datedMay3,2018betweentheRegistrantandComputershareTrustCompany,N.A.,asTrustee(incorporatedbyreferencetoExhibit4.6totheRegistrant'sFormF-3filedonMay3,2018).

4.18 InvestorRightsAgreement,datedDecember16,2016,betweentheRegistrantandtheInvestorspartythereto(incorporatedbyreferencetoExhibit4.22totheRegistrant'sFormF-3filedonMay3,2018).

4.19 LetterofArrangement,datedDecember17,2015,byandbetweenAirTravelBureauLtd.andStateBankofIndia(incorporatedbyreferencetoExhibit4.23totheRegistrant'sFormF-3filedonMay3,2018).

4.20 WorkingCapitalFacilityAgreement,datedJune22,2017,betweenYatraOnlinePrivateLimitedandICICIBankLimited(incorporatedbyreferencetoExhibit4.24totheRegistrant'sFormF-3filedonMay3,2018).

4.21 DeedofHypothecation,datedSeptember12,2017,byandbetweenInnovenCapitalIndiaPrivateLimitedandYatraOnlinePrivateLimited(incorporatedbyreferencetoExhibit4.25totheRegistrant'sFormF-3filedonMay3,2018).

4.22 UnconditionalGuarantee,datedSeptember12,2017,byandamongYatraOnline,Inc.,InnovenCapitalIndiaPrivateLimitedandYatraOnlinePrivate(incorporatedbyreferencetoExhibit4.26totheRegistrant'sFormF-3filedonMay3,2018).

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138

8.1 ListofsignificantsubsidiariesofYatraOnline,Inc.(incorporatedbyreferencetoExhibit21.1totheRegistrant'sFormF-1filedonJanuary23,2017)

12.1* CertificationbytheChiefExecutiveOfficerpursuantto17CFR240.15d-14(a),asadoptedpursuanttoSection302oftheSarbanes-OxleyActof2002.

12.2* CertificationbytheChiefFinancialOfficerpursuantto17CFR240.15d-14(a),asadoptedpursuanttoSection302oftheSarbanes-OxleyActof2002.

13.1** CertificationbytheChiefExecutiveOfficerpursuantto18U.S.C.Section1350,asadoptedpursuanttoSection906oftheSarbanes-OxleyActof2002.

13.2** CertificationbytheChiefFinancialOfficerpursuantto18U.S.C.Section1350,asadoptedpursuanttoSection906oftheSarbanes-OxleyActof2002.

15.1* ConsentofErnst&YoungAssociatesLLP,independentregisteredpublicaccountingfirm.

101.INS XBRLInstanceDocument

101.SCH XBRLTaxonomyExtensionSchemaDocument

101.CAL XBRLTaxonomyExtensionCalculationLinkbaseDocument

101.DEF XBRLTaxonomyExtensionDefinitionLinkbaseDocument

101.LAB XBRLTaxonomyExtensionLabelLinkbaseDocument

101.PRE XBRLTaxonomyExtensionPresentationLinkbaseDocument

Notes:

* Filedherewith

** Furnishedherewith

# Confidentialtreatmentrequested

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SIGNATURES

TheregistrantherebycertifiesthatitmeetsalloftherequirementsforfilingonForm20-FandthatithasdulycausedandauthorizedtheundersignedtosignthisAnnualReportonitsbehalf.

Date:July31,2018

139

YATRAONLINE,INC.

By:/s/DHRUVSHRINGI

Name: DhruvShringi Title: Chief Executive Officer

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YatraOnline,Inc.FinancialstatementfortheyearendedMarch31,2018

F-1

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INDEXTOFINANCIALSTATEMENTS

F-2

YATRAONLINE,INC. FortheYearsEndedMarch31,2016,2017and2018 ReportofIndependentRegisteredPublicAccountingFirm F-3Consolidatedstatementofprofitorlossandothercomprehensive(loss)fortheyearendedMarch31,2018 F-4ConsolidatedstatementoffinancialpositionasofMarch31,2018 F-5ConsolidatedstatementofchangesinequityfortheyearendedMarch31,2018 F-6ConsolidatedstatementofcashflowsfortheyearendedMarch31,2018 F-9NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018 F-10

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ReportofIndependentRegisteredPublicAccountingFirm

TotheShareholdersandtheBoardofDirectorsofYatraOnline,Inc.

OpinionontheFinancialStatements

WehaveauditedtheaccompanyingconsolidatedstatementoffinancialpositionofYatraOnline,Inc.(theCompany)asofMarch31,2018and2017,therelatedconsolidatedstatementsofprofitorlossandothercomprehensiveloss,changesinequityandcashflowsforeachofthethreeyearsintheperiodendedMarch31,2018,andtherelatednotes(collectivelyreferredtoasthe"consolidatedfinancialstatements").Inouropinion,theconsolidatedfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionoftheCompanyatMarch31,2018and2017,andtheresultsofitsoperationsanditscashflowsforeachofthethreeyearsintheperiodendedMarch31,2018,inconformitywithInternationalFinancialReportingStandardsasissuedbytheInternationalAccountingStandardsBoard.

BasisforOpinion

ThesefinancialstatementsaretheresponsibilityoftheCompany'smanagement.OurresponsibilityistoexpressanopinionontheCompany'sfinancialstatementsbasedonouraudits.WeareapublicaccountingfirmregisteredwiththePublicCompanyAccountingOversightBoard(UnitedStates)(PCAOB)andarerequiredtobeindependentwithrespecttotheCompanyinaccordancewiththeU.S.federalsecuritieslawsandtheapplicablerulesandregulationsoftheSecuritiesandExchangeCommissionandthePCAOB.

WeconductedourauditsinaccordancewiththestandardsofthePCAOB.Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement,whetherduetoerrororfraud.TheCompanyisnotrequiredtohave,norwereweengagedtoperform,anauditofitsinternalcontroloverfinancialreporting.AspartofourauditswearerequiredtoobtainanunderstandingofinternalcontroloverfinancialreportingbutnotforthepurposeofexpressinganopinionontheeffectivenessoftheCompany'sinternalcontroloverfinancialreporting.Accordingly,weexpressnosuchopinion.

Ourauditsincludedperformingprocedurestoassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetoerrororfraud,andperformingproceduresthatrespondtothoserisks.Suchproceduresincludedexamining,onatestbasis,evidenceregardingtheamountsanddisclosuresinthefinancialstatements.Ourauditsalsoincludedevaluatingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethatourauditsprovideareasonablebasisforouropinion.

/s/Ernst&YoungAssociatesLLP

WehaveservedastheCompany'sauditorsince2015.

Gurugram,IndiaJune11,2018

F-3

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YatraOnline,Inc.

ConsolidatedstatementofprofitorlossandothercomprehensivelossfortheyearendedMarch31,2018

(Amountinthousands,exceptpersharedataandnumberofshares)

Theaccompanyingnotesareanintegralpartoftheconsolidatedfinancialstatements.

F-4

March31, 2016 2017 2018 Notes INR INR INR USD (refertoNote2.4) Revenue Renderingofservices 8 8,130,710 9,036,286 11,746,416 180,409Otherrevenue 9 214,524 320,527 502,097 7,712Totalrevenue 8,345,234 9,356,813 12,248,513 188,121Otherincome 10 26,662 25,282 90,001 1,382Servicecost 4,164,352 4,179,486 4,930,757 75,730Personnelexpenses 11 1,524,055 2,115,308 2,902,840 44,584Marketingandsalespromotionexpenses 1,687,541 2,457,242 4,155,420 63,822Otheroperatingexpenses 12 1,967,162 2,217,887 3,284,030 50,438Depreciationandamortization 13 233,703 275,587 425,600 6,537Resultsfromoperations (1,204,917) (1,863,415) (3,360,133) (51,608)Shareoflossofjointventure 14 (11,802) (9,441) (10,559) (162)Financeincome 15 95,072 139,158 91,912 1,412Financecost 16 (111,973) (149,863) (153,056) (2,351)Listingandrelatedexpenses 44 — (4,242,526) — —Changeinfairvalueofwarrants (3,167) 230,111 (563,253) (8,651)Lossbeforetaxes (1,236,787) (5,895,976) (3,995,089) (61,360)Taxexpense 17 (6,515) (40,987) (56,887) (874)Lossfortheyear (1,243,302) (5,936,963) (4,051,976) (62,234)Othercomprehensiveincome/(loss) Itemsnottobereclassifiedtoprofitorlossinsubsequentyears(netoftaxes)

Remeasurementlossondefinedbenefitplan 31 (9,403) (8,140) (4,860) (75)Itemsthatareormaybereclassifiedsubsequentlytoprofitorloss(netoftaxes)

Foreigncurrencytranslationdifferences 31 (18,615) 44,997 (9,879) (152)Othercomprehensiveincome/(loss)fortheyear,netoftax (28,018) 36,857 (14,739) (227)

Totalcomprehensivelossfortheyear,netoftax (1,271,320) (5,900,106) (4,066,715) (62,461)Lossattributableto: OwnersoftheParentCompany (1,218,824) (5,901,483) (3,993,140) (61,330)Noncontrollinginterest (24,478) (35,480) (58,836) (904)Lossfortheyear (1,243,302) (5,936,963) (4,051,976) (62,234)Totalcomprehensivelossattributableto: OwnersoftheParentCompany (1,246,632) (5,864,482) (4,007,784) (61,556)Noncontrollinginterest (24,688) (35,624) (58,931) (905)Totalcomprehensivelossfortheyear (1,271,320) (5,900,106) (4,066,715) (62,461)Losspershare 18 Basic (58.10) (237.89) (116.41) (1.79)Diluted (58.10) (237.89) (116.41) (1.79)

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YatraOnline,Inc.

ConsolidatedstatementoffinancialpositionasatMarch31,2018

(Amountinthousands,exceptpersharedataandnumberofshares)

Theaccompanyingnotesareanintegralpartoftheconsolidatedfinancialstatements.

F-5

March31,2017 March31,2018 Notes INR INR USD (refertoNote2.4) Assets Non-currentassets Property,plantandequipment 19 141,646 241,694 3,712Intangibleassetsandgoodwill 20 1,609,103 2,225,263 34,177Prepaymentsandotherassets 21 4,935 11,238 173Otherfinancialassets 22 54,491 62,259 956Termdeposits 23 27,686 6,187 95Othernonfinancialassets 24 82,404 116,939 1,796Deferredtaxasset 25 35,874 102,649 1,577

Totalnon-currentassets 1,956,139 2,766,229 42,486

Currentassets Inventories 14,222 23,175 356Tradeandotherreceivables 26 1,970,375 4,008,871 61,571Prepaymentsandotherassets 21 744,490 977,822 15,018Incometaxreceivable 292,763 321,893 4,944Othercurrentfinancialassets 27 63,640 47,767 734Termdeposits 23 3,000,175 1,005,957 15,450Cashandcashequivalents 28 1,532,629 2,465,073 37,860

Totalcurrentassets 7,618,294 8,850,558 135,933

Totalassets 9,574,433 11,616,787 178,419

Equityandliabilities Equity Sharecapital 29 633 638 10Sharepremium 29 14,438,936 14,962,615 229,805Treasuryshares 29 (54,371) (30,084) (462)Othercapitalreserve 30 733,448 832,964 12,793Accumulateddeficit (12,003,430) (16,002,266) (245,773)Foreigncurrencytranslationreserve 22,271 11,215 172

TotalequityattributabletoequityholdersoftheCompany 3,137,487 (224,918) (3,455)

Totalnoncontrollinginterest 52,082 (361) (6)

Totalequity 3,189,569 (225,279) (3,461)

Non-currentliabilities Borrowings 32 30,902 359,969 5,529Deferredtaxliability 25 — 44,460 683Employeebenefits 34 55,207 73,322 1,126Deferredrevenue 35 458,703 599,612 9,209Otherfinancialliabilities 36 4,979 84 1Othernon-financialliability 37 3,598 5,815 89

Totalnon-currentliabilities 553,389 1,083,262 16,637

Currentliabilities Borrowings 32 13,974 491,860 7,554Tradeandotherpayables 33 3,148,544 5,049,630 77,555Employeebenefits 34 49,147 81,311 1,249Deferredrevenue 35 539,562 871,098 13,379Incometaxespayable 14,563 2,755 42Otherfinancialliabilities 36 1,450,623 3,016,203 46,325Othercurrentliabilities 38 615,062 1,245,947 19,139

Totalcurrentliabilities 5,831,475 10,758,804 165,243

Totalliabilities 6,384,864 11,842,066 181,880

Totalequityandliabilities 9,574,433 11,616,787 178,419

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YatraOnline,Inc.

ConsolidatedstatementofchangesinequityfortheyearendedMarch31,2018

(AmountinINRthousands,exceptpersharedataandnumberofshares)

Theaccompanyingnotesareanintegralpartoftheconsolidatedfinancialstatements

F-6

AttributabletoshareholdersoftheCompany

Equitysharecapital(Note29)

Equityshare

premium(Note29)

Preferencesharecapital(Note29)

Preferenceshare

premium(Note29)

Accumulateddeficit

Othercapitalreserve(Note30)

Foreigncurrencytranslationreserve Total

NoncontrollingInterest

TotalEquity

BalanceasatApril1,2015 27 121,203 179 5,351,710 (4,896,326) 155,450 (4,037) 728,206 6,752 734,958

Lossfortheyear — — — — (1,218,824) — — (1,218,824) (24,478) (1,243,302)

Othercomprehensiveloss

Foreigncurrencytranslationdifferences — — — — — — (18,615) (18,615) — (18,615)

Remeasurementlossondefinedbenefitplan — — — — (9,193) — — (9,193) (210) (9,403)

Totalothercomprehensiveloss — — — — (9,193) — (18,615) (27,808) (210) (28,018)

Totalcomprehensiveloss — — — — (1,228,017) — (18,615) (1,246,632) (24,688) (1,271,320)

Share-basedpayments — — — — — 19,370 — 19,370 — 19,370

Issueofsharecapital — — 17 827,858 — — — 827,875 — 827,875

Transactionwithnoncontrollinginterest* — — — — 100,653 — — 100,653 29,522 130,175

Totalcontributionbyowners — — 17 827,858 100,653 19,370 — 947,898 29,522 977,420

BalanceasatMarch31,2016 27 121,203 196 6,179,568 (6,023,690) 174,820 (22,652) 429,472 11,586 441,058

* TransactionwithnoncontrollinginterestrepresentssharesofasubsidiaryissuedtostakeholdersoutsidetheGroup.ThepercentageholdingoftheParentis97.85%asofMarch31,2016(98.70%—March31,2015).

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YatraOnline,Inc.

ConsolidatedstatementofchangesinequityfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

AttributabletoshareholdersoftheParentCompany

Equitysharecapital(Note29)

Equityshare

premium(Note29)

Preferencesharecapital(Note29)

Preferenceshare

premium(Note29)

Treasuryshares(Note29)

Accumulateddeficit

Othercapitalreserve(Note30)

Foreigncurrencytranslationreserve Total

NoncontrollingInterest

TotalEquity

BalanceasatMarch31,2016 27 121,203 196 6,179,568 — (6,023,690)174,820 (22,652) 429,472 11,586 441,058

Lossfortheyear — — — — — (5,901,483) — — (5,901,483) (35,480) (5,936,963)

Othercomprehensiveloss

Foreigncurrencytranslationdifferences — — — — — — — 44,997 44,997 — 44,997

Remeasurementlossondefinedbenefitplan — — — — — (7,996) — — (7,996) (144) (8,140)

Totalothercomprehensiveloss — — — — — (7,996) — 44,997 37,001 (144) 36,857

Totalcomprehensiveloss — — — — — (5,909,479) — 44,997 (5,864,482) (35,624) (5,900,106)

Share-basedpayments — — — — — 8,614 578,318 — 586,932 — 586,932

Exerciseofoptions 1 24,502 — — 7,230 — (19,690) (74) 11,969 — 11,969

Issueoftreasuryshares 1 50,381 — — (50,382) — — — — — —

Purchaseofownshares — — — — (11,219) — — — (11,219) — (11,219)

Issueofsharecapital 18 1,670,878 — — — — — — 1,670,896 — 1,670,896

Capitaltransactioninvolvingtheissuanceofsharespursuanttobusinesscombination(Refertonote43) 48 6,474,085 — — — — — — 6,474,133 — 6,474,133

Preferencesharesconvertedintoordinaryshares 538 6,179,226 (196) (6,179,568) — — — — — — —

Transactioncost(Refertonote43) — (81,339) — — — — — — (81,339) — (81,339)

Contingentdividend — — — — — (2,755) — — (2,755) — (2,755)

Changeinnoncontrollinginterest* — — — — — (76,120) — — (76,120) 76,120 —

Totalcontributionbyowners 60614,317,733 (196) (6,179,568) (54,371) (70,261)558,628 (74) 8,572,497 76,120 8,648,617

BalanceasatMarch31,2017 63314,438,936 — — (54,371)(12,003,430)733,448 22,271 3,137,487 52,082 3,189,569

Theaccompanyingnotesareanintegralpartoftheconsolidatedfinancialstatements

F-7

* ChangeinnoncontrollinginterestrepresentssharesofasubsidiaryissuedtotheParentCompany;thepercentageholdingoftheParentis98.20%asofMarch31,2017(97.85%—March31,2016)

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YatraOnline,Inc.

ConsolidatedstatementofchangesinequityfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

Theaccompanyingnotesareanintegralpartoftheconsolidatedfinancialstatements

F-8

AttributabletoshareholdersoftheParentCompany

Equitysharecapital(Note29)

Equityshare

premium(Note29)

Treasuryshares(Note29)

Accumulateddeficit

Othercapitalreserve(Note30)

Foreigncurrencytranslationreserve Total

NoncontrollingInterest

TotalEquity

BalanceasatApril1,2017 633 14,438,936 (54,371) (12,003,430) 733,448 22,271 3,137,487 52,082 3,189,569

Lossfortheyear — — — (3,993,140) — — (3,993,140) (58,836) (4,051,976)

Othercomprehensiveloss

Foreigncurrencytranslationdifferences — — — — — (9,879) (9,879) — (9,879)

Remeasurementlossondefinedbenefitplan — — — (4,765) — — (4,765) (95) (4,860)

Totalothercomprehensiveloss — — — (4,765) — (9,879) (14,644) (95) (14,739)

Totalcomprehensiveloss — — — (3,997,905) — (9,879) (4,007,784) (58,931) (4,066,715)

Share-basedpayments — — — 2,802 727,118 — 729,920 — 729,920

Transactionwithequityshareholders — (112,406) — — — — (112,406) — (112,406)

Exerciseofoptions 5 636,085 24,287 — (650,860) (1,177) 8,340 — 8,340

Issuanceofwarrants — — — — 23,258 — 23,258 — 23,258

Contingentdividend — — — 2,755 — — 2,755 — 2,755

Changeinnoncontrollinginterest* — — — (6,488) — — (6,488) 6,488 —

Totalcontributionbyowners 5 523,679 24,287 (931) 99,516 (1,177) 645,379 6,488 651,867

BalanceasatMarch31,2018 638 14,962,615 (30,084) (16,002,266) 832,964 11,215 (224,918) (361) (225,279)

* ChangeinnoncontrollinginterestrepresentssharesofasubsidiaryissuedtotheParentCompany.Thepercentageholdingoftheparentis98.22%asofMarch31,2018(98.20%asofMarch31,2017)(refertoNote6)

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YatraOnline,Inc.

ConsolidatedstatementofcashflowsfortheyearendedMarch31,2018

(Amountinthousands,exceptpersharedataandnumberofshares)

Theaccompanyingnotesareanintegralpartoftheconsolidatedfinancialstatements.

F-9

March31, 2016 2017 2018 Notes INR INR INR USD

(refertoNote2.4)

Cashflowsfromoperatingactivities: Lossbeforetax (1,236,787) (5,895,976) (3,995,089) (61,360)Adjustmentstoreconcilelossbeforetaxtonetcashflows: Depreciationandamortization 13 233,703 275,587 425,600 6,537Listingandrelatedexpenses 44 — 4,069,760 — —Contingentdividend 44 — 292 (292) (4)Changeinfairvalueofcontingentconsideration 43 — — 294,344 4,521Financeincome 15 (94,345) (134,097) (83,041) (1,275)Financecosts 16 81,591 119,331 125,342 1,925Unrealizedforeignexchangeloss/(gain) 16 4,524 4,205 (4,392) (67)Loss/(gain)ondisposalofproperty,plantandequipment 10,19 212 (622) (1,370) (21)Changeinfairvalueofwarrants 3,167 (230,111) 563,253 8,651Excessprovisionwrittenback 10 (36,096) (43,790) (42,614) (654)Advances/provisionwrittenoff 10 7,179 12,047 11,703 180Tradeandotherreceivablesprovision/written-off 12 106,933 80,193 119,388 1,834Shareoflossofajointventure 14 11,802 9,441 10,559 162Share-basedpaymentexpense 11 19,370 586,932 729,920 11,211Workingcapitalchanges: Increaseintradeandotherreceivables (213,369) (889,875) (824,920) (12,670)Decreaseininventories (2,546) (3,086) (4,006) (62)Increaseintradeandotherpayables 731,366 508,345 1,898,796 29,161Directtaxespaid(netofrefunds) (76,607) (58,396) (105,122) (1,615)

Netcashusedinoperatingactivities (459,903) (1,589,820) (881,941) (13,546)

Cashflowsfrominvestingactivities: Acquisitionofbusiness(netofcashacquired) 43 — — (353,457) (5,429)Investmentinjointventure 14 (7,800) (3,000) — —Purchaseofproperty,plantandequipment 19 (68,672) (65,055) (223,215) (3,428)Proceedsfromsaleofproperty,plantandequipment 780 2,975 2,297 35Purchase/developmentofintangibleassets 20 (239,098) (408,643) (353,061) (5,423)Investmentintermdeposits (3,633,540) (10,292,660) (5,262,906) (80,831)Proceedsfromtermdeposits 3,465,629 8,374,026 7,404,456 113,722Interestreceived 15 7,152 11,829 6,945 107

Netcashfrom/(usedin)investingactivities (475,549) (2,380,528) 1,221,059 18,753

Cashflowsfromfinancingactivities: IssuanceofsharespursuanttoBusinessCombination(netoftransactioncost) 43 — 3,970,168 — —Purchaseofownshares 29 — (11,219) — —Proceedsfromissueofsharecapital 846,283 1,675,773 5,801 89Acquisitionbynoncontrollinginterest 130,175 — — —Transactionwithequityshareholders — — (112,406) (1,726)Proceedsofborrowings 32 726,616 — 1,400,239 21,506Repaymentofborrowings 32 (497,684) (436,210) (595,734) (9,150)Repaymentofvehicleloan 32 (11,487) (15,480) (17,804) (273)Interestpaidontermloan 16 (32,211) (29,969) (61,906) (951)Interestpaidonvehicleloan 16 (2,485) (3,308) (4,092) (63)Interestpaidonbankoverdraft 16 (15,186) (14,143) (36,916) (567)

Netcashfromfinancingactivities 1,144,021 5,135,612 577,182 8,865

Netdecreaseincashandcashequivalents 208,569 1,165,264 916,300 14,072Effectofexchangedifferencesoncashandcashequivalents (39,929) (22,299) 16,144 249Cashandcashequivalentsatthebeginningoftheyear 221,024 389,664 1,532,629 23,539

Closingcashandcashequivalentsattheendoftheyear 389,664 1,532,629 2,465,073 37,860

Componentsofcashandcashequivalents: Cashonhand 2,659 1,105 2,511 38Balanceswithbanks Oncurrentaccount 263,016 1,230,028 2,218,400 34,072Ondepositaccounts — — 11,099 171Cashintransit — 30,371 23,902 367Creditcardcollectioninhand 123,989 271,125 209,161 3,212

Totalcashandcashequivalents 389,664 1,532,629 2,465,073 37,860

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018

(AmountinINRthousands,exceptpersharedataandnumberofshares)

1.Corporateinformation

YatraOnline,Inc.(the"ParentCompany")togetherwithitssubsidiaries(collectively,"theCompany"orthe"Group")andequityaccountedinvesteeisprimarilyengagedinthebusinessofsellingtravelproductsandsolutionsinIndia,theUnitedStatesandSingapore.TheGroupoffersitscustomerstheentirerangeoftravelservicesincludingticketing,toursandpackagesandreservationsforhotels.TheParentCompanyisdomiciledandincorporatedinCaymanIsland;theregisteredofficeislocatedatMaplesCorporateServicesLimited,POBox-309,UglandHouse,GrandCayman,KYI-1104CaymanIslands.InformationontheGroupstructureisprovidedinNote6.

OnJuly13,2016,theParentCompanyenteredintoabusinesscombinationagreementwithNASDAQlistedTerrapin3AcquisitionCorporation("Terrapin"or"TRTL").Terrapinwasaspecialpurposeacquisitioncompanyformedforthepurposeofeffectingamerger,acquisition,orsimilarbusinesscombination.TerrapinraisedINR14,111,708(USD212,750)initsIPOinJuly,2014.SubsequentlyTRTLwasrestructuredbyformationofTRTLparentandTRTLsubsidiary(collectivelyreferredtoasTRTL).OnDecember16,2016,thebusinesscombinationwascompletedpursuanttothetermsoftheAmendedandRestatedBusinessCombinationAgreement,datedasofSeptember28,2016andconsequentlyTRTLparentmergedwithandintotheParentCompany.RefertoNote43.

OnJuly20,2017,theCompany,throughitssubsidiary,YatraOnlinePrivateLimited("YatraIndia")agreedtoacquirealloftheoutstandingsharesofAirTravelBureauLimited("ATB")pursuanttoaSharePurchaseAgreementbyandamongYatraOnlinePrivateLimited,ATBandthesellerspartythereto(the"SharePurchaseAgreement").PursuanttothetermsoftheSharePurchaseAgreement,theCompanyhasagreedtoacquireamajorityoftheoutstandingsharesofATB(the"FirstClosing")inexchangeforanupfrontpaymentofINR509,999(the"UpfrontPayment")andthebalanceoftheoutstandingsharesofATB(the"SecondClosing")willbeacquiredinexchangeforthefinalpaymenttobemadeinthirdquarterof2018calendaryear(the"FinalPayment").RefertoNote43.

2.Significantaccountingpolicies

2.1Basisofpreparation

TheconsolidatedfinancialstatementsforMarch31,2018havebeenpreparedinaccordancewithInternationalFinancialReportingStandards(IFRS)asissuedbytheInternationalAccountingStandardsBoard(IASB).TheaccountingpolicieshavebeenconsistentlyappliedbytheGroupforallperiodspresentedinthesefinancialstatements.

TheconsolidatedfinancialstatementsoftheCompanyfortheyearendedMarch31,2018wereauthorizedforissuancebytheGroup'sboardofdirectorsonJune11,2018.

Theconsolidatedfinancialstatementsarepreparedonhistoricalcostbasis,exceptforfinancialinstrumentsclassifiedasfairvaluethroughprofitorlossandothercomprehensiveloss.

Certainreclassificationshavebeenmadeintheconsolidatedfinancialstatementsofpriorperiodstoconformtotheclassificationusedinthecurrentperiod.Theimpactofsuchreclassificationsontheconsolidatedfinancialstatementsisnotmaterial.

Duringthecurrentyear,theCompanyhasseparatelypresentedlistingandrelatedexpenses,whichwereshownas'exceptionalitem'inthepreviousyearstatementofprofitandlossandothercomprehensiveloss.Inlinewiththis,theCompanyhasalsoremovedsub-total'Lossbeforeexceptional

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NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

itemsandincometaxes',whichwaspresentedinthepreviousyearstatementofprofitandlossandothercomprehensiveloss.Additionally,'Changeinfairvalueofwarrants'hasbeenseparatelypresentedonthefaceofstatementofprofitorlossandothercomprehensiveloss,asagainstpartoffinanceincome/costinthepreviousperiod.Themanagementbelievesthatthesechangeswillhelpuserstowardbetterunderstandingthefinancialperformanceofthecompany.

2.2Newstandards,interpretationsandamendmentsadoptedbytheGroup

IAS7Statement of Cash Flows: Disclosure Initiative

Theamendmentsrequireentitiestoprovidedisclosuresaboutchangesintheirliabilitiesarisingfromfinancingactivities,includingbothchangesarisingfromcashflowsandnon-cashchanges(suchasforeignexchangegainsorlosses).Oninitialapplicationoftheamendment,entitiesarenotrequiredtoprovidecomparativeinformationforprecedingperiods.

IFRS2Share-based Payment

InJune2016,IASBissuedtheamendmentstoIFRS2Share-based Payments ,providingspecificguidanceformeasurementofcash-settledawards,modificationofcash-settledawardsandawardsthatincludeanetsettlementfeatureinrespectofwithholdingtaxes.Itclarifiesthatthefairvalueofcash-settledawardsisdeterminedonabasisconsistentwiththatusedforequity-settledawards.Market-basedperformanceconditionsandnon-vestingconditionsarereflectedinthe'fairvalues',butnon-marketperformanceconditionsandservicevestingconditionsarereflectedintheestimateofthenumberofawardsexpectedtovest.

Also,theamendmentclarifiesthatifthetermsandconditionsofacash-settledshare-basedpaymenttransactionaremodifiedwiththeresultthatitbecomesanequity-settledshare-basedpaymenttransaction,thetransactionisaccountedforassuchfromthedateofthemodification.

Further,theamendmentrequirestheawardthatincludesanetsettlementfeatureinrespectofwithholdingtaxestobetreatedasequity-settledinitsentirety.Thecashpaymenttothetaxauthorityistreatedasifitwaspartofanequitysettlement.TheeffectivedateforadoptionoftheamendmentstoIFRS2isannualreportingperiodsbeginningonorafterJanuary1,2018,thoughearlyadoptionispermitted.TheGrouphasearlyadoptedtheamendmentwitheffectfromApril1,2017andtheimpactofthesamehasbeentakenintheconsolidatedfinancialstatements.

2.3Basisofconsolidation

TheconsolidatedfinancialstatementscomprisethefinancialstatementsoftheParentCompanyanditssubsidiariesasdisclosedinNote6.

AsubsidiaryisanentitycontrolledbytheGroup.Controlexistswhentheparenthaspowerovertheentity,isexposed,orhasrightstovariablereturnsfromitsinvolvementwiththeentityandhastheabilitytoaffectthosereturnsbyusingitspowerovertheentity.Powerisdemonstratedthroughexistingrightsthatgivetheabilitytodirectrelevantactivities,thosewhichsignificantlyaffecttheentity'sreturns.

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NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

SubsidiariesarefullyconsolidatedfromthedateonwhichtheGroupobtainscontroloverthesubsidiaryandceaseswhentheGrouplosescontrolofthesubsidiary.Wherenecessary,adjustmentsaremadetothefinancialstatementsofsubsidiariestobringtheiraccountingpoliciesandaccountingperiodinlinewiththoseusedbytheGroup.Allintra-grouptransactions,balances,incomeandexpensesandcashflowsareeliminatedonconsolidation.

Noncontrollinginterestistheequityinasubsidiarynotattributable,directlyorindirectly,toaparent.NoncontrollinginterestsinthenetassetsofconsolidatedsubsidiariesareidentifiedseparatelyfromtheGroup'sequitytherein.Noncontrollinginterestsconsistoftheamountofthoseinterestsatthedateofthebusinesscombinationandthenoncontrollinginterests'shareofchangesinequitysincethatdate.

Profitorlossandeachcomponentofothercomprehensiveincome/loss(OCI)areattributedtotheequityholdersoftheparentoftheGroupandtothenoncontrollinginterests,evenifthisresultsinthenoncontrollinginterestshavingadeficitbalance.

Achangeintheownershipinterestofasubsidiary,withoutachangeofcontrol,isaccountedforasanequitytransaction.

2.4Foreigncurrencies

TheGroup'spresentationcurrencyisIndiannationalrupee(INR).TheParentCompany'sfunctionalcurrencyisUnitedStatesdollar(USD).TheCompany'soperationsareconductedthroughthesubsidiariesandequityaccountedinvesteewherethelocalcurrencyisthefunctionalcurrencyandthefinancialstatementsofsuchentitiesaretranslatedfromtheirrespectivefunctionalcurrenciesintoINR.

Groupcompanies

Onconsolidation,theassetsandliabilitiesofforeignoperationsaretranslatedintopresentationcurrencyattherateofexchangeprevailingatthereportingdateandtheirstatementofprofitorlossandothercomprehensivelossaretranslatedataverageexchangeratesprevailingduringtheyearendedMarch31,2018,March31,2017andMarch31,2016,exceptfortransactionswherethereisasignificantdifferenceintheexchangerate,inwhichcases,thetransactionsarereportedusingrateofthatdate.TheexchangedifferencesarisingontranslationforconsolidationarerecognizedinOCI.Ondisposalofaforeignoperation,thecomponentofOCIrelatingtothatparticularforeignoperationisrecognizedinthestatementofprofitorlossandothercomprehensiveloss.

Anygoodwillarisingontheacquisitionofaforeignoperationandanyfairvalueadjustmentstothecarryingamountsofassetsandliabilitiesarisingontheacquisitionaretreatedasassetsandliabilitiesoftheforeignoperationandtranslatedatthespotrateofexchangeatthereportingdate.

Transactionsandbalances

TransactionsinforeigncurrenciesareinitiallyrecordedbytheGroup'sentitiesattheirrespectivefunctionalcurrencyspotratesatthedatethetransactionsfirstqualifyforrecognition.

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NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

Monetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslatedatthefunctionalcurrencyspotratesofexchangeatthereportingdate.Differencesarisingonsettlementortranslationofmonetaryitemsarerecognizedinthestatementofprofitorlossandothercomprehensiveloss.

Conveniencetranslation

TheconsolidatedfinancialstatementsarestatedinthousandsofINR.However,solelyfortheconvenienceofthereaders,theconsolidatedstatementoffinancialpositionasatMarch31,2018,theconsolidatedstatementofprofitorlossandothercomprehensivelossfortheyearendedMarch31,2018andconsolidatedstatementofcashflowsforyearendedMarch31,2018wereconvertedintoUSDattheexchangerateof65.11INRperUSD.ThisarithmeticconversionshouldnotbeconstruedasrepresentationthattheamountsexpressedinINRmaybeconvertedintoUSDatthatoranyotherexchangerateaswellasthatsuchnumbersareincomplianceaspertherequirementsofIFRS.

2.5Summaryofsignificantaccountingpolicies

Jointventures

TheGroup'sinvestmentinitsjointventureisaccountedforusingtheequitymethod.Undertheequitymethod,theinvestmentinthejointventureisinitiallyrecognizedatcost.ThecarryingamountoftheinvestmentisadjustedtorecognizechangesintheGroup'sshareofnetassetsofthejointventuresincetheacquisitiondate.ThestatementofprofitorlossandothercomprehensivelossreflectstheGroup'sshareoftheresultsofoperationsofthejointventure.Inaddition,whentherehasbeenachangerecognizeddirectlyintheequityofthejointventure,theGrouprecognizesitsshareofanychanges,whenapplicable,inthestatementofchangesinequity.UnrealizedgainsandlossesresultingfromtransactionsbetweentheGroupandthejointventureareeliminatedtotheextentoftheinterestinthejointventure.

ThefinancialstatementsofthejointventurearepreparedforthesamereportingperiodastheGroup.

Ateachreportingdate,theGroupdetermineswhetherthereisobjectiveevidencethattheinvestmentinthejointventureisimpaired.Ifthereissuchevidence,theGroupcalculatestheamountofimpairmentasthedifferencebetweentherecoverableamountofthejointventureanditscarryingvalue,andthenrecognizesthelossas'Shareoflossofajointventure'inthestatementofprofitorlossandothercomprehensiveloss.

Businesscombinationsandgoodwill

Businesscombinationsareaccountedforusingtheacquisitionmethod.Thecostofanacquisitionismeasuredastheaggregateoftheconsiderationtransferred,measuredatacquisitiondatefairvalue.Acquisition-relatedcostsareexpensedasincurredinstatementofprofitorlossandothercomprehensiveloss.

WhentheGroupacquiresabusiness,itassessestheassetsandliabilitiesassumedforappropriateclassificationanddesignationinaccordancewiththecontractualterms,economiccircumstancesandpertinentconditionsasattheacquisitiondate.

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YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

Goodwillisinitiallymeasuredatcost,beingtheexcessoftheaggregateoftheconsiderationtransferredandtheamountrecognizedforNoncontrollingInterestoverthefairvalueoftheidentifiablenetassetsacquiredandliabilitiesassumed.Ifthefairvalueoftheidentifiablenetassetsacquiredisinexcessoftheaggregateconsiderationtransferred,theGroupreassesseswhetherithascorrectlyidentifiedalloftheassetsacquiredandalloftheliabilitiesassumedandreviewstheproceduresusedtomeasuretheamountstoberecognizedattheacquisitiondate.Ifthereassessmentstillresultsinanexcessofthefairvalueofnetassetsacquiredovertheaggregateconsiderationtransferred,thenthegainisrecognizedinthestatementofprofitorlossandothercomprehensiveloss.

Afterinitialrecognition,goodwillismeasuredatcostlessanyaccumulatedimpairmentlosses.Forthepurposeofimpairmenttesting,goodwillacquiredinabusinesscombinationis,fromtheacquisitiondate,allocatedtoeachoftheGroup'sCashGeneratingUnits(CGUs)(refertoNote20)thatareexpectedtobenefitfromthecombination,irrespectiveofwhetherotherassetsorliabilitiesoftheacquireeareassignedtothoseunits.

BusinesscombinationswhichdonotfallunderthescopeasdefinedunderIFRS3,areaccountedinaccordancewithrelevantIFRSasissuedbytheIASBandotherrelevantpronouncements.

Revenuerecognition

RevenueisrecognizedtotheextentthatitisprobablethateconomicbenefitswillflowtotheGroupandrevenuecanbereliablymeasured.Revenueismeasuredatthefairvalueofconsiderationreceivedorreceivable,takingintoaccountcontractuallydefinedtermsofpayment.TheGroupassessesitsrevenuearrangementagainstspecificcriteriainordertodetermineifitisactingasprincipaloragent.TheGrouphasconcludedthatitisactingasagentincaseofsaleofairlinetickets,hotelbookings,saleofrailandbusticketsandasprincipalincaseofsaleofholidaypackages.

TheGroupprovidestravelproductsandservicestoleisure,corporatetravelers(B2E—BusinesstoEnterprise)andB2B2C(BusinesstoBusinesstoConsumer)agentsinIndiaandabroad.Therevenuefromrenderingtheseservicesisrecognizedinthestatementofprofitorlossandothercomprehensivelossoncetheservicesarerendered.Thisisgenerallythecase1)onissuanceofticketincaseofsaleofairlinetickets2)ondateofhotelbookingand3)onthedateofdepartureforoutboundtoursandpackagesandoncompletionoftourforinboundtours.

Air Ticketing

Revenuefromthesaleofairlineticketsisrecognizedasanagentonanetcommissionearnedbasis.Revenuefromservicefeeisrecognizedonearnedbasis.

Incentivesfromairlinesarerecognizedwhentheperformancethresholdsundertheincentiveschemesareachievedorareprobabletobeachievedattheendofperiods.

Hotels and Packages

Revenuefromhotelreservationisrecognizedasanagentonanetcommissionearnedbasis.

RevenuefrompackagesareaccountedforonagrossbasisastheGroupisdeterminedtobetheprimaryobligorinthearrangement,thatistherisksandresponsibilitiesaretakenbytheGroup

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YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

includingtheresponsibilityfordeliveryofservices.Costofdeliveringsuchservicesincludescostofhotel,airlinesandpackageservicesandisdisclosedasservicecost.

Other Services

Revenuefromothersources,primarilycomprisingadvertisingrevenue,revenuefromsaleofrailandbusticketsandfeesforfacilitatingwebsiteaccesstotravelinsurancecompaniesarebeingrecognizedastheservicesarebeingperformed.Revenuefromthesaleofrailandbusticketsisrecognizedasanagentonanetcommissionearnedbasis.

Revenueisrecognizednetofcancellationsreceivedduringtheperiod,refunds,andservicetaxes.

Revenueisallocatedbetweentheloyaltyprogramandtheothercomponentsofthesale.Theamountallocatedtotheloyaltyprogrammeisdeferred,andisrecognizedasrevenuewhentheGroupfulfillsitsobligationstosupplytheproducts/servicesunderthetermsoftheprogramorwhenitisnolongerprobablethatthepointsundertheprogramwillberedeemed.

TheGroupreceivesupfrontfeefromGlobalDistributionSystem("GDS")providersforfacilitatingthebookingofairlineticketsonitswebsiteorotherdistributionchannelstotravelagentsforusingtheirsystemwhichisrecognizedasrevenueforactualairlineticketssoldoverthetotalnumberofairlineticketstobesoldoverthetermoftheagreementandthebalanceamountisrecognizedasdeferredrevenue.

Governmentgrants

Governmentgrantsarerecognizedwherethereisreasonableassurancethatthegrantwillbereceivedandallattachedconditionshavebeencompliedwith.Whenthegrantrelatestoanexpenseitem,itisrecognizedasincomeonasystematicbasisovertheperiodsthattherelatedcosts,forwhichitisintendedtocompensate,areexpensed.Whenthegrantrelatestoanasset,itisrecognizedasincomeinequalamountsovertheexpectedusefullifeoftherelatedasset.

TheGrouphasassessedanddeterminedtopresentgrantsasotherincomeinthestatementofprofitorlossandothercomprehensiveloss.

Marketingandsalespromotionexpenses

Marketingandsalespromotionexpensesprimarilycompriseofonline,television,radioandprintmediaadvertisementcostsaswellaseventdrivenpromotioncostfortheGroup'sproductsandservices.Suchcostsaretheamountspaidtooraccruedtowardsadvertisingagenciesordirectserviceprovidersforadvertisingonwebsites,television,printformats,searchenginemarketingandanyothermedia.Advertisingandbusinesspromotioncostsarerecognizedwhenincurred.

Additionally,theGroupalsoincurscustomerinducementandacquisitioncostsforacquiringcustomersandpromotingtransactionsacrossvariousbookingplatformssuchasupfrontcashincentives,whichwhenincurredarerecordedasmarketingandsalespromotioncosts.

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NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

Financeincomeandexpenses

Financeincomecomprisesinterestincomeontermdepositsandnetgainonchangeinfairvalueofderivatives.Interestincomeisrecognizedasitaccruesinthestatementofprofitorlossandothercomprehensiveloss,usingtheeffectiveinterestratemethod(EIR).

Financeexpensescompriseinterestexpenseonborrowings,unwindingofthediscountonprovisions,andimpairmentlossesrecognizedonfinancialassets.InterestexpenseisrecognizedinthestatementofprofitorlossandothercomprehensivelossusingEIR.

Taxes

Current tax

Currentincometaxassetsandliabilitiesforthecurrentperiodaremeasuredattheamountexpectedtoberecoveredfromorpaidtothetaxationauthorities.Thetaxratesandtaxlawsusedtocomputetheamountarethosethatareenactedorsubstantivelyenacted,atthereportingdateinthecountrieswheretheGroupoperatesandgeneratetaxableincome.

Currentincometaxrelatingtoitemsrecognizeddirectlyinequityisrecognizedinequityandnotinthestatementofprofitorlossandothercomprehensiveloss.Managementperiodicallyevaluatespositionstakeninthetaxreturnswithrespecttosituationsinwhichapplicabletaxregulationsaresubjecttointerpretationandestablishesprovisionswhereappropriate.

Deferred tax

Deferredtaxisprovidedusingtheliabilitymethodontemporarydifferencesbetweenthetaxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposesatthereportingdate.Deferredtaxliabilitiesarerecognizedforalltaxabletemporarydifferences.

Deferredtaxassetsarerecognizedforalldeductibletemporarydifferences,carryforwardofunusedtaxcreditsandanyunusedtaxlosses,totheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferences,andthecarryforwardofunusedtaxcreditsandunusedtaxlossescanbeutilized.

Thecarryingamountofdeferredtaxassetsisreviewedateachreportingdateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailabletoallowallorpartofthedeferredtaxassettobeutilized.Unrecognizeddeferredtaxassetsarereassessedateachreportingdateandarerecognizedtotheextentthatithasbecomeprobablethatfuturetaxableprofitswillallowthedeferredtaxassettoberecovered.

Deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplyintheyearwhentheassetisrealizedortheliabilityissettled,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedatthereportingdate.

Deferredtaxrelatingtoitemsrecognizedoutsideconsolidatedstatementofprofitorlossandothercomprehensivelossisrecognized,deferredtaxitemsarerecognizedincorrelationtotheunderlyingtransactioneitherinothercomprehensiveincomeordirectlyinequity.

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NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

Deferredtaxassetsanddeferredtaxliabilitiesareoffsetifalegallyenforceablerightexiststosetoffcurrenttaxassetsagainstcurrentincometaxliabilitiesandthedeferredtaxesrelatetothesametaxationauthority.

Minimum Alternative Tax

MinimumAlternativeTax('MAT')expenseundertheprovisionsoftheIndianIncome-taxAct,1961isrecognizedasanassetinthestatementoffinancialpositionwhenitisprobablethatfutureeconomicbenefitassociatedwithitintheformofadjustmentoffutureincometaxliability,willflowtotheCompanyandtheassetcanbemeasuredreliably.MATcreditentitlementissetofftotheextentallowedintheyearinwhichtheCompanybecomesliabletopayincometaxesattheenactedtaxrates.MATcreditentitlementisreviewedoneveryperiodendandiswrittendowntoreflecttheamountthatisreasonablycertaintobesetoffinfutureyearsagainstthefutureincometaxliability.MATcreditentitlementisincludedaspartofdeferredtaxasset.

Property,plantandequipment

Property,plantandequipmentarestatedatcost,netofaccumulateddepreciationandaccumulatedimpairmentlosses,ifany.Allrepairandmaintenancecostsarerecognizedinthestatementofprofitorlossandothercomprehensivelossasincurred.

Anitemofproperty,plantandequipmentandanysignificantpartinitiallyrecognizedisderecognizedupondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.Anygainorlossarisingonde-recognitionoftheasset(calculatedasthedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheasset)isincludedinthestatementofprofitorlossandothercomprehensivelosswhentheassetisderecognized.

Depreciationiscalculatedonstraightlinebasisusingtheratesarrivedatbasedontheestimatedusefullivesoftheassetsasfollows:

Leaseholdimprovementsareamortizedoverthelowerofprimaryleaseperiodoreconomicusefullife.

Intangibleassets

Intangibleassetsacquiredseparatelyaremeasuredoninitialrecognitionatcost.Thecostofintangibleassetsacquiredinabusinesscombinationistheirfairvalueatthedateofacquisition.Followinginitialrecognition,intangibleassetsarecarriedatcostlessanyaccumulatedamortization(calculatedonastraight-linebasisovertheirusefullives)andaccumulatedimpairmentlosses,ifany.

F-17

Computerandperipherals 3yearsFurnitureandfixtures 5yearsOfficeequipment 5yearsVehicles Termofloan/leaseorusefullife(5-7yearsasapplicable)whicheveris

shorter.

TableofContents

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NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

TechnologyrelateddevelopmentcostsincurredbytheGrouparemeasuredatcostlessaccumulatedamortizationandaccumulatedimpairmentlosses.Costincludesexpensesincurredduringtheapplicationdevelopmentstage.Thecostsrelatedtoplanningandpostimplementationphasesofdevelopmentareexpensedasincurred.

Internallygeneratedintangibles,excludingcapitalizeddevelopmentcosts,arenotcapitalized.Instead,therelatedexpenditureisrecognizedinthestatementofprofitorlossandothercomprehensivelossintheperiodinwhichtheexpenditureisincurred.

Researchcostsareexpensedasincurred.DevelopmentexpendituresonanindividualprojectarerecognizedasanintangibleassetwhentheGroupcandemonstrate:

• Thetechnicalfeasibilityofcompletingtheintangibleassetsothattheassetwillbeavailableforuseorsale

• Itsintentiontocompleteanditsabilityandintentiontouseorselltheasset

• Howtheassetwillgeneratefutureeconomicbenefits

• Theavailabilityofresourcestocompletetheasset

• Theabilitytomeasurereliablytheexpenditureduringdevelopment

Followinginitialrecognitionofthedevelopmentexpenditureasanasset,theassetiscarriedatcostlessanyaccumulatedamortizationandaccumulatedimpairmentlosses.Amortizationoftheassetbeginswhendevelopmentiscompleteandtheassetisavailableforuse.Itisamortizedovertheperiodofexpectedfuturebenefitinthestatementofprofitorlossandothercomprehensiveloss.

Goodwillisinitiallyrecognizedatcostandissubsequentlymeasuredatcostlessanyaccumulatedimpairmentlosses.

Ondisposalofasubsidiary,theattributableamountofgoodwillisincludedinthedeterminationoftheprofitorlossrecognizedinthestatementofprofitorlossandothercomprehensivelossondisposal.

Intangibleassetswithfinitelifeareamortizedovertheusefuleconomiclifeonstraightlinebasisandassessedforimpairmentwheneverthereisanindicationthattheintangibleassetmaybeimpaired.Theamortizationperiodandtheamortizationmethodforanintangibleassetisreviewedatleastattheendofeachreportingperiod.Changesintheexpectedusefullifeortheexpectedpatternofconsumptionoffutureeconomicbenefitsembodiedintheassetareconsideredtomodifytheamortizationperiodormethod,asappropriate,andaretreatedaschangesinaccountingestimates.Theamortizationexpenseonintangibleassetsisrecognizedinthestatementofprofitorlossandothercomprehensiveloss.

Followinginitialrecognitionofthedevelopmentexpenditureasanasset,theassetiscarriedatcostlessanyaccumulatedamortizationandaccumulatedimpairmentlosses.Amortizationoftheassetbeginswhendevelopmentiscompleteandtheassetisavailableforuse.Itisamortizedovertheperiodofexpectedfuturebenefit.Duringtheperiodofdevelopment,theassetistestedforimpairmentannually.

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NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

2.Significantaccountingpolicies(Continued)

Intangibleassetsareamortizedasbelow:

Leases

Group as a lessee

Aleaseisclassifiedattheinceptiondateasafinanceleaseoranoperatinglease.AleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipbytheGroupisclassifiedasafinancelease.

Financeleasesarecapitalizedatthecommencementoftheleaseattheinceptiondatefairvalueoftheleasedpropertyor,iflower,atthepresentvalueoftheminimumleasepayments.Leasepaymentsareapportionedbetweenfinancechargesandreductionoftheleaseliabilitysoastoachieveaconstantrateofinterestontheremainingbalanceoftheliability.Financechargesarerecognizedinfinancecostsinthestatementofprofitorlossandothercomprehensiveloss.

Aleasedassetisdepreciatedovertheshorteroftheestimatedusefullifeoftheassetandtheleaseterm.

Anoperatingleaseisaleaseotherthanafinancelease.Operatingleasepaymentsarerecognizedasanoperatingexpenseinthestatementofprofitorlossandothercomprehensivelossonastraight-linebasisovertheleaseterm.

Financialinstruments

Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity.

(i)Financialassets

Initial recognition and measurement

Financialassetsareclassifiedatinitialrecognition,asfinancialassetsatfairvaluethroughprofitorloss,loansandreceivables,held-to-maturityinvestmentsoravailable-for-sale(AFS),asappropriate.

Allfinancialassetsarerecognizedinitiallyatfairvalueplus,inthecaseoffinancialassetsnotrecordedatfairvaluethroughprofitorloss,transactioncoststhatareattributabletotheacquisitionofthefinancialasset.

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Agent/Supplierrelationships 2.5-10yearsNon-competeagreements 3.5-6.5yearsTrademarks 10-20yearsIntellectualpropertyrights 3yearsComputersoftwareandwebsites 3to10yearsorlicenseperiod,whicheveris

shorterCustomerrelationships 15years

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2.Significantaccountingpolicies(Continued)

Subsequent measurement

Financial assets measured at amortized cost

Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquotedinanactivemarket.Afterinitialmeasurement,suchfinancialassetsaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestrate(EIR)method,lessimpairment.AmortizedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesorcoststhatareanintegralpartoftheEIR.TheEIRamortizationisincludedinfinanceincomeinthestatementofprofitorlossandothercomprehensiveloss.Thelossesarisingfromimpairmentarerecognizedinthestatementofprofitorlossandothercomprehensiveloss

Thiscategoryappliestotradeandotherreceivables,termdeposits,securitydepositsandemployeeloans.Formoreinfoonreceivables,refertoNote26.

Impairment of financial assets

TheGroupassesses,ateachreportingdate,whetherthereisobjectiveevidencethatafinancialassetoragroupoffinancialassetsisimpaired.Animpairmentexistsifoneormoreeventshasoccurredsincetheinitialrecognitionoftheasset(anincurred'lossevent'),thathasanimpactontheestimatedfuturecashflowsofthefinancialassetorthegroupoffinancialassetsthatcanbereliablyestimated.Evidenceofimpairmentmayincludeindicationsthatthedebtorsoragroupofdebtorsisexperiencingsignificantfinancialdifficulty,defaultordelinquencyininterestorprincipalpayments,theprobabilitythattheywillenterbankruptcyorotherfinancialreorganizationandobservabledataindicatingthatthereisameasurabledecreaseintheestimatedfuturecashflows,suchaschangesinarrearsoreconomicconditionsthatcorrelatewithdefaults.

Financial assets carried at amortized cost

Forfinancialassetscarriedatamortizedcost,theGroupfirstassesseswhetherimpairmentexistsindividuallyforfinancialassetsthatareindividuallysignificant,orcollectivelyforfinancialassetsthatarenotindividuallysignificant.IftheGroupdeterminesthatnoobjectiveevidenceofimpairmentexistsforanindividuallyassessedfinancialasset,whethersignificantornot,itincludestheassetinagroupoffinancialassetswithsimilarcreditriskcharacteristicsandcollectivelyassessesthemforimpairment.Assetsthatareindividuallyassessedforimpairmentandforwhichanimpairmentlossis,orcontinuestobe,recognizedarenotincludedinacollectiveassessmentofimpairment.

Theamountofanyimpairmentlossidentifiedismeasuredasthedifferencebetweentheasset'scarryingamountandthepresentvalueofestimatedfuturecashflows(excludingfutureexpectedcreditlossesthathavenotyetbeenincurred).Thepresentvalueoftheestimatedfuturecashflowsisdiscountedatthefinancialasset'soriginalEIR.

Thecarryingamountoftheassetisreducedthroughtheuseofanallowanceaccountandthelossisrecognizedinthestatementofprofitorlossandothercomprehensiveloss.Interestincome(recordedasfinanceincomeinthestatementofprofitorlossandothercomprehensiveloss)continuestobeaccruedonthereducedcarryingamountusingtherateofinterestusedtodiscountthefuturecashflowsforthepurposeofmeasuringtheimpairmentloss.If,inasubsequentyear,theamountofthe

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2.Significantaccountingpolicies(Continued)

estimatedimpairmentlossincreasesordecreasesbecauseofaneventoccurringaftertheimpairmentwasrecognized,thepreviouslyrecognizedimpairmentlossisincreasedorreducedbyadjustingtheallowanceaccount.Ifawrite-offislaterrecovered,therecoveryiscreditedtofinancecostsinthestatementofprofitorlossandothercomprehensiveloss.

ii)Financialliabilities

Initial recognition and measurement

Financialliabilitiesareclassified,atinitialrecognition,asfinancialliabilitiesatfairvaluethroughprofitorloss,loansandborrowingsorpayables,asappropriate.Allfinancialliabilitiesarerecognizedinitiallyatfairvalueand,inthecaseofloansandborrowingsandpayables,netofdirectlyattributabletransactioncosts.

TheGroup'sfinancialliabilitiesincludetradeandotherpayables,interest-bearingborrowingsincludingbankoverdraftsandsharewarrants.

Subsequent measurement

Themeasurementoffinancialliabilitiesdependsontheirclassification,asdescribedbelow:

Financial liabilities at fair value through profit or loss

Financialliabilitiesatfairvaluethroughprofitorlossincludesharewarrantsforwhichgainorlossisroutedthroughprofitorloss.Formoredetailsonsharewarrants,refertoNote32.

Loans and borrowing

Afterinitialrecognition,interest-bearingloansandborrowingsaresubsequentlymeasuredatamortizedcostusingtheEIRmethod.TheEIRamortizationisincludedasfinancecostsinthestatementofprofitorlossandothercomprehensiveloss.Thiscategoryappliestointerest-bearingborrowings,tradeandotherpayables.

Treasuryshares

Ownequityinstrumentsthatarereacquired(treasuryshares)arerecognizedatcostanddeductedfromequity.Nogainorlossisrecognizedinprofitorlossonthepurchase,sale,issueorcancellationoftheGroup'sownequityinstruments.Anydifferencebetweenthecarryingamountandtheconsideration,ifreissued,isrecognizedinthesharepremium.Shareoptionsexercisedduringthereportingperiodaresatisfiedwithtreasuryshares.

Cashandcashequivalents

Cashandshort-termdepositsinthestatementoffinancialpositioncomprisecashatbanks,paymentgatewaysandonhandandshort-termdepositswithamaturityofthreemonthsorless,whicharesubjecttoaninsignificantriskofchangesinvalue.

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2.Significantaccountingpolicies(Continued)

Forthepurposeoftheconsolidatedstatementofcashflows,cashandcashequivalentsconsistofcashandshort-termdeposits,asdefinedabove,netofoutstandingbankoverdraftsastheyareconsideredanintegralpartoftheGroup'scashmanagement.

Inventories

Inventoriesarevaluedatthelowerofcostandnetrealizablevalue.CostisdeterminedonFIFO(FirstinFirstout)basisandnetrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusiness,lessestimatedcostsnecessarytomakethesale.Inventoriesincludeticketsforamusementparks.

Impairmentofnonfinancialassets

Assetsthathaveanindefiniteusefullife,forexamplegoodwill,arenotsubjecttoamortizationandaretestedatleastannuallyorwhenthereareindicatorsthatanassetmaybeimpaired,forimpairment.Assetsthataresubjecttodepreciationandamortizationarereviewedforimpairment,whenevereventsorchangesincircumstancesindicatethatthecarryingamountmaynotberecoverableorwhenannualimpairmenttestingforanassetisrequired.Suchcircumstancesinclude,thougharenotlimitedto,significantorsustaineddeclineinrevenuesorearningsandmaterialadversechangesintheeconomicenvironment.

ImpairmenttestforgoodwillisperformedatthelevelofeachCGUorgroupsofCGUsexpectedtobenefitfromacquisition-relatedsynergiesandrepresentthelowestlevelwithintheentityatwhichthegoodwillismonitoredforinternalmanagementpurposes.ACGUisthesmallestidentifiablegroupofassetsthatgeneratescashinflowsthatarelargelyindependentofthecashinflowsfromotherassetsorgroupofassets.

Animpairmentlossisrecognizedwheneverthecarryingamountofanassetoritscash-generatingunitexceedsitsrecoverableamount.Therecoverableamountofanassetisthegreaterofitsfairvaluelesscoststosellandvalueinuse.Tocalculatevalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketratesandtherisksspecifictotheasset.Foranassetthatdoesnotgeneratelargelyindependentcashinflows,therecoverableamountisdeterminedforthecash-generatingunittowhichtheassetbelongs.Fairvaluelesscoststosellisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipants,lessthecostsofdisposal.Impairmentlosses,ifany,arerecognizedinthestatementofprofitorlossandothercomprehensivelossasacomponentofdepreciationandamortizationexpense.

Animpairmentlossinrespectofgoodwillisnotreversed.Otherimpairmentlossesareonlyreversedtotheextentthattheasset'scarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendeterminedifnoimpairmentlosshadpreviouslybeenrecognized.

Compoundinstruments

Compoundfinancialinstrumentsissuedbythegroupcompriseofnon-redeemableconvertiblepreferencesharethatcanbeconvertedtoequitysharesattheoptionoftheholder.

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TheGroupclassifiesfinancialinstrumentasequityiftheinstrumentincludesnocontractualobligationtodelivercashorotherfinancialassettotheholderandwillbesettledinfixednumbersoftheParentCompany'sownequityinstruments.

Provisionsandcontingencies

ProvisionsarerecognizedwhentheGrouphasapresentobligation(legalorconstructive),asaresultofapastevent,thatisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamountoftheobligation.Theexpenserelatingtoanyprovisionispresentedinthestatementofprofitorlossandothercomprehensiveloss.

Contingentliabilitiesarerecognizedattheirfairvalueonly,iftheywereassumedaspartofabusinesscombination.Contingentassetsarenotrecognized.However,whentherealizationofincomeisvirtuallycertain,thentherelatedassetisnolongeracontingentasset,andisrecognizedasanasset.Informationoncontingentliabilitiesisdisclosedinthenotestotheconsolidatedfinancialstatements,unlessthepossibilityofanoutflowofresourcesembodyingeconomicbenefitsisremote.

Employmentbenefitplan

TheGroup'spost-employmentbenefitsincludedefinedbenefitsplananddefinedcontributionplans.TheGroupalsoprovidesotherbenefitsintheformofdeferredcompensationandcompensatedabsences.

Underthedefinedbenefitretirementplan,theGroupprovidesobligationintheformofGratuityundertheIndianPaymentofGratuityAct1972.Undertheplan,alumpsumpaymentismadetoeligibleemployeesatretirementorterminationofemploymentbasedonrespectiveemployee'ssalaryandyearsofservicewiththeGroup.

Fordefinedbenefitretirementplans,thedifferencebetweenthefairvalueoftheplanassetsandthepresentvalueoftheplanliabilitiesisrecognizedasanassetorliabilityinthestatementoffinancialposition.Schemeliabilitiesarecalculatedusingtheprojectedunitcreditmethodandapplyingtheprincipalactuarialassumptionsasatthedateofstatementoffinancialposition.Planassetsareassetsthatarequalifyinginsurancepolicies.

Allexpensesexcludingremeasurementsofthenetdefinedbenefitliability(asset),inrespectofdefinedbenefitplansarerecognizedinthestatementofprofitorlossandothercomprehensivelossasincurred.Remeasurement,comprisingactuarialgainsandlossesandthereturnontheplanassets(excludingamountsincludedinnetinterestonthenetdefinedbenefitliability(asset)),arerecognizedimmediatelyinthestatementoffinancialpositionwithacorrespondingdebitorcredittoretainedearningsthroughOCI(Othercomprehensiveincome)intheperiodinwhichtheyoccurred.Theremeasurementsarenotre-classifiedtoprofitorlossinsubsequentyears.TheGroup'scontribution'stodefinedcontributionplansarerecognizedinstatementofprofitorlossandothercomprehensivelossasandwhentheservicesarerenderedbyemployees.TheGrouphasnofurtherobligationsundertheseplansbeyonditsperiodiccontributions.

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2.Significantaccountingpolicies(Continued)

TheemployeesoftheGroupareentitledtocompensatedabsences.Theemployeescancarryforwarduptothespecifiedportionoftheunutilizedaccumulatedcompensatedabsencesandutilizeitinfutureperiodsorreceivecashatretirementorterminationofemployment.TheGrouprecordsanobligationforcompensatedabsencesintheperiodinwhichtheemployeerenderstheservicesthatincreasesthisentitlement.TheGroupmeasurestheexpectedcostofcompensatedabsencesastheadditionalamountthattheGroupexpectstopayasaresultoftheunusedentitlementthathasaccumulatedattheendofthereportingperiod.TheGrouprecognizesaccumulatedcompensatedabsencesbasedonactuarialvaluation.Non-accumulatingcompensatedabsencesarerecognizedintheperiodinwhichtheabsencesoccur.Anyactuarialgainsorlossesarerecognizedinthestatementofprofitorlossandothercomprehensivelossintheperiodinwhichtheyarise.

Share-basedpayments/Restrictedstockunits(RSU's)

Employees(includingseniorexecutives)oftheGroupreceivepartoftheirremunerationintheformofshare-basedpayments,wherebyemployeesrenderservicesasconsiderationforequityinstruments(equity-settledtransactions).

Thecostofequity-settledtransactionsisdeterminedbythefairvalueatthedatewhenthegrantismadeusingBlack-Scholesvaluationmodel,furtherdetailsofwhicharegiveninNote30.

Thatcostisrecognizedinemployeebenefitsexpense,togetherwithacorrespondingincreaseinequity(othercapitalreserves),overtheperiodinwhichtheserviceand,whereapplicable,theperformanceconditionsarefulfilled(thevestingperiod).Thecumulativeexpenserecognizedforequity-settledtransactionsateachreportingdateuntilthevestingdatereflectstheextenttowhichthevestingperiodhasexpiredandtheGroup'sbestestimateofthenumberofequityinstrumentsthatwillultimatelyvest.Theexpenseorcreditinthestatementofprofitorlossandothercomprehensivelossforaperiodrepresentsthemovementincumulativeexpenserecognizedasatthebeginningandendofthatperiod.

Serviceconditionsarenottakenintoaccountwhendeterminingthegrantdatefairvalueofawards,butthelikelihoodoftheconditionsbeingmetisassessedaspartoftheGroup'sbestestimateofthenumberofequityinstrumentsthatwillultimatelyvest.

Noexpenseisrecognizedforawardsthatdonotultimatelyvestbecauseserviceconditionshavenotbeenmet.

Earnings(loss)pershare

TheGroup'sEarnings(Loss)perShare('EPS')isdeterminedbasedonthenetprofitattributabletotheshareholders'oftheparentcompany.BasicEPSiscomputedusingtheweightedaveragenumberofsharesoutstandingduringtheyear.

DilutedEPSiscomputedusingtheweightedaveragenumberofcommonanddilutivecommonequivalentsharesoutstandingduringtheyearincludingconvertiblepreferenceshares,shareoptionsandwarrants(usingthetreasurystockmethodforoptionsandwarrants),exceptwheretheresultwouldbeanti-dilutive.

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2.Significantaccountingpolicies(Continued)

Ifthenumberofordinaryorpotentialordinarysharesoutstandingincreaseasaresultofacapitalization,bonusissueorsharesplit,ordecreaseasaresultofareversesharesplit,thecalculationofbasicanddilutedearningspershareforallperiodspresentedisadjustedrespectively,furtherdetailsofwhicharegiveninNote18

Listingandrelatedexpenses

Listingandrelatedexpensesrefertoitemsofexpensewithinthestatementofprofitorlossandothercomprehensivelosswhichhavebeenincurredinordertoacquirelistingstatusaswellasraiseadditionalcapitalthroughtheissuanceofsharesofitscapitalstock,whicharenon-recurringandareofsuchsize,similarnatureorincidencethattheirseparatedisclosureisconsiderednecessarytoexplaintheperformanceoftheGroup,furtherdetailsofwhicharegiveninNote44.

3.Standardsandinterpretationsissuedbutnoteffective

Thenewstandards,interpretationsandamendmentstoStandardsthatareissuedtotheextentrelevanttotheGroup,butnotyeteffective,uptothedateofissuanceoftheGroup'sfinancialstatementsaredisclosedbelow.TheGroupintendstoadopttheseStandards,ifapplicable,whentheybecomeeffective.

IFRS9Financial Instruments

InJuly2014,IASBissuedthefinalversionofIFRS9Financial Instruments whichreflectsallphasesofthefinancialinstrumentsprojectandreplacesIAS39FinancialInstruments:RecognitionandMeasurementandallpreviousversionsofIFRS9.Thestandardintroducesnewrequirementsforclassificationandmeasurement,impairment,andhedgeaccounting.

TheeffectivedateofIFRS9isannualperiodsbeginningonorafterJanuary1,2018,withearlyadoptionpermitted.Retrospectiveapplicationisrequired,butcomparativeinformationisnotcompulsory.TheGroupisrequiredtoadoptthestandardbythefinancialyearcommencingApril1,2018.TheGroupiscurrentlyevaluatingtherequirementsofIFRS9,onitsconsolidatedfinancialstatementsandrelateddisclosures.

IFRS15Revenue from Contracts with Customers

InMay2014,IASBissuedIFRS15RevenuefromContractwithCustomers.Thecoreprincipleofthenewstandardisthatanentityshouldrecognizerevenuetodepictthetransferofpromisedgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.Furtherthenewstandardrequiresenhanceddisclosuresaboutthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromtheentity'scontractswithcustomers.

Theguidancepermitstwomethodsofadoption:retrospectivelytoeachpriorreportingperiodpresented(fullretrospective),orretrospectivelywiththecumulativeeffectofinitiallyapplyingtheguidancerecognizedatthedateofinitialapplication(modifiedretrospective).

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3.Standardsandinterpretationsissuedbutnoteffective(Continued)

EffectiveApril1,2018,theCompanywilladoptthenewrevenuerecognitionstandard,IFRS15—RevenuefromContractswithCustomers("IFRS15").TheCompanywilladoptthenewstandardbyusingthemodifiedretrospectiveapproachandaccordinglyourfinancialstatementsfortheyearsendedMarch31,2018and2017willnotberetrospectivelyadjusted.

TheCompanyisstillevaluatingtheimpactofthenewaccountingstandard,includingtheaccountingforcertainmarketingandsalespromotionexpenses,whichisnotlikelytohaveamaterialimpactontheconsolidatedfinancialstatementsoftheCompanyexceptforreclassificationeffectswithintheconsolidatedstatementofprofitorlossandothercomprehensivelossfrommarketingandsalespromotionexpensestoareductioninrevenue.Thispertainstoupfrontcashincentivesandselectloyaltyprogramscostasincurredforcustomerinducementandacquisitionforpromotingtransactionsacrossvariousbookingplatforms.Astheinterpretationofthenewrulescontinuetoevolve,theCompanywillcontinuetomonitorthedevelopmentsandevaluatetheimpactofsuchrulesonconsolidatedfinancialstatementsoftheCompany.

IFRS16Leases

InJanuary2016,IASBissuedstandard,IFRS16Leases .IFRS16supersedesIAS17Leases ;IFRIC4Determining whether an Arrangement contains aLease ;SIC-15Operating Leases—Incentives ;andSIC-27Evaluating the Substance of Transactions Involving the Legal Form of a Lease .Thepreviousaccountingmodelforleasesrequiredlesseesandlessorstoclassifytheirleasesaseitherfinanceleasesoroperatingleasesandaccountforthosetwotypesofleasesdifferently.IFRS16introducesasinglelesseeaccountingmodelandrequiresalesseetorecognizeassetsandliabilitiesforallleaseswithatermofmorethan12months,unlesstheunderlyingassetisoflowvalue.

TheeffectivedateofIFRS16isannualperiodsbeginningonorafterJanuary1,2019.EarlieradoptionoftheStandardispermittedifIFRS15RevenuefromContractswithCustomersisadoptedatorbeforethedateofinitialapplicationofIFRS16.TheGroupisrequiredtoadoptthestandardbythefinancialyearcommencingApril1,2019.TheGroupiscurrentlyevaluatingtherequirementsofIFRS16onitsconsolidatedfinancialstatementsandrelateddisclosures.

IFRICInterpretation22Foreign Currency Transactions and Advance Consideration

InDecember2016,IASBissuedIFRICInterpretation22Foreign Currency Transactions and Advance Consideration whichclarifiesthedateofthetransactionforthepurposeofdeterminingtheexchangeratetouseoninitialrecognitionoftherelatedasset,expenseorincome,whenanentityhasreceivedorpaidadvanceconsiderationinaforeigncurrency.TheeffectivedateforadoptionofIFRIC22isannualreportingperiodsbeginningonorafterJanuary1,2018,thoughearlyadoptionispermitted.TheGroupiscurrentlyevaluatingtheeffectofIFRIC22onitsconsolidatedfinancialstatements.

IFRICInterpretation23Uncertainty over Income Tax Treatments

InJune2017,IASBissuedIFRICInterpretation23Uncertainty over Income Tax Treatments whichistobeappliedwhileperformingthedeterminationoftaxableprofit(orloss),taxbases,unusedtaxlosses,unusedtaxcreditsandtaxrates,whenthereisuncertaintyoverincometaxtreatmentsunder

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3.Standardsandinterpretationsissuedbutnoteffective(Continued)

IAS12.AccordingtoIFRIC23,companiesneedtodeterminetheprobabilityoftherelevanttaxauthorityacceptingeachtaxtreatment,orgroupoftaxtreatments,thatthecompanieshaveusedorplantouseintheirincometaxfilingwhichhastobeconsideredtocomputethemostlikelyamountortheexpectedvalueofthetaxtreatmentwhendeterminingtaxableprofit(taxloss),taxbases,unusedtaxlosses,unusedtaxcreditsandtaxrates.

TheeffectivedateforadoptionofIFRIC23isannualperiodsbeginningonorafterJanuary1,2019,thoughearlyadoptionispermitted.TheGroupiscurrentlyevaluatingtheeffectofIFRIC23onitsconsolidatedfinancialstatements.

4.Significantaccountingjudgments,estimatesandassumptions

ThepreparationoftheGroup'sconsolidatedfinancialstatementsrequiresmanagementtomakejudgments,estimatesandassumptionsthataffectthereportedamountsofrevenues,expenses,assetsandliabilities,andthedisclosureofcontingentliabilities,attheendofthereportingperiod.However,uncertaintyabouttheseassumptionsandestimatescouldresultinoutcomesthatrequireamaterialadjustmenttothecarryingamountoftheassetsorliabilitiesinfutureperiods.

4.1 SignificantjudgmentsinapplyingtheGroup'saccountingpolicies

IntheprocessofapplyingtheGroup'saccountingpolicies,managementhasmadethefollowingjudgments,whichhavethemostsignificanteffectontheamountsrecognizedintheconsolidatedfinancialstatements:

Determinationoffunctionalcurrency

EachentityintheGroupdeterminesitsownfunctionalcurrency(thecurrencyoftheprimaryeconomicenvironmentinwhichtheentityoperates)anditemsincludedinthefinancialstatementsofeachentityaremeasuredusingthatfunctionalcurrency.IAS21,The Effects of Changes in Foreign Exchange Ratesprescribesthefactorstobeconsideredforthepurposeofdeterminationoffunctionalcurrency.However,inrespectofparentcompanyandcertainintermediaryforeignoperationsoftheGroup,thedeterminationoffunctionalcurrencymightnotbeveryobviousduetomixedindicatorslikethesourceoffinancing,thefunctionalcurrencyoftheshareholders,thecurrencyinwhichtheborrowingshavebeenraisedandtheextentofautonomyenjoyedbytheforeignoperation.Insuchcasesmanagementusesitsjudgmenttodeterminethefunctionalcurrencythatmostfaithfullyrepresentstheeconomiceffectsoftheunderlyingtransactions,eventsandconditions.

4.2 Significantaccountingestimatesandassumptions

Thekeyassumptionsconcerningthefutureandotherkeysourcesofestimationuncertaintyatthereportingdate,thathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextfinancialyear,aredescribedbelow.Actualresultscoulddifferfromtheseestimates.

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4.Significantaccountingjudgments,estimatesandassumptions(Continued)

a) Impairmentreviews

Animpairmentexistswhenthecarryingvalueofanassetorcashgeneratingunit(CGU)exceedsitsrecoverableamount.Recoverableamountisthehigherofitsfairvaluelesscoststosellanditsvalueinuse.Thevalueinusecalculationisbasedonadiscountedcashflowmodel.Incalculatingthevalueinuse,certainassumptionsarerequiredtobemadeinrespectofhighlyuncertainmatters,includingmanagement'sexpectationsofgrowthinEBITDA(Earningsbeforeinterest,taxesdepreciationandamortization),longtermgrowthrates;andtheselectionofdiscountratestoreflectrisksinvolved.Also,judgmentisinvolvedindeterminingtheCGUandgroupingofCGUsforgoodwillallocationandimpairmenttesting.

TheGrouppreparesandinternallyapprovesformalfiveyearplans,asapplicable,foritsbusinessesandusestheseasthebasisforitsimpairmentreviews.Theconsistentuseofsuchrobustfiveyearinformationformanagementreportingpurpose,theGroupusesfiveyearplansforthepurposeofimpairmenttesting.SincethevalueinuseexceedsthecarryingamountofCGU,thefairvaluelesscoststosellisnotdetermined.

ThekeyassumptionsusedtodeterminetherecoverableamountfortheCGUs,includingsensitivityanalysis,aredisclosedandfurtherexplainedinNote20.

TheGrouptestsgoodwillforimpairmentannuallyonMarch31andwheneverthereareindicatorsofimpairment.

b) Allowanceforuncollectibletradereceivablesandadvances

Tradereceivablesdonotcarryanyinterestandarestatedattheirnominalvalueasreducedbyappropriateallowancesforestimatedirrecoverableamounts.Estimatedirrecoverableamountsarebasedontheageingofthereceivablebalancesandhistoricalexperience.Additionally,alargenumberofminorreceivablesisgroupedintohomogeneousgroupsandassessedforimpairmentcollectively.Individualtradereceivablesarewrittenoffwhenmanagementdeemsthemnottobecollectible.

c) Loyaltyprograms

TheGroupestimatesrevenueallocationbetweentheloyaltyprogramandtheothercomponentsofthesalewithassumptionsabouttheexpectedredemptionrates.Theamountallocatedtotheloyaltyprogramisdeferred,andisrecognizedasrevenuewhentheGroupfulfillsitsobligationstosupplytheservicesunderthetermsoftheprogramorwhenitisnolongerprobablethatthepointsundertheprogramwillberedeemed.AlsorefertoNote35.

d) Taxes

Deferredtaxassetsarerecognizedforallunusedtaxlossestotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthelossescanbeutilized.Significantmanagementjudgmentisrequiredtodeterminetheamountofdeferredtaxassetsthatcanberecognized,baseduponthelikelytimingandtheleveloffuturetaxableprofits,futuretaxplanningstrategiesandrecentbusinessperformancesanddevelopments.TheGrouphasnotrecognizeddeferredtaxassetonunusedtaxlossesandtemporarydifferencesinmostofthesubsidiariesoftheGroup.AlsorefertoNote25.

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4.Significantaccountingjudgments,estimatesandassumptions(Continued)

e) Definedbenefitplans

ThecostsofpostretirementbenefitobligationundertheGratuityplanaredeterminedusingactuarialvaluations.Anactuarialvaluationinvolvesmakingvariousassumptionsthatmaydifferfromactualdevelopmentsinthefuture.Theseincludethedeterminationofthediscountrate,futuresalaryincrease,mortalityratesandfuturepensionincreases.Duetothecomplexitiesinvolvedinthevaluationanditslongtermnature,adefinedbenefitobligationishighlysensitivetochangesintheseassumptions.Allassumptionsarereviewedateachreportingdate.AlsorefertoNote34forassumptionsandsensitivities.

5.Segmentinformation

Formanagementpurposes,theGroupisorganizedintolinesofbusiness(LOBs)basedonitsproductsandservicesandhasfollowingreportablesegments.TheLOBsofferdifferentproductsandservices,andaremanagedseparatelybecausethenatureofproductsandmethodsusedtodistributetheservicesaredifferent.ForeachoftheseLOBs,ChiefExecutiveOfficer(CEO)reviewsinternalmanagementreports.Accordingly,theChiefExecutiveOfficer(CEO)isconstruedtobetheChiefOperatingDecisionMaker(CODM).SegmentrevenuelessservicecostfromeachLOB'sarereportedandreviewedbytheCODMonamonthlybasis.

ThefollowingsummarydescribestheoperationsineachoftheGroup'sreportablesegments:

1. AirTicketing:Throughinternetandmobilebasedplatformandcall-centers,theGroupprovidesthefacilitytobookandserviceinternationalanddomesticairticketstoultimatecustomersthroughB2C(BusinesstoConsumer),BusinesstoEnterprise(B2E)andB2B2C(BusinesstoBusinesstoConsumer)channels.Allthesechannelssharesimilarcharacteristicsastheyareengagedinfacilitationofairtickets.Managementbelievesthatitisappropriatetoaggregatethesechannelsasonereportingsegmentduetothesimilaritiesinthenatureofbusiness.

2. HotelsandPackages:Throughaninternetandmobilebasedplatform,call-centersandbranchoffices,thegroupprovidesholidaypackagesandhotelreservations.Forinternalreportingpurpose,therevenuerelatedtoAirlineTicketingissuedasacomponentofgroupdevelopedtourandpackageisassignedtoHotelandPackagesegmentandisrecordedonagrossbasis.Thehotelreservationsformintegralpartoftheholidaypackagesand,accordingly,managementbelievesthatitisappropriatetoaggregatetheseservicesasonereportablesegmentduetosimilaritiesinthenatureofservices.

3. Otheroperationsprimarilyincludetheadvertisementincomefromhostingadvertisementsonitsinternetweb-sites,incomefromsaleofcouponsandvouchers,incomefromsaleofrailandbusticketsandincomefromfacilitatingwebsiteaccesstotravelinsurancecompanies.Theoperationsdonotmeetanyofthequantitativethresholdstobeareportablesegmentforanyoftheperiodspresentedintheseconsolidatedfinancialstatements.

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YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

5.Segmentinformation(Continued)

InformationaboutReportableSegments:

Assetsandliabilitiesarenotidentifiedtoanyreportablesegments,sincetheGroupusestheminterchangeablyacrosssegmentsand,consequently,theManagementbelievesthatitisnotpracticabletoprovidesegmentdisclosuresrelatingtototalassetsandliabilities.

Geographicalinformation:

GiventhatCompany'sproductsandservicesareavailableonatechnologyplatformtocustomersglobally,consequently,thenecessaryinformationtotrackaccurategeographicallocationofcustomersisnotavailable.

Non-currentassetsaredisclosedbasedonrespectivephysicallocationoftheassets:

Majorcustomers:

Consideringthenatureofbusiness,customersprimarilyincludeindividuals.Further,noneofthecorporateandothercustomersaccountformorethan10%ormoreoftheGroup'srevenues.

F-30

AirTicketing HotelsandPackages Others Total March31, March31, March31, March31, Particulars 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 Revenue 2,876,688 3,656,976 5,012,931 5,225,136 5,326,414 6,628,236 243,410 373,423 607,346 8,345,234 9,356,813 12,248,513Servicecost — — — (4,164,352) (4,179,486) (4,930,757) — — — (4,164,352) (4,179,486) (4,930,757)Segmentresults 2,876,688 3,656,976 5,012,931 1,060,784 1,146,928 1,697,479 243,410 373,423 607,346 4,180,882 5,177,327 7,317,756Otherincome 26,662 25,282 90,001Unallocatedexpenses (5,178,758) (6,790,437) (10,342,290)

Operatingloss(beforedepreciationandamortization) (971,214) (1,587,828) (2,934,533)

Financecost (111,973) (149,863) (153,056)Depreciationandamortization (233,703) (275,587) (425,600)

Financeincome 95,072 139,158 91,912Shareoflossofjointventure (11,802) (9,441) (10,559)

Changeinfairvalueofwarrants (3,167) 230,111 (563,253)

Listingandrelatedexpenses(refernote44) — (4,242,526) —

Lossbeforetaxes (1,236,787) (5,895,976) (3,995,089)

Taxexpense (6,515) (40,987) (56,887)Lossfortheyear (1,243,302) (5,936,963) (4,051,976)

Non-currentAssets*

March31,

2017 March31,

2018 India 1,734,022 2,454,884Others 16,728 12,073Total 1,750,750 2,466,957

* Non-currentassetspresentedaboverepresentproperty,plantandequipmentandintangibleassetsandgoodwill.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

6.Groupinformation

TheconsolidatedfinancialstatementsoftheGroupinclude:

Informationaboutgroupsubsidiaries

JointVenture

Thegrouphasa50%interestinAdventureandNatureNetworkPvt.Ltd.(March31,2017:50%).Formoredetail,refertoNote14.

F-31

%Equityinterest

Name Principalactivities Countryofincorporation

March31,2017

March31,2018

THCLTravelHoldingCyprusLimited InvestmentCompany Cyprus 100 100YatraUSACorp InvestmentCompany USA 100**** 100****YatraUSA,LLC Travel&Travelrelatedservices USA 100 100AsiaConsolidatedDMCPte.Ltd. Travel&Travelrelatedservices Singapore 100 100ACDToursandTravelSDN.BHD.(Malaysia)* Travel&Travelrelatedservices Malaysia — —

MiddleEastTravelManagementCompanyPrivateLimited Travel&Travelrelatedservices India 100 100

YatraOnlinePrivateLimited Travel&Travelrelatedservices India 98.20** 98.22***YatraCorporateHotelSolutionsP.Ltd.(formerlyknownasIntechHotelSolutionsP.Ltd.) Travel&Travelrelatedservices India 98.20** 98.22***

TSIYatraPrivateLimited(formerlyknownasTSI—TravelServicesInternationalP.Ltd.) Travel&Travelrelatedservices India 98.20** 98.22***

YatraTGStaysPrivateLimited(formerlyknownasD.V.TravelsGuruPrivateLimited) Travel&Travelrelatedservices India 98.20** 98.22***

YatraHotelSolutionsPrivateLimited(formerlyknownasDesiyaOnlineTravelDistributionP.Ltd.) Travel&Travelrelatedservices India 98.20** 98.22***

AirTravelBureauLimited Travel&Travelrelatedservices India — 100*****

* ACDToursandTravelSDN.BHD.(Malaysia)incorporatedasasubsidiaryofAsiaConsolidatedDMCPte.Ltd.,wasliquidatedduringthefinancialyear2016-17.

** Remainingsharesof1.80%areheldbyminorityshareholdersasatMarch31,2017

*** Remainingsharesof1.78%areheldbyminorityshareholdersasatMarch31,2018

**** Includes31.74%ClassFsharesownedbyTerrapin3'sfounderstockholdershavingnovotingright.Terrapin3'sfounderstockholdersalsoownClassFsharesintheCompanyhavingnoeconomicvalueandhaveanexchangerighttoacquireordinarysharesoftheCompany.

***** DuringthefinancialyearendingMarch31,2018,thecompanyhadacquired51%shareholdinginATBonJuly31,2017,withtheobligationtoacquiretheremaining49%shareholdingpursuanttothetermsofSharePurchaseAgreement(SPA).RefertoNote43.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

7.Fairvaluemeasurement

SetoutbelowisacomparisonbyclassofthecarryingamountsandfairvalueoftheGroup'sfinancialinstrumentsthatarecarriedinthefinancialstatements.

Fair values

Themanagementassessedthatthefairvaluesoftradereceivables,cashandcashequivalent,termdeposits,tradepayables,borrowingsandotherliabilitiesapproximatestheircarryingamountslargelyduetotheshort-termmaturitiesoftheseinstruments.

Fairvaluehierarchy

Thetablebelowanalysesfinancialinstrumentscarriedatfairvalue,byvaluationmethod.Thedifferentlevelshavebeendefinedasfollows:

• Level1:quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.

• Level2:inputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectly(i.e.asprices)orindirectly(i.e.derivedfromprices).

• Level3:inputsfortheassetorliabilitythatarenotbasedonobservablemarketdata(unobservableinputs).

F-32

Carryingvalue Fairvalue AsatMarch31, AsatMarch31, 2017 2018 2017 2018 Financialassets Assetscarriedatamortizedcost Tradeandotherreceivables 1,970,375 4,008,871 1,970,375 4,008,871Cashandcashequivalents 1,532,629 3,065,072 1,532,629 3,065,072Termdeposits 3,027,861 412,144 3,027,861 412,144Otherfinancialassets 120,057 117,954 120,057 117,954Total 6,650,921 7,604,041 6,650,921 7,604,041Financialliabilities Liabilitiescarriedatfairvalue Sharewarrants 1,337,418 1,914,604 1,337,418 1,914,604Contingentdividend 2,913 — 2,913 —Liabilityforacquisitionofbusiness — 904,727 — 904,727Total 1,340,331 1,914,604 1,340,331 1,914,604Liabilitiescarriedatamortizedcost Tradeandotherpayables 3,148,544 5,049,630 3,148,544 5,049,630Borrowings 44,877 859,476 44,877 859,476Otherliabilities 245,978 537,023 245,978 537,023Total 3,439,399 6,446,129 3,439,399 6,446,129

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

7.Fairvaluemeasurement(Continued)

TherewerenotransfersbetweenLevel1,Level2andLevel3duringtheyear.

F-33

March31,2017 Level1 Level2 Level3 Total Assetsforwhichfairvalueisdisclosed Termdeposits — 3,027,861 — 3,027,861Otherfinancialassets — 120,057 — 120,057Totalassets — 3,147,918 — 3,147,918Liabilitiescarriedatfairvalue Warrants 1,335,189 — 2,229 1,337,418Contingentdividend — — 2,913 2,913Liabilitiescarriedatamortizedcost Borrowings — 44,877 — 44,877TotalLiabilities 1,335,189 44,877 5,142 1,385,208

March31,2018 Level1 Level2 Level3 Total Assetsforwhichfairvalueisdisclosed Termdeposits — 412,144 — 412,144Otherfinancialassets — 117,954 — 117,954Totalassets — 530,098 — 530,098Liabilitiescarriedatfairvalue Warrants 1,914,520 — 84 1,914,604Liabilityforbusinessacquisition — — 904,727 904,727Liabilitiescarriedatamortizedcost Borrowings — 859,476 — 859,476TotalLiabilities 1,914,520 859,476 904,811 3,678,807

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

7.Fairvaluemeasurement(Continued)

ValuationTechniquesandsignificantunobservableinputs

ThefollowingtablesshowthevaluationtechniquesusedinmeasuringfairvaluesatMarch31,2018andMarch31,2017aswellasthesignificantunobservableinputsused.

F-34

Type Valuationtechnique Significantunobservable

inputs

Inter-relationshipbetweensignificantunobservableinputsandfairvalue

measurementA.FinancialInstrumentsmeasuredatfairvalue:

Warrants Black-Scholesmodel:Thevaluationmodelconsidersthesharepriceonmeasurementdate,expectedtermoftheinstrument,riskfreerate(basedongovernmentbonds),expectedvolatilityandexpecteddividendrate.

Expectedterm:2.66years(PY:3.16years)Riskfreerate:2.26%(PY:1.56%)

Theestimatedfairvaluewouldincrease(decrease)if:

• theexpectedtermwerehigher(lower)

• theriskfreeratewerehigher(lower)

Quotedwarrants

Fairmarketvalue

—

—

Contingentdividend

Fairvalue—simulationmodel

Discountingperiod:Nil(PY:1.13to1.62years)

Riskfreerate:Nil(PY:2.81%)

Theestimatedfairvaluewouldincrease(decrease)if:

• theexpecteddiscountingperiodwerehigher(lower)

• theriskfreeratewerehigher(lower)

Liabilityforbusinessacquisition(refertoNote43)

Actualasperthetermsofsharepurchaseagreement

Adjustedearningofacquiredentity

—

B.FinancialInstrumentsforwhichfairvalueisdisclosed:

Borrowings Discountedcashflows Prevailinginterestrateinmarket,futurepayouts.

—

Termdeposits

Discountedcashflows

Prevailinginterestratetodiscountfuturecashflows

—

Otherfinancialassets

Discountedcashflows

Prevailinginterestratetodiscountfuturecashflows

—

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

7.Fairvaluemeasurement(Continued)

BelowisreconciliationoffairvaluemeasurementscategorizedwithinLevel1&Level3ofthefairvaluehierarchy

8.Revenuefromrenderingofservices

9.Otherrevenue

Primarilycomprisingadvertisingrevenueandfeesforfacilitatingwebsiteaccesstoatravelinsurancecompany.

10.Otherincome

F-35

April1,2016

Acquiredliability(refertoNote43)

Chargeto

profitorloss

Chargedtoequity

Convertedtoequity

Effectsofmovementsinforeignexchangerates

March31,2017

Businessacquisition(refertoNote43)

Chargeto

profitorloss

Chargedtoequity

Effectsofmovementsinforeignexchangerates

March31,2018

SiliconValleyBank—ConvertiblePreferenceshares—SeriesD 2,087 — 2,006 — (4,093) — — — — — — —

SiliconValleyBank—ConvertiblePreferenceshares—SeriesE 1,591 — 1,557 — (3,148) — — — — — — —

MacquarieCorporateHoldingsPtyLimited—OrdinaryWarrants 3,319 — (1,463) — — 373 2,229 — (2,137) — (8) 84

QuotedWarrants — 1,631,672 (232,211) — — (64,273) 1,335,188 — 565,390 — 13,942 1,914,520Contingentdividend — — 292 2,755 — (134) 2,913 — (279) (2,755) 121 —Liabilityforbusinessacquisition(refertoNote43) — — — — — — — 610,383 294,344 904,727Total 6,997 1,631,672 (229,819) 2,755 (7,241) (64,034) 1,340,330 610,383 857,318 (2,755) 14,055 2,819,331

March31, 2016 2017 2018 AirTicketing 2,876,688 3,656,976 5,012,931HotelsandPackages 5,225,136 5,326,414 6,628,236OtherServices 28,886 52,896 105,249Total 8,130,710 9,036,286 11,746,416

March31, 2016 2017 2018 Marketingrevenue 214,524 320,527 502,097Total 214,524 320,527 502,097

March31, 2016 2017 2018 Liabilitieswrittenback 21,879 20,716 15,441Governmentgrant — — 69,573Gainonsaleofproperty,plantandequipment(net) — 622 1,369Miscellaneousincome 4,783 3,944 3,618Total 26,662 25,282 90,001

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

10.Otherincome(Continued)

GovernmentgrantrepresenttheCompany'sentitlementtoreceivedutycreditscriptasgrantunderServiceExportsfromIndiaScheme(SEIS)fromgovernmentofIndiaonachievementofcertainconditionsasnotifiedunderthescheme,suchscripscanbeutilizedagainstthepaymentofcustomdutyatthetimeofimportofgoodsorservicestoIndia.

Liabilitieswrittenbackrepresenttradepayables,thatthroughtheexpiryoftime,theGrouphasnofurtherlegalobligationtovendors.

11.Personnelexpenses

12.Otheroperatingexpenses

F-36

March31, 2016 2017 2018 Salaries,wagesandothershorttermemployeebenefits 1,382,863 1,392,666 1,981,076Contributionstodefinedcontributionplans 71,348 77,822 104,958Expensesrelatedtodefinedbenefitplans 10,494 14,716 26,589Sharebasedcompensationcosts 19,370 586,932 729,920Employeewelfareexpenses 39,980 43,172 60,297Total 1,524,055 2,115,308 2,902,840

March31, 2016 2017 2018 Commission 558,109 746,959 894,504Communication 64,133 65,774 71,825Legalandprofessionalfees 208,818 203,449 308,625Outsourcingfees 23,614 33,888 40,242Paymentgatewayandothercharges 483,039 535,058 743,018Advanceswritten-off(refertoNote21) 7,179 12,047 11,703Tradeandotherreceivableswritten-off(refertoNote26) 106,933 80,193 119,388Dutiesandtaxes 9,242 12,963 95,413Rent 142,350 148,738 178,650Repairsandmaintenance 203,160 227,678 300,889Travellingandconveyance 117,863 112,216 138,242Insurance 1,673 12,067 39,117Remeasurementofcontingentconsideration(refertoNote43) — — 294,344Corporatesocialresponsibility(CSR)expense — — 10,245Miscellaneousexpenses 41,049 26,857 37,825Total 1,967,162 2,217,887 3,284,030

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

13.Depreciationandamortization

14.Investmentinjointventure

TheGroupenteredintoanagreementwithSnowLeopardPvt.Ltd(SLA)onSeptember28,2012tosetupajointventurecompanyAdventureandNatureNetworkPrivateLimited(ANN)todobusinessinadventuretravel,havingitsprincipalplaceofbusinessinIndia.

GroupcontributedonMarch31,2018:Nil(March31,2017:3,000andMarch31,2016:INR7,800)tomaintainits50%stakeinthejointventurecompany.BothGroupandSLAhaveequalrightinmanagementofANNrequiringunanimousdecisioninboardmeetingsandshareholder'smeetings.

InvestmentinjointventureisaccountedforusingtheequitymethodinaccordancewithIAS28Investments in Associates and Joint Ventures intheconsolidatedfinancialstatements.Summarizedfinancialinformationofthejointventure,basedonitsIFRSfinancialstatements,andreconciliationwiththecarryingamountoftheinvestmentintheconsolidatedfinancialstatementsaresetoutbelow:

SummarizedstatementoffinancialpositionofANN:

F-37

March31, 2016 2017 2018 Depreciation 51,374 64,894 104,550Amortization 182,329 210,693 321,050Total 233,703 275,587 425,600

March31, 2017 2018 Currentassets,includingcashandcashequivalentsINR4,614(March31,2017:INR1,134) 2,406 6,686

Non-currentassets 294 314Currentliabilities (16,650) (41,973)Non-currentliabilities (130) (227)Equity (14,080) (35,200)Group'scarryingamountoftheinvestment (7,040) (17,600)Transferredtootherliabilities(refertoNote38) 7,040 17,600Netcarryingamountofinvestment — —

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

14.Investmentinjointventure(Continued)

SummarizedstatementofprofitorlossofANN:

ThejointventurehadnoothercontingentliabilitiesorcapitalcommitmentsasatMarch31,2018andMarch31,2017.ANNcan'tdistributeitsprofitswithouttheconsentfromthetwoventurepartners.

15.Financeincome

16.Financecost

F-38

March31, 2016 2017 2018 Revenue 1,870 5,491 12,181Administrativeexpenses,includingdepreciationINR173(March31,2017:INR3,401andMarch31,2016:INR6,162) (25,464) (24,359) (33,215)

Financecost (11) (13) (84)Lossbeforetax (23,605) (18,881) (21,118)Incometaxexpense — — —Lossfortheyear (23,605) (18,881) (21,118)Group'sshareoflossfortheyear (11,802) (9,441) (10,559)

March31, 2016 2017 2018 Interestincomeon: —Bankdeposits 89,131 125,697 74,197—Others 727 5,061 8,870Unwindingofdiscountonotherfinancialassets 5,214 8,400 8,845Total 95,072 139,158 91,912

March31, 2016 2017 2018 Bankcharges 15,653 16,007 22,334Foreignexchangeloss(net) 14,729 14,525 8,154Interestonborrowings 58,765 77,421 122,568Unwindingofdiscountonotherfinancialliability 22,826 41,910 —Total 111,973 149,863 153,056

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

17.Incometaxes

Lossfortheyearbeforeincometaxesareasfollows:

Themajorcomponentsofincometaxexpensefortheyearsended31March,2018,2017and2016are:

ReconciliationoftaxexpenseandaccountingprofitmultipliedbytaxrateofeachjurisdictioninwhichtheGroupoperates

ThedomicileoftheParentCompanyisCaymanIslands.TheGroup'stwomajortaxjurisdictionsareIndiaandSingaporewithtaxratesrangingbetween25.75%to34.61%(March31,2017:30.9%to34.61%)inIndiaand17%(March31,2017:17%)inSingapore,thathavebeenappliedtoprofitorlossoftherespectivejurisdictionfordeterminationofexpectedtaxexpense.

F-39

March31, 2016 2017 2018 Domestic (100,699) (4,711,481) (1,481,129)Foreignoperations (1,136,088) (1,184,495) (2,513,960)Total (1,236,787) (5,895,976) (3,995,089)

March31, 2016 2017 2018 CurrentPeriod 2,151 30,822 74,583Currentincometaxexpenses 2,151 30,822 74,583Originationandreversaloftemporarydifferences 8,769 10,165 (17,696)Currentyearlossesforwhichdeferredtaxisrecognized (4,405) — —Deferredtax(benefit)/expense 4,364 10,165 (17,696)Totalincometaxexpensesasreportedinstatementofprofitorloss 6,515 40,987 56,887

March31, 2016 2017 2018 Lossfortheyear (1,243,302) (5,936,963) (4,051,976)Incometaxexpense 6,515 40,987 56,887Lossbeforeincometaxes (1,236,787) (5,895,976) (3,995,089)Expectedtaxexpenseatstatutoryincometaxrate (353,298) (344,626) (769,353)Nondeductibleexpenses 4,301 (316) 107,496Utilizationofpreviouslyunrecognizedtaxlosses (5,337) (12,766) (5,342)Currentyearlossesforwhichnodeferredtaxassetwasrecognized 355,417 338,682 887,997Changeinunrecognizedtemporarydifferences 5,108 61,132 (177,244)Effectofchangeintaxrate — (4,120) 12,507Others 324 3,001 826

6,515 40,987 56,887

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

18.Losspershare

Basiclosspershareamountsarecalculatedbydividingnetlossfortheyearattributabletoordinaryequityholdersbytheweightedaveragenumberofordinarysharesoutstandingduringtheyear.

Dilutedlosspershareamountsarecalculatedbydividingthenetlossattributabletoordinaryequityholdersbytheweightedaveragenumberofordinarysharesoutstandingduringtheyearplustheweightedaveragenumberofordinarysharesthatwouldbeissuedonconversionofallthedilutivepotentialordinarysharesintoordinaryshares.Theimpactofthedilutivepotentialordinarysharesisanti-dilutivefortheyearpresented.

Thefollowingreflectstheincomeandsharedatausedinthebasicanddilutedlosspersharecomputations:

RefertoNote29forthedetailedmovementinsharecapitalduringthefinancialyear.

OnDecember16,2016,theParentCompanyconverteditspreferencesharesintoordinarysharesandeffectuatedareverse5.4242194-for-onesharesplitofitsordinarysharesaswellasa5.4242194-for-oneadjustmentwithrespecttothenumberofordinarysharesunderlyingitsshareoptionsandacorrespondingadjustmenttotheexercisepricesofsuchoptions.Consequently,thebasicanddilutedearningspershareforallperiodspresentedareadjustedretrospectively.

Lossattributabletoshareholdersisallocatedequallyforeachclassofshare.

AtMarch31,2018,993,737ordinaryshares(March31,2017:555,941andMarch31,2016:342,917),issuableagainstemployeeshareoptionsandrestrictedemployeeshareoptions,742,402ordinaryshares(March31,2017:742,402andMarch31,2016:716,721)issuableagainstconversionrightwithsubsidiary'sordinarysharesand746ordinaryshares(March31,2017:791andMarch31,2016:286),issuableagainstequityinstruments,wereexcludedfromthedilutedweightedaveragenumberofordinarysharescalculationastheireffectwouldhavebeenanti-dilutive.TheCompanyalsoexcludesoptionswithexercisepricesthataregreaterthantheaveragemarketpricefromthecalculationofdilutedEPSbecausetheireffectwouldbeanti-dilutive.

ForcalculationofdilutedEPS,sincetheexercisepriceofsharewarrantsisgreaterthanfairmarketvalue,theseareassumedtobeoutofmoneyandconsiderednottobeexercisableasonbalancesheetdate.Thesepotentialordinarysharesarenotconsideredforcalculationofdilutiveimpactofearningpershare.

Therehavebeennoothertransactionsinvolvingordinarysharesorpotentialordinarysharesbetweenthereportingdateandthedateofcompletionofthesefinancialstatements.

F-40

March31, 2016* 2017 2018 Lossattributabletoordinaryshareholders (1,218,824) (5,901,483) (3,993,140)Weightedaveragenumberofordinarysharesoutstandingusedincomputingbasic/dilutedlosspershare 20,976,502 24,807,122 34,301,152

Basiclosspershare (58.10) (237.89) (116.41)Dilutedlosspershare (58.10) (237.89) (116.41)

* Includesordinaryequitysharesandpreferencesharesthathavebeenissuedupontheconversionofamandatorilyconvertiblepreferenceshares(SeriesAtoF)areincludedinthecalculationofweightedaveragebasicearningspershare.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

19.Property,plantandequipment

TheGrouphastakenbankguaranteefacilityagainstwhichproperty,plantandequipmentofasubsidiaryoftheGroupamountingtoINR105,669(March31,2017:INR63,701)arepledged.

ThecarryingvalueofvehiclesheldunderfinanceleaseshaveaGrossbookvalueINR37,222(March31,2017:INR34,692),depreciationchargefortheyearINR5,319(March31,2017:INR4,956),AccumulateddepreciationINR26,037(March31,2017:INR19,310),netbookvalueINR11,186(March31,2017:INR15,382).Leasedassetsarepledgedassecurityfortherelatedfinancelease.

F-41

Leasehold

Improvements

Computerand

Peripherals

Furnitureand

Fixtures Vehicles Office

Equipment Total AtMarch31,2016 43,068 267,673 13,808 88,118 39,373 452,040Additions 2,344 49,058 691 28,331 2,979 83,403Disposals/adjustment (853) (59,921) (2,759) (9,355) (12,911) (85,799)Effectsofmovementsinforeignexchangerates (99) (104) (20) (2,031) (32) (2,286)AtMarch31,2017 44,460 256,706 11,720 105,063 29,409 447,358Acquisitionsthroughbusinesscombinations(refertoNote43) 30,149 7,238 4,817 5,919 7,890 56,013

Additions — 106,805 678 34,698 5,890 148,071Disposals/adjustment (9,645) (3,198) (41) (10,270) (812) (23,966)Effectsofmovementsinforeignexchangerates 137 692 38 2,531 45 3,443AtMarch31,2018 65,101 368,243 17,212 137,941 42,422 630,919Depreciation AtMarch31,2016 33,105 212,321 10,513 41,150 28,388 325,477Chargefortheyear 4,825 36,812 1,519 17,401 4,337 64,894Disposals/adjustment (726) (59,695) (2,536) (7,748) (12,719) (83,424)Effectsofmovementsinforeignexchangerates (80) (64) (14) (1,067) (10) (1,235)AtMarch31,2017 37,124 189,374 9,482 49,736 19,996 305,712Chargefortheyear 11,447 63,351 1,519 22,221 6,012 104,550Disposals/adjustment (9,645) (3,055) (41) (9,396) (752) (22,889)Effectsofmovementsinforeignexchangerates 117 56 21 1,639 19 1,852AtMarch31,2018 39,043 249,726 10,981 64,200 25,275 389,225AtMarch31,2017 7,336 67,332 2,238 55,327 9,413 141,646AtMarch31,2018 26,058 118,517 6,231 73,741 17,147 241,694

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

19.Property,plantandequipment(Continued)

ThecarryingvalueofvehiclesheldundervehicleloanhaveagrossbookvalueofINR92,515(March31,2017:INR59,715),depreciationchargefortheyearofINR15,276(March31,2017:INR10,130),accumulateddepreciationofINR31,651(March31,2017:INR19,770),netbookvalueofINR60,899(March31,2017:INR39,945).Vehiclesarepledgedassecurityagainsttherelatedvehicleloan.

Inthestatementofcashflows,proceedsfromvehicleloanofINR25,406(March31,2017:INR18,312,March31,2016:INR14,637)hasbeenadjustedagainstpurchaseofproperty,plantandequipment.

TheCompanyhaswrittenofffullydepreciatedassetsfromthebooksofaccountshavinggrossvalueINR1,875(March2017:INR73,594).

20.Intangibleassetsandgoodwill

TheGrouphastakenbankguaranteefacilityagainstwhichComputersoftwareandwebsitesandintellectualpropertyrightsofasubsidiaryoftheGroupamountingtoINR667,882(March31,2017:INR402,536)arepledged.

F-42

Computersoftwareand

Websites

Intellectualpropertyrights

Agent/Supplier/relationship

Customerrelationship

Noncompeteagreement Trademarks Goodwill

Intangibleunder

development Total AtMarch31,2016 702,935 52,175 222,169 — 3,200 271,329 653,666 145,395 2,050,869Additions 382,492 5,000 — — — — — 391,687 779,179Disposals/adjustment — — — — — — — (370,455) (370,455)Effectsofmovementsinforeignexchangerates (181) (1,155) — — — — — — (1,336)

AtMarch31,2017 1,085,246 56,020 222,169 — 3,200 271,329 653,666 166,627 2,458,257Acquisitionsthroughbusinesscombinations(refertoNote43) 898 — — 134,682 16,861 — 307,520 — 459,961

Additions 532,290 — — — — — — 475,119 1,007,409Disposals/adjustment — — — — — — — (529,618) (529,618)Effectsofmovementsinforeignexchangerates (462) 278 — — — — — — (184)

AtMarch31,2018 1,617,972 56,298 222,169 134,682 20,061 271,329 961,186 112,128 3,395,825Amortization AtMarch31,2016 423,962 44,150 115,314 — 2,707 53,631 — — 639,764Chargefortheyear 172,336 6,831 17,097 — 492 13,937 — — 210,693Disposals — — — — — — — — —Effectsofmovementsinforeignexchangerates (91) (1,213) (1) — 1 1 — — (1,303)

AtMarch31,2017 596,207 49,768 132,410 — 3,200 67,569 — — 849,154Chargefortheyear 279,564 1,401 17,097 5,986 3,066 13,936 — — 321,050Disposals — — — — — — — — —Effectsofmovementsinforeignexchangerates 79 277 — — — 2 — — 358

AtMarch31,2018 875,850 51,446 149,507 5,986 6,266 81,507 — — 1,170,562AtMarch31,2017 489,039 6,252 89,759 — — 203,760 653,666 166,627 1,609,103AtMarch31,2018 742,122 4,852 72,662 128,696 13,795 189,822 961,186 112,128 2,225,263

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

20.Intangibleassetsandgoodwill(Continued)

TheCompanyhaswrittenofffullydepreciatedassetsfromthebooksofaccountshavinggrossvalueNil(March2017:Nil).

Impairmentreviews

GoodwillacquiredthroughbusinesscombinationshavingindefinitelivesareallocatedtotheCGUs.Forthepurposeofimpairmenttesting,goodwillisallocatedtoaCGUrepresentingthelowestlevelwithintheGroupatwhichgoodwillismonitoredforinternalmanagementpurposesandwhichisnothigherthantheGroup'soperatingsegment.Carryingamountofgoodwillhasbeenallocatedtotherespectiveacquiredsubsidiarieslevelasfollows:

TherecoverableamountofallCGUswasbasedonitsvalueinuseandwasdeterminedbydiscountingthefuturecashflowstobegeneratedfromthecontinuinguseoftheCGU.Thesecalculationsusecashflowprojectionsoveraperiodoffiveyears,basedonnextyear'sfinancialbudgetsapprovedbymanagement,withextrapolationfortheremainingperiod,andanaverageoftherangeofassumptionsasmentionedbelow.

Thekeyassumptionsusedinvalueinusecalculations:

TheabovediscountrateisbasedontheWeightedAverageCostofCapital(WACC)ofacomparablemarketparticipant,whichisadjustedforspecificrisks.Theseestimatesarelikelytodifferfromfutureactualresultsofoperationsandcashflows.

Sensitivitychangeinassumptions

Basedontheabove,noimpairmentwasidentifiedasofMarch31,2018andMarch31,2017astherecoverablevalueoftheCGUsexceededthecarryingvalue.Ananalysisofthecalculation'ssensitivitytoachangeinthekeyparameters(revenuegrowth,discountrateandlong-termgrowthrate)basedonreasonablyprobableassumptions,didnotidentifyanyprobablescenarioswheretheCGUsrecoverableamountwouldfallbelowtheircarryingamount.

F-43

March31, 2017 2018 TSIYatraPrivateLimited 103,670 103,670YatraTGStaysPrivateLimitedandYatraHotelSolutionsPrivateLimited 549,996 549,996AirTravelBureauLimited(refertoNote43) — 307,520Total 653,666 961,186

March31, 2017 2018Discountrate 18% 18%TerminalValuegrowthrate 5%-7.5% 5%EBITDAmarginovernext5years 6.5%-38% 10.7%-56.4%

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

21.Prepaymentsandotherassets

Advancestovendorprimarilyconsistofamountspaidtoairlineandhotelsforfuturebookings.

Themovementintheallowancefordoubtfuladvances:

22.Otherfinancialassets,non-current

Securitydepositrepresentsfairvalueofamountpaidtolandlordfortheleasepremises.AsonMarch31,2018,remainingtenureforsecuritydepositsrangesfrom1to6years.

Inthestatementofcashflows,interestreinvestedontermdepositsINR251(March31,2017:2,229)hasbeenadjustedagainstinterestreceivedunderinvestingactivities.

F-44

March31, 2017 2018 Current Advancetovendors(netofallowance) 637,991 854,942Advancetojointventure(refertonote42) 86 7,759Balancewithtaxauthorities 19,600 36,222Prepaidexpenses 84,885 70,971Duefromemployees 1,926 7,928Total 744,490 977,822Non-current Prepaidexpenses 4,935 3,403Definedbenefitplanasset(refertonote34) — 7,835

4,935 11,238

March31, 2017 2018 Balanceatthebeginningoftheyear — 12,047Provisionsaccruedduringtheyear 12,047 11,703Amountwrittenoffduringtheyear — (11,582)Balanceattheendoftheyear 12,047 12,168

March31, 2017 2018 Securitydeposits 53,860 61,848Interestaccruedontermdeposits 631 411Total 54,491 62,259

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

23.Termdeposits

TermdepositsasonMarch31,2018,includeINR831,660(March31,2017:INR1,025,540)pledgedwithbanksagainstbankguarantees,bankoverdraft,vehicleloan,letterofcredit,salesinvoicediscountingandcreditcardfacility(RefertoNote32).Tenurefortermdepositsrangefrom90daysto2years.

24.Othernonfinancialassets,non-current

Fairvalueadjustment—financialassetsrepresentsunamortisedportionofthedifferencebetweenthefairvalueofthefinancialassets(securitydeposit)oninitialrecognitionandtheamountpaid.

RestrictedassetincludeINR69,063(March31,2017:37,117)inrespectofmandatorypre-depositrequiredforservicetaxandincometaxappealproceedingsinIndia,INR8,468(March31,2017:8,468)inrespectofrefundclaimapplicationwiththeservicetaxauthorities,INR25,000(March31,2017:INR25,000)paidinrelationtoaninvestigationinitiatedbyDirectorateGeneralofCentralExciseIntelligence(DGCEI)forcertainservicetaxmattersinIndia.TheservicetaxamounthasbeenpaidunderprotestandtheGroupstronglybelievesthatitisnotprobablethedemandwillmaterialize.

25.DeferredTax

UnrecognizedDeferredTaxAssets

Deferredtaxassetshavenotbeenrecognizedinrespectofthefollowingitems:

F-45

March31, 2017 2018 Fixeddepositswithbanks 3,027,861 1012,144Total 3,027,861 1012,144Non-current 27,686 6,187Current 3,000,175 1005,957Total 3,027,861 1012,144

March31, 2017 2018 Fairvalueadjustment—financialassets 11,818 13,168Restrictedasset 70,586 103,771Total 82,404 116,939

AsatMarch31, 2017 2018 Deductibletemporarydifferences 100,688 178,275Taxlosscarryforwardandunabsorbeddepreciation 1,599,747 1,929,178Total 1,700,435 2,107,453

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

25.DeferredTax(Continued)

IntheGroup,therearefewsubsidiariesforwhichnodeferredtaxassetshavebeenrecognisedondeductibletemporarydifferencesofINR573,762(March31,2017:329,462)andtaxlossesofINR6,159,435(March31,2017:4,265,167)andunabsorbeddepreciationofINR1,759,363(March31,2017:912,006),asitisnotprobablethattaxableprofitwillbeavailableinnearfutureagainstwhichthesecanbeutilized.Taxlossesareavailableasanoffsetagainstfuturetaxableprofitexpiringatvariousdatesthrough2025andunabsorbeddepreciationisavailableindefinitelyforoffsettingagainstfuturetaxableprofits.

RecognisedDeferredTaxAssetsandLiabilities

Deferredtaxassetsareattributabletothefollowing—

F-46

FortheYearEnded

March31, 2017 2018 Property,plantandequipmentandintangibleassets 6,001 18,438Tradeandotherreceivables 17,994 36,990Rentequalisationreserve 372 1,021Employeebenefits 4,540 12,614Minimumalternatetaxrecoverable 4,863 5,027Provisionforexpenses — 26,642Deferredtaxasset 33,770 100,732OCIgratuity 2,104 1,917Totaldeferredtaxasset(A) 35,874 102,649Deferredtaxliabilitiesareattributabletothefollowing— Property,plantandequipment&intangibleassets — (44,460)Totaldeferredtaxliability(B) — (44,460)Netdeferredtaxasset(A–B) 35,874 58,189

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

25.DeferredTax(Continued)

Pursuanttothesection115JBofIndianIncomeTaxAct,Group'ssubsidiariesinIndiahavecalculatedtheirtaxliabilityforcurrentincometaxesafterconsideringMinimumAlternateTax(MAT).TheexcesstaxpaidunderMATprovisionsbeingoverandaboveregulartaxliabilitycanbecarriedforwardandsetoffagainstfuturetaxliabilitiescomputedunderregulartaxprovisions.Accordingly,adeferredincometaxassetofINR5,027(March31,2017:INR4,863)hasbeenrecognizedonthebalancesheetasonMarch31,2018,whichcanbecarriedforwardforaperiodoffifteenyearsfromtheyearofrecognition.

26.Tradeandotherreceivables

Thetradereceivablesprimarilyconsistofamountsreceivablefromairlines,hotels,corporateandretailcustomerspertainingtothetransactionvalue.

Themanagementdoesnotconsider,theretobesignificantconcentrationofcreditriskrelatingtotrade,refundandotherreceivables.

F-47

Balanceason

March31,2017

Acquiredthroughbusiness

combination(refertoNote43)

Recognisedinprofitorloss

Recognisedinother

comprehensiveincome

Unused/utilizedtaxcredit

Balanceason

March,312018

Property,plantandequipmentandintangibleassets 6,001 (37,319) 5,295 — — (26,022)

Tradeandotherreceivables 17,994 26,024 (7,028) — — 36,990Rentequalizationreserve 372 316 333 — — 1,021Employeebenefits 4,540 15,620 (7,546) — — 12,614Minimumalternatetaxrecoverable 4,863 — — — 164 5,027Provisionforexpenses — — 26,642 — — 26,642OCIgratuity 2,104 — — (187) — 1,917Deferredtaxassets 35,874 4,640 17,696 (187) 164 58,189

March31, 2017 2018 Tradereceivables(netofallowance) 1,928,346 3,937,580Receivablefromotherrelatedparties(refertonote42) 19,433 56,979Refundandotherreceivable(netofallowance) 22,596 14,312Total 1,970,375 4,008,871

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

26.Tradeandotherreceivables(Continued)

Themovementintheallowancefordoubtfuldebtsandamountsimpairedinrespectoftrade,refundandotherreceivablesduringtheyearwasasfollows:

27.Otherfinancialassets,current

Securitydepositrepresentsfairvalueofamountpaidtolandlordfortheleasepremises.AsonMarch31,2018,remainingtenureforsecuritydepositsrangesfrom1to6years.

Inthestatementofcashflows,interestreinvestedontermdepositsINR98,472(March31,2017:82,603)hasbeenadjustedagainstinterestreceivedunderinvestingactivities.

28.Cashandcashequivalents

Cashatbankearnsinterestatfloatingratesbasedondailybankdepositrates.

CreditcardcollectioninhandrepresentstheamountofcollectionfromcreditcardsswipedbythecustomerswhichisoutstandingasattheyearendandcreditedtoGroup'sbankaccountssubsequenttotheyearend.

AtMarch31,2018,theGrouphadavailableINR710,450(March31,2017:INR500,450)ofundrawnborrowingfacilities.

F-48

March31, 2017 2018 Balanceatthebeginningoftheyear 113,949 121,839Provisionsaccruedduringtheyear 80,193 119,388Amountwrittenoffduringtheyear (72,083) (52,229)Effectofmovementinexchangerate (220) 1,267Balanceattheendoftheyear 121,839 190,265

March31, 2017 2018 Interestaccruedontermdeposits 37,051 6,883Interestaccruedonadvancestorelatedparties(refertonote42) — 70Securitydeposits 26,589 40,814Total 63,640 47,767

March31, 2017 2018 Cashonhand 1,105 2,511Creditcardcollectioninhand 271,125 209,162Balanceswithbank 1,230,028 2,229,498Cashintransit 30,371 23,902Total 1,532,629 2,465,073

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium

Authorized shares

ThereisnochangeintheauthorizedsharecapitalofthecompanyduringthefinancialendingMarch31,2018.DuringthefinancialyearendedMarch31,2017,theauthorizedsharecapitaloftheCompanywasincreasedto500,000,000OrdinarySharesofaparvalueofUS$0.0001each,10,000,000ClassANon-VotingSharesofaparvalueofUS$0.0001each,3,159,375ClassFSharesofaparvalueofUS$0.0001eachand10,000,000PreferenceSharesofaparvalueofUS$0.0001each

Areconciliationofthesharesoutstandingatthebeginningandendoftheperiodispresentedbelow:

Ordinaryshares

F-49

March31, 2017 2018

Numbersof

Shares Numbersof

Shares OrdinarysharesofINR0.006($0.0001)each 500,000,000 500,000,000OrdinaryshareClassAofINR0.006($0.0001)each 10,000,000 10,000,000OrdinaryshareClassFofINR0.006($0.0001)each 3,159,375 3,159,375PreferencesharesofINR0.006($.0001)each 10,000,000 10,000,000

523,159,375 523,159,375

Numbersof

Shares ShareCapital

SharePremium

BalanceasatApril1,2016 1,139,354 27 121,203Exerciseofoption(Share-basedpayments) 130,665 1 24,502Issueoftreasuryshares(refertonoteontreasurysharesbelow) 74,458 1 50,381Issuanceofshares* 2,593,994 18 1,670,878Capitaltransactioninvolvingtheissuanceofsharespursuanttobusinesscombination** 9,953,790 48 6,474,085

Preferencesharesconvertedintoordinaryshares(refertoNotebelow) 19,936,595 538 6,179,226Transactioncost* — — (81,339)BalanceasatMarch31,2017 33,828,856 633 14,438,936BalanceasatApril1,2017 33,828,856 633 14,438,936Exerciseofoption(Restrictedstockunitsandshare-basedpayments)(refertoNote30) 818,954 5 636,085Transactionwithequityshareholders*** — — (112,406)BalanceasatMarch31,2018 34,647,810 638 14,962,615

* RefertoNote43

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium(Continued)

OnDecember16,2016,theParentCompanyconverteditspreferencesharesintoordinarysharesandeffectuatedareverse5.4242194-for-onesharesplitofitsordinarysharesaswellasa5.4242194-for-oneadjustmentwithrespecttothenumberofordinarysharesunderlyingitsshareoptionsandacorrespondingadjustmenttotheexercisepricesofsuchoptions.Accordingly6,180,106sharesoutstandingasatApril1,2015and106,000optionsexercisedhavebeenconsideredonpost-splitbasis.

Terms/ rights attached to Ordinary Shares

TheCompanyhasthreeclassofordinarysharesoutstandingwhichentitlestheholderswiththefollowingrights:

Ordinary shares

Aholderofanordinarysharehasonevoteforeachshareofordinaryshareheldandentitledtoreceivedividendswhendeclaredbytheboardofdirectors.

Ordinary shares Class A

ClassAshareshaveidenticalrightstotheCompanyordinaryshares,excepttherighttoreceivenoticeof,attendorvoteasamemberatanygeneralmeetingofshareholders,butmayvoteataseparateClassAshareholders'meetingconvenedinaccordancewiththeCompanyArticlesofAssociation.

Ordinary shares Class F

ClassFsharesshallhavetherighttoreceivenoticeof,attendatandvoteasamemberatanygeneralmeetingofshareholders,butshallhavenootherrights.

IntheeventofliquidationoftheCompany,theholdersofOrdinaryandClassAordinarysharesareentitledtoreceiveremainingassetsoftheCompany,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholders.

Shares reserved for issuance against equity instruments

TheCompanyreserved1,844shares(March31,2017—1,844,March31,2016—1,844)forissuanceatexercisepriceofINR65.11($1).ThesesharesareconsideredasequityinstrumentandarerecordedatfairvalueatthedateoftransactionunderIAS32

F-50

** 33.83millionordinaryshares,withparvalueofUSD0.0001.Includes3.159millionClassFsharesissuedaspartofthebusinesscombination,withparvalueofUSD0.0001each.AlsorefertoNote43

*** Transactionwithequityshareholdersrepresenttaxdepositedonbehalfofrestrictedstockholders.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium(Continued)

Shares reserved for issue under options

FordetailsofsharesreservedforissueundertheEmployeeStockOptionPlan(ESOP)oftheCompany,refertoNote30.2.

Shares reserved for issue under warrant arrangement/agreement

PursuanttolistingofParentCompany,Capital18FinCapPrivateLimited(Capital18)andPandaraTrustSchemeI(PandaraTrust),shareholdersofYatraOnlinePrivateLimited,areentitledtoswaptheirsharesinto569,781(March31,2017:569,781)and172,635(March31,2017:172,635)OrdinarySharesoftheParentCompanyrespectively.

AsonMarch31,2018,Capital18andPandaraTrusthavenotexercisedtheirrighttoswaptoordinarysharesoftheParentCompany.

FordetailsofsharesreservedforissuanceunderthewarrantagreementwithInnovenCapitalSingaporePte.Limited,anonbankingfinancecompanyandMacquarieCorporateHoldingsPtyLimited,refertoNote32.

Treasury shares

F-51

Numbersof

Shares Amount BalanceasatApril1,2016 — —Issueofshares(refertoNote30) 74,458 50,382Ownsharesacquired* — 11,219Exerciseofoptions(refertoNote30) (10,687) (7,230)BalanceasatMarch31,2017 63,771 54,371BalanceasatApril1,2017 63,771 54,371Issueofshares — —Exerciseofoptions(refertoNote30) (35,871) (24,287)BalanceasatMarch31,2018 27,900 30,084

* OutofthesharesissuedduringtheyearendingMarch31,2017,Companyhadboughtback17,893sharesforINR627.01($9.35)pershare.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium(Continued)

Preferencesharecapitalandsharepremium

F-52

SeriesA SeriesB

Numbersof

Shares ShareCapital

SharePremium

NumbersofShares

ShareCapital

SharePremium

BalanceasatApril1,2016 12,000,120 53 176,542 7,805,600 35 442,615Preferencesharesconvertedintoordinaryshares* (12,000,120) (53) (176,542) (7,805,600) (35) (442,615)BalanceasatMarch31,2017 — — — — — —BalanceasatApril1,2017 — — — — — —Preferencesharesconvertedintoordinaryshares* — — — — — —BalanceasatMarch31,2018 — — — — — —

SeriesC SeriesD

Numbersof

Shares ShareCapital

SharePremium

NumbersofShares

ShareCapital

SharePremium

BalanceasatApril1,2016 6,093,357 26 912,981 8,275,383 39 2,819,381Preferencesharesconvertedintoordinaryshares* (6,093,357) (26) (912,981) (8,275,383) (39) (2,819,381)BalanceasatMarch31,2017 — — — — — —BalanceasatApril1,2017 — — — — — —Preferencesharesconvertedintoordinaryshares* — — — — — —BalanceasatMarch31,2018 — — — — — —

SeriesE SeriesF

Numbersof

Shares ShareCapital

SharePremium

NumbersofShares

ShareCapital

SharePremium

BalanceasatApril1,2016 4,279,423 26 1,000,191 2,611,796 17 827,858Preferencesharesconvertedintoordinaryshares* (4,279,423) (26) (1,000,191) (2,611,796) (17) (827,858)BalanceasatMarch31,2017 — — — — — —BalanceasatApril1,2017 — — — — — —Preferencesharesconvertedintoordinaryshares* — — — — — —BalanceasatMarch31,2018 — — — — — —

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium(Continued)

Series A Preference Shares

AlltheseriesApreferencesharesarenon-redeemableandmandatorilyconvertibleintofixednumberofordinaryshares.Theshareholdersareentitledtoreceivenon-cumulativedividendattherateofINR1.73($0.02667)pershareperannum(asadjustedforstocksplits,stockdividend,recapitalizationandalike)oneachoutstandingSeriesAPreferenceShare,payableannuallywhen,asandifdeclaredbytheDirectors.SeriesApreferenceshareswouldrankabovetheordinarysharesintheorderofprecedenceindistributionofassetsanddividends.ThevotingrightsofeveryseriesApreferenceshareholderoneveryresolutionplacedbeforethecompanyforeachholderofPreferenceSharesshallbethenumberofvotesequaltothenumberofOrdinarySharesintowhichsuchPreferenceSharescouldbeconverted.

TheholdersofSeriesAPreferenceShares,shallhavetheright,atanytimetoconvertallorsomeofpreferencesharesheldbythemintosuchnumberofordinarysharesasisdeterminedbydividingINR21.57($0.33333pershare)(hereinafterreferredtoasthe"ConversionPrice")asadjustedforcertainstocksplits,dilutiveissuancesandcombinations.TheSeriesAPreferenceSharesarenotredeemable.

Series B Preference Shares

AlltheseriesBpreferencesharesarenon-redeemableandmandatorilyconvertibleintofixednumberofordinaryshares..Theshareholdersareentitledtoreceivenon-cumulativedividendattherateofINR6.63($0.10249)pershareperannum(asadjustedforstocksplits,stockdividend,re-capitalizationandalike)oneachoutstandingSeriesBPreferenceShare,payableannuallywhen,asandifdeclaredbytheDirectors.SeriesBpreferenceshareswouldrankabovetheSeriesAPreferenceSharesandtheordinarysharesintheorderofprecedenceindistributionofassetsanddividends.ThevotingrightsofeveryseriesBpreferenceshareholderoneveryresolutionplacedbeforethecompanyeachholderofPreferenceSharesshallbeentitledtothenumberofvotesequaltothenumberofOrdinarySharesintowhichsuchPreferenceSharescouldbeconverted.

TheholdersofSeriesBPreferenceShares,shallhavetheright,atanytimetoconvertallorsomeofpreferencesharesheldbythemintosuchnumberofordinarysharesasisdeterminedbydividingINR97.54($1.50699)pershare(hereinafterreferredtoasthe"ConversionPrice")asadjustedforcertainstocksplits,dilutiveissuancesandcombinations.TheSeriesBPreferenceSharesarenotredeemable.

Series C Preference Shares

AlltheseriesCpreferencesharesarenon-redeemableandmandatorilyconvertibleintofixednumberofordinaryshares..Theshareholdersareentitledtoreceivenon-cumulativedividendattherateofINR19.00($0.28640)pershareperannum(asadjustedforstocksplits,stockdividend,re-capitalizationandalike)oneachoutstandingSeriesCPreferenceShare,payableannuallywhen,asandifdeclaredbytheDirectors.SeriesCpreferenceshareswouldrankabovetheSeriesBPreferenceSharesandtheordinarysharesintheorderofprecedenceindistributionofassetsanddividends.ThevotingrightsofeveryseriesCpreferenceshareholderoneveryresolutionplacedbeforethecompany

F-53

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium(Continued)

eachholderofPreferenceSharesshallbeentitledtothenumberofvotesequaltothenumberofOrdinarySharesintowhichsuchPreferenceSharescouldbeconverted.

TheholdersofSeriesCPreferenceShares,shallhavetheright,atanytimetoconvertallorsomeofpreferencesharesheldbythemintosuchnumberofordinarysharesasisdeterminedbydividingINR237.46($3.58000)pershare(hereinafterreferredtoasthe"ConversionPrice")asadjustedforcertainstocksplits,dilutiveissuancesandcombinations.TheSeriesCPreferenceSharesarenotredeemable.

Series D Preference Shares

AlltheseriesDpreferencesharesarenon-redeemableandmandatorilyconvertibleintofixednumberofordinaryshares..Theshareholdersareentitledtoreceivenon-cumulativedividendattherateofINR38.15($0.57520)pershareperannum(asadjustedforstocksplits,stockdividend,recapitalizationandalike)oneachoutstandingSeriesDPreferenceShare,payableannuallywhen,asandifdeclaredbytheDirectors.SeriesDpreferenceshareswouldrankabovetheSeriesCPreferenceSharesandtheordinarysharesintheorderofprecedenceindistributionofassetsanddividends.ThevotingrightsofeveryseriesDpreferenceshareholderoneveryresolutionplacedbeforethecompanyeachholderofPreferenceSharesshallbeentitledtothenumberofvotesequaltothenumberofOrdinarySharesintowhichsuchPreferenceSharescouldbeconverted.

TheholdersofSeriesDPreferenceShares,shallhavetheright,atanytimetoconvertallorsomeofpreferencesharesheldbythemintosuchnumberofordinarysharesasisdeterminedbydividingINR449.64($6.7789)pershare(hereinafterreferredtoasthe"ConversionPrice")asadjustedforcertainstocksplits,dilutiveissuancesandcombinations.TheSeriesDPreferenceSharesarenotredeemable.

Series E Preference Shares

AlltheseriesEpreferencesharesarenon-redeemableandmandatorilyconvertibleintofixednumberofordinaryshares..Theshareholdersareentitledtoreceivenon-cumulativedividendattherateofINR20.61($0.31070)pershareperannum(asadjustedforstocksplits,stockdividend,recapitalizationandalike)oneachoutstandingSeriesEPreferenceShare,payableannuallywhen,asandifdeclaredbytheDirectors.SeriesEpreferenceshareswouldrankabovetheSeriesDPreferenceSharesandtheordinarysharesintheorderofprecedenceindistributionofassetsanddividends.ThevotingrightsofeveryseriesEpreferenceshareholderoneveryresolutionplacedbeforethecompanyeachholderofPreferenceSharesshallbeentitledtothenumberofvotesequaltothenumberofOrdinarySharesintowhichsuchPreferenceSharescouldbeconverted.

TheholdersofSeriesEPreferenceShares,shallhavetheright,atanytimetoconvertallorsomeofpreferencesharesheldbythemintosuchnumberofordinarysharesasisdeterminedbydividingINR257.61($3.88370)pershare(hereinafterreferredtoasthe"ConversionPrice")asadjustedforcertainstocksplits,dilutiveissuancesandcombinations.TheSeriesEPreferenceSharesarenotredeemable.

F-54

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium(Continued)

Series F Preference Shares

AlltheseriesFpreferencesharesarenon-redeemableandmandatorilyconvertibleintofixednumberofordinaryshares..Theshareholdersareentitledtoreceivenon-cumulativedividendattherateofINR26.32($0.3968)pershareperannum(asadjustedforstocksplits,stockdividend,recapitalizationandalike)oneachoutstandingSeriesFPreferenceShare,payableannuallywhen,asandifdeclaredbytheDirectors.SeriesFpreferenceshareswouldrankabovetheSeriesEPreferenceSharesandtheordinarysharesintheorderofprecedenceindistributionofassetsanddividends.ThevotingrightsofeveryseriesFpreferenceshareholderoneveryresolutionplacedbeforethecompanyeachholderofPreferenceSharesshallbeentitledtothenumberofvotesequaltothenumberofOrdinarySharesintowhichsuchPreferenceSharescouldbeconverted.

TheholdersofSeriesFPreferenceShares,shallhavetheright,atanytimetoconvertallorsomeofpreferencesharesheldbythemintosuchnumberofordinarysharesasisdeterminedbydividingINR329.02($4.9603)pershare(hereinafterreferredtoasthe"ConversionPrice")asadjustedforcertainstocksplits,dilutiveissuancesandcombinations.TheSeriesEPreferenceSharesarenotredeemable.

LiquidationPreference

Intheeventofvoluntaryorinvoluntaryliquidation,dissolutionorwindingupoftheCompany,theholdersofPreferenceSharesshallbeentitledtoreceive,priorandinpreferencetoanydistributionofanyoftheassetsoftheCompanytotheholdersofOrdinarySharesbyreasonoftheirownershipthereofanamountequaltoINR22.12($0.33333)pershareforeachSeriesAPreferenceShare,INR84.98($1.28113)pershareforeachSeriesBPreferenceShare,INR237.46($3.58)pershareforeachSeriesCPreferenceShare,INR476.91($7.19)pershareforeachSeriesDPreferenceShare,INR257.61($3.8837)pershareforeachSeriesEPreferenceShareandINR329.02($4.9603)pershareforeachSeriesFPreferenceShare,asheldbythem.Suchamountshallbeadjustedforrecapitalizationifanyplusdeclaredbutunpaiddividends.Furtherthepreferenceshareholdersdonothaverighttoredemptionandareentitledtoparticipateinthesurplusassetsavailablewiththecompany,paripassuwithothershareholdersofthecompanyinproportiontotheirrespectiveshareholdingonanas-convertedbasisexistingimmediatelypriortotheoccurrenceofaliquidationevent.

TheholdersoftheSeriesFPreferenceSharesshallbeentitledtoreceivethegreaterofeitherof:

(a)INR329.02($4.9603)pershareforeachSeriesFPreferenceShare,asheldbythemandparticipateinthesurplusassetsavailablewiththecompany,paripassuwithothershareholders(mentionedaboveparagraph)or

(b)TheholdersoftheSeriesFPreferenceSharesshallbeentitledtoreceive,priorandinpreferencetoanydistributionofanyoftheassetsoftheCompanytotheholdersofOrdinarySharesandSeriesAPreferenceShares,SeriesBPreferenceShares,SeriesCPreferenceShares,SeriesDPreferenceSharesandSeriesEPreferenceSharesbyreasonoftheirownershipthereof,anamountpershareequaltoINR493.52($7.4404)pershare(asadjustedforanyRecapitalization)foreachSeriesFPreferenceSharethenheldbythem,plusdeclaredbutunpaiddividends.If,upontheoccurrenceofsuchevent,theassetsandfundsthusdistributedamongthe

F-55

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

29.Equitysharecapitalandsharepremium(Continued)

holdersoftheSeriesFPreferenceSharesshallbeinsufficienttopermitthepaymenttosuchholdersofthefullaforesaidpreferentialamounts,thentheentireassetsandfundsoftheCompanylegallyavailablefordistributionshallbedistributedratablyonaparipassubasisamongtheholdersoftheSeriesFPreferenceSharesinproportiontothepreferentialamounteachsuchholderisotherwiseentitledtoreceive."

TheCompanyhasevaluatedthetermsofpreferencesharesandconcludedequityastheappropriateclassificationinaccordancewithaccountingpolicy(refertoNote2.5).

*OnDecember16,2016,alltheseriesofpreferencesharesgotconvertedintoordinarysharesoftheparentcompanyasfollow:

30.Othercapitalreserve

Othercapitalreserve

F-56

Numbersof

Shares Conversionratio(toordinaryshare)

NumberofOrdinaryShares

Numberofsharesaftersharesplit*

Series A Preference Shares 12,000,120 1.18 14,169,808 2,612,322Series B Preference Shares 7,805,600 1.55 12,059,947 2,223,352Series C Preference Shares 6,093,357 2.94 17,925,868 3,304,783Series D Preference Shares 8,275,383 4.96 41,051,337 7,568,156Series E Preference Shares 4,279,423 3.11 13,294,473 2,450,947Series F Preference Shares 2,611,796 3.69 9,639,030 1,777,036

41,065,679 108,140,463 19,936,595

* OnDecember16,2016,theParentCompanyconverteditspreferencesharesintoordinarysharesandeffectuatedareverse5.4242194-for-onesharesplitofitsordinaryshares.

NopreferencesharesareoutstandingasonMarch31,2018and2017.

Share-basedpayments

EquityInstruments Warrant Total

March31,2016 174,479 341 — 174,820Share-basedpaymentsexpenseduringtheyear 586,932 — — 586,932Exercisedduringtheyear (19,690) — — (19,690)Expiredduringtheyear (8,614) — — (8,614)March31,2017 733,107 341 — 733,448Share-basedpaymentsexpenseduringtheyear 734,512 — — 734,512Issuanceofwarrants(refertoNote32) — — 23,258 23,258Exercisedduringtheyear (650,860) — — (650,860)Forfeitedduringtheyear (4,592) — — (4,592)Expiredduringtheyear (2,802) — — (2,802)March31,2018 809,365 341 23,258 832,964

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

30.Othercapitalreserve(Continued)

30.1Equityinstruments

TheParentCompanyreserved1,844sharesfortheissuanceatexercisepriceofINR65.11($1).ThesesharesareconsideredasequityinstrumentandarerecordedatfairvalueatthedateoftransactionunderIAS32

30.2Sharebasedpayments

2006SharePlanand2006IndiaSharePlan

TheCompanyhasreservedanaggregateof1,316,765ordinarysharesasatMarch31,2018(1,316,765ordinarysharesasatMarch31,2017)forissuancetoofficers,directorsandemployeesoftheCompanypursuanttoits2006SharePlanand2006IndiaSharePlan,bothofwhichhavebeenadoptedbytheboardofdirectors(andtheboardofdirectorsofYatraIndia,inrelationtothe2006IndiaSharePlan)andapprovedbytheCompanyshareholders(andtheshareholdersofYatraIndia,inrelationtothe2006IndiaSharePlan)(collectively,the"Plan").Outofsuchreservedshares,optionstopurchase657,130ordinaryshareshavebeengrantedandareoutstandingasatMarch31,2018(March31,2017:698,965ordinaryshares).

Theshare-basedpaymentawardshavethefollowingvestingperiodunderthesameplan:-

1)60months,thefirsttranchevestsaftertwoyears,whiletheremainingawardsvestinequalinstallmentsonquarterlybasisovertheremainderofthevestingperiod.

2)12equalinstallmentsover12months.

3)50%vestover16equalquarterlyinstallmentsstartingDec1,2013;25%vestifthe"2015Milestones"aremetandthenineightquartersstartingJuly1,2015;25%vestifthe"2016Milestones"aremetandtheninfourquartersstartingJuly1,2016.

Thefollowingtableillustratesthenumberandweightedaverageexerciseprices(WAEP)of,andmovementsin,shareoptionsduringtheyear:

F-57

March31, 2017 2018

No.ofshares*

WeightedaverageEPpershare

No.ofshares*

WeightedaverageEPpershare

Numberofoptionsoutstandingatthebeginningoftheyear 885,658 250.02 698,965 279.43Grantedduringtheyear — — — —Forfeitedduringtheyear 56,026 164.21 6,913 289.04Exercisedduringtheyear 130,668 88.46 34,922 167.39Numberofoptionsoutstandingattheendoftheyear 698,965 279.43 657,130 287.05

Vestedandnotexercised 640,589 279.29 656,454 287.06

* OnDecember16,2016,theParentCompanyeffectuatedareverse5.4242194-for-onesharesplitofitsordinarysharesaswellasa5.4242194-for-oneadjustmentwithrespecttothenumberof

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

30.Othercapitalreserve(Continued)

TheweightedaverageremainingcontractuallifefortheshareoptionsoutstandingasatMarch31,2018was4.61years(March31,2017:5.46years).

TherangeofexercisepricesforoptionsoutstandingattheendoftheyearwasINR254.28toINR353.17(March31,2017:INR125.38toINR351.07).

DuringtheyearendedMarch31,2018,sharebasedpaymentexpensefortheseoptionswasrecognizedunderpersonnelexpensesamountedtoINR432(March31,2017:INR9,183andMarch31,2016:INR19,370).RefertoNote11.

CompanydidnotgrantanyoptionsunderthisplanduringthefiscalyearendedMarch31,2018andMarch31,2017

RestrictedStockUnitPlan(RSU)

OnDecember16,2016,theCompanyapprovedashareincentiveplaninconnectionwiththebusinesscombinationtransaction(RefertoNote43).TheCompanygranted2,000,000restrictedshareunits(RSU's),undertheplantoeligibleemployees.EachRSUrepresentstherighttoreceiveoneordinaryshare.Outof2,000,000RSU's,74,458shareshavealreadybeenissuedaspartoftreasuryshares(RefertoNote28)

Thetermsandconditionsfor2,000,000RSU's:

1) RSUshavedailygradedvestingoveratwoyearperiod.

2) RSUshaveatwoyearrepurchaserightinfavoroftheCompanysuchthattheCompanywillbeabletoacquireanyunvestedsharesforanominalamount,incaseofterminationoftheservicesoftheemployeepriortovesting.

3) RSU'sgranteeshallhavetheoptionofsettlingthetaxobligationbysellingtheequivalentsharestotheCompanyorbynetsettlementmenthodasperIFRS2Share-based payment .

Duringtheyear,theCompanyhadmodifiedthevestingconditionand1,925,542RSUswouldvestininstallmentswithone-fourthofthesharesofRSUsvestedonJune30,2017andthree-quartersof

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ordinarysharesunderlyingitsshareoptionsandacorrespondingadjustmenttotheexercisepricesofsuchoptions.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

30.Othercapitalreserve(Continued)

RSUsvestinginsixequalquarterlyanniversariesfollowingJune30,2017withthelastquartervestingonDecember15,2018.

TheweightedaverageremainingcontractuallifeforRSU'soutstandingasatMarch31,2018was0.38years(March31,2017:0.88).

TherangeofexercisepricesforRSU'soutstandingattheendoftheyearisNil(March31,2017:Nil).

DuringtheyearendedMarch31,2018,sharebasedcompensationcostfortheseRSU'sisrecognizedunderpersonnelexpensesamountingtoINR633,172(March31,2017:577,749andMarch31,2016:Nil).RefertoNote11.

Thefollowingtableslisttheinputstothemodelusedfortheyearsthenended:

TheexpectedlifeofRSU'soptionshasbeentakenasthevestingperiod.

Theexpectedvolatilityreflectstheassumptionbasedonhistoricalvolatilityonthesharepricesofsimilarcompaniesoveraperiod.

2016StockOptionandIncentivePlan(the"2016Plan")

OnDecember13,2016,theCompany'sboardofdirectorsapprovedthe2016PlanandonDecember15,2016,theCompanyshareholdersapprovedthe2016Plan.The2016Planenablesthe

F-59

March31, 2017 2018 No.ofshares No.ofshares NumberofRSU'soutstandingatthebeginningoftheyear — 1,684,024Grantedduringtheyear 2,000,000 —Repurchased 999 —Forfeitedduringtheyear — 3,606Expiredduringtheyear — 724Vestedduringtheyear 314,977 960,119NumberofRSU'soutstandingattheendoftheyear 1,684,024 719,575

Vestedandnotexercised — —

March31, 2017 2018 WeightedaverageFairvalueofordinaryshareatthemeasurementdate(USD) 10 —Risk—freeinterestrate(%) 0%-2% —Expectedvolatility(%) 48% —ExpectedlifeofRSU's 0-2Years —DividendYield 0% —Modelused Black-ScholesValuation —

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

30.Othercapitalreserve(Continued)

Companytomakeequitybasedawardstoitsofficers,employees,non-employeedirectorsandconsultants.The2016Planprovidesforthegrantofincentiveshareoptions,non-qualifiedshareoptions,shareappreciationrights,restrictedshareawards,restrictedshareunits,unrestrictedshareawards,cash-basedawards,performanceshareawardsanddividendequivalentrights.TheCompanyhasreservedforissuance6,439,760authorizedbutunissuedordinarysharesunderthe2016PlanasonMarch31,2018,whichsharesaresubjecttoanannualincreaseonJanuary1ofeachyearequaltothreepercentofthenumberofsharesissuedandoutstandingontheimmediatelyprecedingDecember31orsuchlessernumberofsharesasdeterminedbytheadministratorofthe2016Plan.The2016Planlimitsthenumberorvalueofsharesthatmaybegrantedtoanyparticipantinanyonecalendaryear,amongotherlimits.

DuringtheyearendedMarch31,2018,theCompanypursuanttothe"2016Plan",optionstopurchase337,749ordinaryshareshavebeengrantedand337,749areoutstandingasatMarch31,2018.

Theshare-basedpaymentawardshavethefollowingvestingperiodunderthesameplan:-

1)197,749shareoptionswillvestoveraperiodoftwoyearsinequalmonthlyinstallmentscommencingfromfirstvestingonMarch1,2018equivalentto1/24thofthetotalnumberofstockoptions,withthelastsuchvestingonFebruary1,2020.

2)140,000shareoptionswillvestoveraperiodoffouryearsinequalquarterlyinstallments,withfirstsuchvestingonFebruary1,2018equivalenttoone-sixteenthofthetotalnumberofstockoptionsandwiththelastsuchvestingonNovember1,2021.

Thefollowingtableillustratesthenumberandweightedaverageexerciseprices(WAEP)of,andmovementsin,shareoptionsduringtheyear:

TheweightedaverageremainingcontractuallifefortheshareoptionsoutstandingasatMarch31,2018was6.09years(March31,2017:Nil).

TherangeofexercisepricesforoptionsoutstandingattheendoftheyearwasINR508.51toINR651.10.

DuringtheyearendedMarch31,2018,sharebasedpaymentexpensefortheseoptionswasrecognizedunderpersonnelexpenses(refertoNote11)amountedtoINR7,748(March31,2017:NilandMarch31,2016:Nil).RefertoNote11.

F-60

March31,2018

No.ofshares*

WeightedaverageEPpershare

Numberofoptionsoutstandingatthebeginningoftheyear — —Grantedduringtheyear 337,749 591.99Numberofoptionsoutstandingattheendoftheyear 337,749 591.99

Vestedandnotexercised 18,550 606.26

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

30.Othercapitalreserve(Continued)

Thefollowingtableslisttheinputstothemodelusedfortheyearsthenended

Theexpectedlifeofshareoptionshasbeentakenasmidpointbetweenfirstandlastavailableexercisedate.

Theexpectedvolatilityreflectstheassumptionbasedonhistoricalvolatilityonthesharepricesofsimilarcompaniesoveraperiod.

RestrictedStockUnitPlan(RSU)"2016Plan"

TheCompanypursuanttothe"2016Plan"hadapprovedagrantof604,456RestrictedStockUnits("RSUs")and547,390areoutstandingasatMarch31,2018(March31,2017:Nil).

Therestrictedstockunitawardshavethefollowingvestingperiod:-

1) 87,879RSUsgranted,vestingoftheseRSAswouldcommencefromMay31,2017withfirstvestingequivalentto1/8thoftheBalanceRSAsforeachoftheemployeesand1/8thgettingvestedattheendofeachsubsequentquarterstillFebruary28,2019.

2) 4300RSUswerefullyvestedonthegrantdate.

3) 7,277RSUsgranted,theseRSUswouldvestoveraperiodoffouryearsinequalquarterlyinstallments,vestingperiodofwhichwillcommencefromJuly01,2017withfirstsuchvestingonSeptember30,2017equivalenttoone-sixteenthoftheseRSAsandwiththelastvestingtobedoneonorbeforeJune30,2021.

4) 20,000RSUsgranted,theseRSUswouldvestoveraperiodoftimewithfirstsuchvestingcommencingfromFebruary1,2018equivalentto1/10thoftheRSUsandrestoftheRSUsvestingsubsequently,inequallotsof1/12thofsuchRSUs,attheendofeveryquartercommencingfromFebruary1,2018,withthelastonetwelfthvestingonFebruary1,2021.

F-61

March31,2018WeightedaverageFairvalueofordinaryshareatthemeasurementdate(USD) 7.09Risk—freeinterestrate(%) 2.31%-2.42%Expectedvolatility(%) 36.10%-36.55%Expectedlifeofshareoptions 2.52-4.95DividendYield 0%Modelused Black-ScholesValuation

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

30.Othercapitalreserve(Continued)

5) 479,336RSUsgranted,theseRSUswouldvestoveraperiodofoneyearinequalquarterlyinstallmentswithfirstsuchvestingcommencingfromApril1,2018equivalentto1/4thoftheseRSUsandwiththelastvestingeffectuatingonJanuary1,2019.

TheweightedaverageremainingcontractuallifeforRSU'soutstandingasatMarch31,2018was0.45years(March31,2017:Nil).

TherangeofexercisepricesforRSU'soutstandingattheendoftheyearisNil(March31,2017:Nil).

DuringtheyearendedMarch31,2018,sharebasedcompensationcostfortheseRSU'sisrecognizedunderpersonnelexpensesamountingtoINR88,829(March31,2017:NilandMarch31,2016:Nil).RefertoNote11.

Thefollowingtableslisttheinputstothemodelusedfortheyearsthenended:

TheexpectedlifeofRSU'soptionshasbeentakenasthevestingperiod.

Theexpectedvolatilityreflectstheassumptionbasedonhistoricalvolatilityonthesharepricesofsimilarcompaniesoveraperiod.

F-62

March31,2018 No.ofshares NumberofRSU'soutstandingatthebeginningoftheyear —Grantedduringtheyear 603,792Forfeitedduringtheyear 6,535Expiredduringtheyear 283NetSettlement —Vestedduringtheyear 49,584NumberofRSU'soutstandingattheendoftheyear 547,390

Vestedandnotexercised —

March31, 2018WeightedaverageFairvalueofordinaryshareatthemeasurementdate(USD) 6.68Risk—freeinterestrate(%) 2%-2.5%Expectedvolatility(%) 35%-37%ExpectedlifeofRSU's 0-4YearsDividendYield 0%Modelused Black-ScholesValuation

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

31.Componentsofothercomprehensiveloss

ThefollowingtablesummarizesthechangesintheaccumulatedbalanceforeachcomponentofaccumulatedothercomprehensivelossattributabletotheCompany.

32.Borrowings

F-63

March31, 2016 2017 2018 Actuariallossondefinedbenefitplan: Actuariallossonobligation (9,758) (8,873) (5,047)Incometaxexpense 355 733 187Total (9,403) (8,140) (4,860)Foreigncurrencytranslationdifferences (18,615) 44,997 (9,879)Incometaxexpense — — —Balanceattheendofperiod (18,615) 44,997 (9,879)

March31, Term 2017 2018 Current Financeleaseliabilities Lessthan1year 4,544 4,920Vehicleloan Lessthan1year 9,430 14,310Securedloanfrombanks/NBFC's* Lessthan1year — 472,630Total 13,974 491,860Non-Current Financeleaseliabilities Morethan1year 8,307 3,992Vehicleloan Morethan1year 22,595 31,813Securedloanfrombanks/NBFC's* Morethan1year — 324,164Total 30,902 359,969

* Non-BankingFinancialCompany

Carryingamount Currency InterestRate YearofMaturity March31, 2017 2018 Securedbankloans/NBFC's INR 14.75% 2019-2020 — 400,116Vehicleloan INR 8-10% 2017-2022 32,025 46,123Financeleaseliabilities SGD 2.99%to3.18% 2019-2021 12,851 8,913Securedbankloans USD 9.0% 2019-2020 — 396,677

44,876 851,829

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

32.Borrowings(Continued)

Term loan—Innoven capital

TermloanamountingtoINR250,000wastakenbytheGroup,duringtheyearendedMarch31,2014andthatcarriesaninterestof14.40%perannum.TheGroupreceivedtheamountintwotranchesofINR150,000inNovember2013andINR100,000inMarch2014.Theloanisrepayablein31and30monthlyinstalmentsofINR4,838andINR3,333respectivelyeachalongwithinterest.Theloanissecuredbyhypothecationoffixedandcurrentassets,bothexistingandfuture,includingallintellectualpropertyrights.

OnJanuary20,2017,YatraOnlinePrivateLimited,asubsidiaryoftheParentCompany,prepaidtheoutstandingamount,amountingtoINR10,309whichincludesprepaymentchargesofINR200.

Duringthecurrentfinancialyear,afurtherloanwastakenamountingtoINR1,002,858(USD7.8millionandINR495million)thatcarriesaninterestof9%perannumonloantakenoutsideIndiaandaninterestof14.75%onloantakeninIndia.TheGroupreceivedtheamountintwotranchesofINR672,550(USD5millionandINR320million)andINR357,308(USD2.8millionandINR175million).Theloanisrepayablein26and23instalmentsofINR12,521(USD0.2million)andINR7,926(USD0.12million)respectivelyeachalongwithinterestfortheloantakenoutsideIndia.FortheborrowinginIndiatheloanisrepayablein26and23instalmentsofINR12,308andINR7,609respectivelyeachalongwithinterest.Pursuanttotheloan,theCompanyhasalsoissued154,000warrantstoInnovenforthemtobesubscribedtoequivalentnumberofsharesatanexercisepriceof$12pershareuptoSeptember2022(referWarrantssectionbelow).

Term loan—Macquarie

OnJuly24,2015,theGrouphastakenatermloanofINR326,616.Theloancarriesinterestintwoparts,cashinterestrateat5%p.aandPIK(Payinkind)interestrateat3.5%p.a.,PIKinterestrateispayableinkindthroughaccretiontotheaggregateoutstandingprincipalamountoftheloan;providedthat,ifthematuritydateisextendedbeyondthefirstanniversaryoftheborrowingdate,thePIKinterestrateforeachinterestperiodstartingafterthefirstanniversaryoftheborrowingdateshallbeincreaseto5.0%perannum.

ShareofthesubsidiariesofthegroupTHCLTravelHoldingCyprusLimitedandAsiaConsolidatedDMCPte.Ltd.arepledgedagainsttheloan.

Thetermoftheloanisfortwelve(12)monthsfromtheborrowingdateandthematuritydateshallautomaticallybeextendedtothedatefallingtwentyfour(24)monthsaftertheborrowingdateprovidedthat,ifnodefaulthasbeenoccurredandiscontinuing.

Groupmaynotmakeanyvoluntaryprepaymentsinrespectoftheloanpriortothefirstanniversaryoftheborrowingdate.

Theproceedsoftheloanaresolelytofundtheworkingcapitalrequirementsofthegroup,topayforoperationalandcapitalexpenditureitems,equityinvestmentsinitssubsidiariesandforgeneralcorporateandadministrativepurposesoftheborroweranditssubsidiaries(includingthepaymentofanyclosingcostsandfeesownedbytheborrowertothelenderinconnectionwiththetransactionscontemplatedbythisagreementandtheloansdocuments).

F-64

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

32.Borrowings(Continued)

OnDecember29,2016,theParentCompany,prepaidtheoutstandingamountamountingtoINR359,829.

Warrants

Inconjunctionwithvariousfinancingtransactions,theCompanyissuedwarrants(exceptquotedwarrants)topurchasetheCompany'scommonstockandpreferenceshares.Thesewarrantsareclassifiedtobederivativeinstrumentsandassuch,arerecordedatfairvaluethroughprofitandlossaccount.TheCompanyestimatesthefairvaluesofthewarrantsateachreportingperiodusingaBlack-Scholesoption-pricingmodel.

TheCompanywillcontinuetoadjustthefairvalueofthewarrantliabilityattheendofeachreportingperiodforchangesinfairvaluefromthepriorperioduntiltheearlieroftheexerciseorexpirationoftheapplicablewarrantsoruntilsuchtimethatthewarrantsarenolongerdeterminedtobederivativeinstruments.

Duringthecurrentyear,theCompanyhadfurtherallottedwarrantsagainsttheloanfacility,thefairvaluesofthewarrantswastakenusingaBlack-Scholesoption-pricingmodelasonthedateoftheallotment.Thesewarrantsareclassifiedtobeequityinstrumentsandaccountedinthefinancialbasisthesame.

WarrantsgivetheholdertherighttopurchaseCommonshares/preferencesharesfromtheissuerataspecificpricewithinacertaintimeframe.Thedetailsofthewarrantsissuedisasfollows:

RefertoNote7(consideredderivativeinstruments)andNote30(consideredequity),formovementinwarrantsduringtheyear.

F-65

Numberofshares Dateofissue Exerciseprice Expirationdate

SiliconValleyBank—Convertibletopreferenceshares—SeriesD* 31,293 27-Nov-13 INR465.36($7.19) 26-Nov-20

SiliconValleyBank—Convertibletopreferenceshares—SeriesE* 25,749 27-Nov-13 INR251.12($3.88) 26-Nov-20

MacquarieCorporateHoldingsPtyLimited—Ordinaryshares** 46,458 24-Jul-15 INR1,751.46($26.90)) 24-Jul-23

InnovenCapital—Ordinaryshares 154,000 12-Sep-17 INR781.32($12) 12-Sep-22

* SiliconValleyBankwarrantswereconvertedinto10,865ordinarysharespursuanttonetsettlementdateduringthefinancialyear2017.

** OnDecember16,2016,theParentCompanyconverteditspreferencesharesintoordinarysharesandeffectuatedareverse5.4242194-for-onesharesplitofitsordinarysharesaswellasa5.4242194-for-oneadjustmentwithrespecttothenumberofordinarysharesunderlyingitsshareoptionsandacorrespondingadjustmenttotheexercisepricesofsuchoptions.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

32.Borrowings(Continued)

Vehicle loan

Thisincludesthevehiclestakenonloanbythecompany.RefertoNote19.

Finance lease liabilities

Financeleaseliabilitiesincludethevehiclestakenonfinanceleasebythecompany.RefertoNote19.

33.Tradeandotherpayables

TradecreditorsincludeamountpayableforadvertisementexpensestoBCCLofNil(March31,2017:390,000).DuringthepreviousyearMarch31,2017,BCCLhadagreedtowaiveitsrighttoexercisetheWarrantsunderWarrantSubscriptionAgreementandYatraIndiasettledBCCLliabilitywiththepaymentofanaggregatesumofINR390,000(includinginterestINR90,000)underthetermsofadvertisementagreementwithnofurtherliabilityontheGroup.Duringthefirstquarterofcurrentfinancialyear,theCompanyhadpaidthisliabilityinfull.

34.Employmentbenefitplan

TheGroup'sgratuityschemeforitsemployeesinIndia,isadefinedbenefitplan.Gratuityispaidasalumpsumamounttoemployeesatretirementorterminationofemploymentatanamountbasedontherespectiveemployee'seligiblesalaryandtheyearsofemploymentwiththeGroup.Thebenefitplanispartiallyfunded.Thefollowingtablesetsoutthedisclosureinrespectofthedefinedbenefitplan.

F-66

March31, 2017 2018 Tradecreditors 2,334,933 3,977,674Accruedexpenses 380,081 381,880Payabletootherrelatedparties(refertoNote42) 5,581 16,767Refundandotherpayables 427,949 673,309Total 3,148,544 5,049,630

March31, 2017 2018 Definedbenefitplan 62,434 87,009Liabilityforcompensatedabsences 41,920 67,624Totalliability 104,354 154,633Definedbenefitplanasset(refertonote21) — 7,835Totalasset — 7,835Netunfundedliability 62,434 79,147

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

34.Employmentbenefitplan(Continued)

Movementinobligation

Movementinplanassets

Unfundedliability

F-67

March31, 2017 2018 Presentvalueofobligationatbeginningofyear 53,403 70,951Acquiredthroughbusinesscombination 22,589Interestcost 3,484 4,715Currentservicecost 11,824 14,633Pastservicecost 8,683Actuariallossonobligation —economicassumptions 6,591 (1,792)—demographicassumptions 2,054 6,139

Benefitspaid (6,405) (10,210)Presentvalueofobligationatclosingofyear 70,951 115,708

March31, 2017 2018 Fairvalueofplanassetsatbeginningoftheyear 8,166 8,517Acquiredthroughbusinesscombination 27,578Employercontributions 387 1,612Benefitspaid (399) (2,014)Earningonassets 591 1,442Actuariallossonplanassets (228) (601)Fairvalueofplanassetsatendoftheyear 8,517 36,534

March31, 2017 2018 Current 7,227 13,687Non-current 55,207 65,487Unfundedliabilityrecognizedinstatementoffinancialposition 62,434 79,174

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

34.Employmentbenefitplan(Continued)

Componentsofcostrecognizedinprofitorloss

Amountrecognisedinothercomprehensiveincome

Theprincipalactuarialassumptionsusedforestimatingthegroup'sdefinedbenefitobligationsaresetoutbelow:

F-68

March31, 2016 2017 2018 Currentservicecost 8,483 11,824 14,633Pastservicecost — — 8,683Netinterestcost 2,599 3,483 4,715Expectedreturnonplanassets (588) (591) (1,442)

10,494 14,716 26,589

March31, 2016 2017 2018 Actuariallossonobligation* 9,758 8,873 5,047

* RefertoNote31forthemovementduringtheyear.

March31, 2017 2018Discountrate 6.50% 6.80-7.10%Futuresalaryincrease 11.00% 5-11%Averageexpectedfutureworkinglife(years) 2.27-3.30 2.33-3.7Retirementage(years) 58 58Mortalitytable IALM*(2006-08)UltimateWithdrawalrate(%) Ages Upto30years 70% 40-70%From31to44years 30% 30-35%Above44years 3% 3-5%

* IndianAssuredLivesMortality(2006-08)Ultimaterepresentspublishedmortalitytableusedformortalityassumption.

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

34.Employmentbenefitplan(Continued)

Sensitivityanalysis

Reasonablypossiblechangesatthereportingdatetooneoftherelevantactuarialassumptions,holdingotherassumptionsconstant,wouldhaveaffectedthedefinedbenefitobligationbytheamountsshownbelow:

Thesensitivityanalysesabovehavebeendeterminedbasedonamethodthatextrapolatestheimpactonthedefinedbenefitobligationasaresultofreasonablechangesinkeyassumptionsoccurringattheendofthereportingperiod.Theseanalysisarebasedonachangeinasignificantassumption,keepingallotherassumptionsconstantandmaynotberepresentativeofanactualchangeinthedefinedbenefitobligationasitisunlikelythatchangesinassumptionswouldoccurinisolationofoneanother.

Thefollowingpaymentsareexpectedcontributionstothedefinedbenefitplaninfutureyears:

F-69

March31, 2017 2018 a)Impactofthechangeindiscountrate a)Impactduetoincreaseof0.50% (1,627) (2,696)b)Impactduetodecreaseof0.50% 1,716 2,844

b)Impactofthechangeinsalaryincrease a)Impactduetoincreaseof0.50% 1,126 2,251b)Impactduetodecreaseof0.50% (1,127) (2,188)

March31, 2017 2018 Year1 15,744 27,738Year2 12,881 18,805Year3 9,664 15,187Year4 8,045 11,567Year5 5,847 9,851Year6-10 21,544 35,676Totalexpectedpayments 73,725 118,824

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

35Deferredrevenue

DeferredrevenuerepresentstheamountreceivedupfrontbythegroupasapartofcommercialarrangementwiththeGlobalDistributionSystem("GDS")providersforfacilitatingthebookingofairlineticketsonitswebsiteorotherdistributionchannels.Thesameisrecognizedasrevenueforactualairlineticketssoldoverthetotalnumberofairlineticketstobesoldasperthetermoftheagreementandthebalanceamountisrecognizedasdeferredrevenue.

36.Otherfinancialliabilities

F-70

March31, 2017 2018 GlobalDistributionSystemprovider 866,712 1,365,932Loyaltyprogram 131,142 104,778Other 411 —Total 998,265 1,470,710Non-current 458,703 599,612Current 539,562 871,098Total 998,265 1,470,710

March31, 2017 2018 At1April 1,358,847 998,265Deferredduringtheyear 52,171 1,098,695Recordedinstatementofprofitorloss (412,752) (626,250)At31March 998,265 1,470,710

March31, 2017 2018 Non-current Sharewarrants 2,066 84Contingentdividend 2,913 —

4,979 84Current Duetoemployees 115,271 196,956Sharewarrants 1,335,352 1,914,520Liabilityfortheacquisitionofbusiness(refertoNote43) — 904,727Total 1,450,623 3,016,203

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

37.Othernonfinancialliability,non-current

38.Othercurrentliabilities

AdvancesfromcustomersprimarilyconsistofamountsforfuturebookingsofAirlinetickets,HotelbookingsandPackages.

39.Commitmentandcontingencies

a) Capital and other commitments:

• ContractualcommitmentsforcapitalexpenditurependingexecutionwereINR7,745asatMarch31,2018(INR37,124asatMarch31,2017).Contractualcommitmentsforcapitalexpenditurearerelatingtoacquisitionofvehicle,furnitureandfixture,computersoftwareandwebsites,computerhardware.

• ContractualcommitmentsforrevenueexpenditurependingexecutionwereINR40,683asatMarch31,2018(INR92,890asatMarch31,2017).Contractualcommitmentsforrevenueexpenditurearerelatingtoadvertisementservices.

b) Contingent liabilities

i) ClaimsnotrecognisedasliabilitywereINR65,175asatMarch31,2018(INR44,950asatMarch31,2017).

Theserepresentsclaimmadebythecustomersduetoservicerelatedissues,whicharecontestedbytheCompanyandarependinginvariousdistrictconsumerredressalforumsinIndia.ThisalsoincludesINR1,000asatMarch31,2018(INR1,000asatMarch31,2017)towardsclaimforcopyrightinfringement.Themanagementdoesnotexpecttheseclaimstosucceedand,accordingly,noprovisionhasbeenrecognisedinthefinancialstatements.

ii) INR254,246asatMarch31,2018(INR19,690asatMarch31,2017),representsshowcausecumdemandnoticesraisedbyServiceTaxauthoritiesoversubsidiariesinIndia.Basedonthe

F-71

March31, 2017 2018 Leaserentequalization 3,598 5,815Total 3,598 5,815

March31, 2017 2018 Advancefromcustomers 480,711 894,487Leaserentequalization 3,644 2,327Statutoryliabilities 59,952 260,786InterestAccruedonTermLoan — 7,647Otherliabilities 70,755 80,700Total 615,062 1,245,947

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

39.Commitmentandcontingencies(Continued)

Group'sevaluation,itbelievesthatitisnotprobablethatthedemandwillmaterialiseand,therefore,noprovisionhasbeenrecognised.

iii) INR108,540asatMarch31,2018(INR2,806asatMarch31,2017),representsshowcausecumdemandnoticesraisedbyIncomeTaxauthoritiesoversubsidiariesinIndia.BasedontheGroup'sevaluation,itbelievesthatitisnotprobablethatthedemandwillmaterialiseand,therefore,noprovisionhasbeenrecognised.

c) Operating lease commitment—Group as lessee

Aslessee,theGroup'sobligationarisingfromnon-cancellableleasesaremainlyrelatedtoleasearrangementsforrealestate.Theseleaseshavevariousextensionoptionsandescalationclause.Aspertheagreementsmaximumobligationonlongtermnon-cancellableleasesareasfollows:

Thefutureminimumleasepaymentobligationaslesseeasunder:

DuringtheyearendedMarch31,2018,INR178,650wasrecognizedasrentexpenseunderotheroperatingexpensesinprofitorlossinrespectofoperatingleases(March31,2017:INR148,738andMarch31,2016:INR142,350)

d) Finance lease commitment—Group as lessee

TheGrouphasfinanceleasesforvehicles.TheGroup'sobligationsunderfinanceleasesaresecuredbythelessor'stitletotheleasedassets.Futureminimumleasepaymentsunderfinanceleasestogetherwiththepresentvalueofthenetminimumleasepaymentsare,asfollows:

F-72

March31, 2017 2018 Withinoneyear 109,320 118,351Afteroneyearbutnotmorethanfiveyears 104,083 155,220Morethanfiveyears 8,484 11,153Total 221,887 284,724

March31, 2017 2018 Withinoneyear 5,425 5,819Afteroneyearbutnotmorethanfiveyears 9,600 4,481Total 15,025 10,300Less:amountrepresentingfinancecharges 2,174 1,387Presentvalueofminimumleasepayments 12,851 8,913

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

40.Financialriskmanagement,objectiveandpolicies

TheGroup'sactivitiesareexposedtovarietyoffinancialrisk:creditrisk,liquidityriskandforeigncurrencyrisk.TheGroup'sseniormanagementoverseesthemanagementoftheserisks.TheGroup'sseniormanagementensuresthattheGroup'sfinancialriskactivitiesaregovernedbyappropriatepoliciesandproceduresandthatfinancialrisksareidentified,measuredandmanagedinaccordancewiththeGroup'spoliciesandriskobjectives.TheGroupreviewsandagreesonpoliciesformanagingeachoftheseriskswhicharesummarizedbelow:

a) Creditrisk

Creditriskistheriskthatacounterpartywillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancialloss.TheGroupisexposedtocreditriskfromitsoperatingactivities(primarilytradereceivables),includingdepositswithbanksandfinancialinstitutions,foreignexchangetransactionsandotherfinancialinstruments.

Trade receivables

CustomercreditriskismanagedbyeachbusinessunitsubjecttotheGroup'sestablishedpolicy,proceduresandcontrolrelatingtocustomercreditriskmanagement.Creditqualityofacustomerisassessedbasedonanextensivecreditratingscorecardandindividualcreditlimitsaredefinedinaccordancewiththisassessment.

Thecarryingamountofthefinancialassetsrepresentsthemaximumcreditexposure.Themaximumexposuretocreditriskatthereportingdatewas:

TheageofTradeandotherreceivablesatthereportingdatewas:

Allowancesfordoubtfuldebtsmainlyrepresentamountsduefromairlines,hotelsandcustomers.Basedonhistoricalexperience,theGroupbelievesthatnoimpairmentallowanceisnecessary,exceptforasdisclosedinNote26,inrespectoftradereceivables.

F-73

March31, 2017 2018 Tradeandotherreceivables 1,970,375 4,008,871Otherfinancialassets 3,147,918 530,098Total 5,118,293 4,538,969

March31, 2017 2018 0-30days 1,314,822 2,938,19331-90days 466,215 568,90391-180days 115,516 281,749Morethan180days 73,822 220,026Total 1,970,375 4,008,871

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

40.Financialriskmanagement,objectiveandpolicies(Continued)

b) Liquidityrisk

Prudentliquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecurities,theavailabilityoffundingthroughanadequateamountofcommittedcreditfacilitiesandtheabilitytocloseoutmarketpositions.Duetothedynamicnatureoftheunderlyingbusinesses,theconsolidatedentityaimstomaintainflexibilityinfundingbykeepingcommittedcreditlinesavailable.

TheGroupmanagesliquiditybymaintainingadequatereserves,bankingfacilitiesandreserveborrowingfacilities,bycontinuouslymonitoringforecastandactualcashflowsandmatchingthematurityprofilesoffinancialassetsandfinancialliabilities.

ThefollowingtablessetforthCompany'sfinancialliabilitiesbasedonexpectedandundiscountedamountsasatMarch31,2018and2017.

AsatMarch31,2017

AsatMarch31,2018

Basedonthepastperformanceandcurrentexpectations,theGroupbelievesthatthecashandcashequivalentandcashgeneratedfromoperationswillsatisfytheworkingcapitalneeds,fundingofoperationallosses,capitalexpenditure,commitmentsandotherliquidityrequirementsassociatedwithitsexistingoperationsthroughatleastthenext12months.Inaddition,therearenotransactions,arrangementsandotherrelationshipswithanyotherpersonthatarereasonablylikelytomateriallyaffectortheavailabilityoftherequirementofcapitalresources.

F-74

CarryingAmount

ContractualCashFlows*

Within1year 1-5Years

Morethan5years

Vehicleloan 32,025 37,807 11,913 25,894 —Financeleaseliabilities 12,851 15,025 5,425 9,600 —Tradeandotherpayables 3,148,544 3,148,544 3,148,544 — —Othercurrentliabilities 245,978 245,978 245,978 — —Total 3,439,398 3,447,354 3,411,860 35,494 —

CarryingAmount

ContractualCashFlows*

Within1year 1-5Years

Morethan5years

Vehicleloan 46,123 52,991 17,624 35,367 —Financeleaseliabilities 8,913 10,300 5,819 4,481 —Tradeandotherpayables 5,049,630 5,049,630 5,049,630 — —Termloan 796,794 882,490 554,189 328,301 —Othercurrentliabilities 1,390,068 1,390,068 1,390,068 — —Total 7,291,528 7,385,479 7,017,332 368,149 —

* RepresentsUndiscountedcashflowsofinterestandprincipal

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

40.Financialriskmanagement,objectiveandpolicies(Continued)

c) Foreigncurrencyrisk

ForeigncurrencyRiskistheriskthatthefairvalueorfuturecashflowsofanexposurewillfluctuatebecauseofthechangesinforeignexchangerates.TheGroupoperatesthroughsubsidiariesinIndia,SingaporeandUnitedStates.Thefunctionalcurrencyofthesesubsidiariesisthelocalcurrencyintherespectivecountriesandaccordinglytherearenorelatedsignificantforeigncurrencyexposures.

TheCompanycurrentlydoesnothaveanyhedgingagreementsorsimilararrangementswithanycounter-partytocoveritsexposuretoanyfluctuationsinforeignexchangerates.TheGroup'sexposuretotheriskofchangesinforeignexchangeratesrelatesprimarilytotheGroup'soperatingtransactionswhicharedenominatedincurrencyotherthansubsidiary'sfunctionalcurrency(foreigncurrencydenominatedreceivablesandpayables).

Foreign currency sensitivity

Thefollowingtablesdemonstratethesensitivitytoareasonablypossiblechangeinexchangerates.AnychangeintheexchangerateofUSD,EuroandGBPagainstcurrenciesotherthanINRisnotexpectedtohavesignificantimpactontheGroup'sprofitorloss.Accordingly,a5%appreciationoftheUSD,EuroandGBPcurrencyasindicatedbelow,againsttheINRwouldhavedecreasedlossbytheamountshownbelow;thisanalysisisbasedonforeigncurrencyexchangeratevariancesthattheGroupconsideredtobereasonablypossibleattheendofreportingperiod.Theanalysisassumesthatallothervariablesremainconstant.

41.Capitalmanagement

ForthepurposeoftheGroup'scapitalmanagement,capitalincludesissuedcapital,convertiblepreferenceshares,sharepremiumandallotherequityreservesattributabletotheequityholdersoftheparent.TheprimaryobjectiveoftheGroup'scapitalmanagementistoensurethatitmaintainsastrongcreditratingandhealthycapitalratiosinordertosupportitsbusinessandmaximisetheshareholder'svalue.

Inordertoachievethisoverallobjective,theGroup'scapitalmanagement,amongstotherthings,aimstoensurethatitmeetsfinancialcovenantsattachedtoitsinterest-bearingloansandborrowingsthatformpartofitscapitalstructurerequirements.Breachesinthefinancialcovenantswouldpermitthebanktoimmediatelycallinterest-bearingloansandborrowings.DuringthefinancialyearMarch312018,thecompanyhadtakenaloanfromInnovenCapital(refertoNote32).DuringthefinancialyearMarch31,2017,Companyhadreceivedadditionalcapitalthroughbusinesscombination(refertoNote43)andCompanyhadpaidoffloantakenfromMacquarieandInnovenCapital(refertoNote32).

F-75

March31, 2017 2018 5%strengthening/weakeningofUSDagainstINR 351 7,561

5%strengthening/weakeningofEuroagainstINR 569 2,319

5%strengthening/weakeningofGBPagainstINR 1,085 1,971

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

41.Capitalmanagement(Continued)

TheGroupmanagesitscapitalstructureandmakesadjustmentstoit,inlightofchangesineconomicconditionsandtherequirementsofthefinancialcovenants.Tomaintainoradjustthecapitalstructure,theGroupmayadjustthedividendpaymenttoshareholders,returncapitaltoshareholdersorissuenewshares.Nochangesweremadeintheobjectives,policiesorprocessesduringtheyearsendedMarch31,2018andMarch31,2017.

TheGroupmonitorscapitalusingadebtequityratio,whichisdebtdividedbytotalequity.

42.Relatedpartydisclosures

Forthepurposeoftheconsolidatedfinancialstatements,partiesareconsideredtoberelatedtothegroup,iftheGrouphastheability,directlyorindirectly,tocontrolthepartyorexercisesignificantinfluenceoverthepartyinmakingfinancialandoperatingdecisions,orviceversa,orwheretheGroupandthepartyaresubjecttocommoncontrolorcommonsignificantinfluence.Relatedpartiesmaybeindividualsorotherentities.

F-76

March31, 2017 2018 Interestbearingloansandborrowings(Note32) 44,877 851,829Less:cashandcashequivalents(Note28) (1,532,629) (2,465,073)Netdebt (1,487,752) (1,613,244)

Sharewarrants(Note36) 1,337,418 1,914,604Equity 3,137,487 (224,918)TotalEquity 4,474,905 1,689,687

Gearingratio(Netdebt/totalequity+netdebt) (49.81)% (2,110.39)%

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

42.Relatedpartydisclosures(Continued)

Relatedpartiesandnatureofrelatedpartyrelationship:

Natureofrelationship Nameofrelatedparty KeyManagementPersonnel Mr.DhruvShringi Co-founder,CEO

andDirector Mr.AlokVaish ChiefFinancial

Officer Mr.MurlidharaLaxmikantha

Kadaba Non-executiveDirector

Mr.SanjayArora Non-executiveDirector

Mr.SeanAgarwal(fromMarch1,2018)

Non-executiveDirector

Mr.SudhirKumarSethi Non-executiveDirector

Mr.PromodHaque(resignedon13thOctober2017)

Non-executiveDirector

Mr.AmitBapna(resignedon12thDecember2017)

Non-executiveDirector

EntitieshavingsignificantinfluenceE-18Limited

RelianceCapitalLimited

IDGVenturesIndiaAdvisorsPrivateLimited.,India

GroupCompaniesofentitieshavingsignificantinfluenceTerrapinPartners,LLC

E-18LimitedRelianceRetailLimitedRelianceIndustriesLimitedIndiawinSportsPrivateLimited

RelianceCapitalLimitedRelianceInfrastructureLimitedRelianceADAGroupPrivateLimitedReliancePowerRelianceCommunicationsLimitedRelianceGeneralInsuranceCompanyLimitedRelianceDefenceLimitedRelianceDefenceSystemsPrivateLimitedRelianceNipponLifeInsuranceCoLimitedRelianceNipponLifeAssetManagementLimitedRelianceHomeFinanceLimitedRelianceCommercialFinanceLimitedRelianceInfocommLimitedRelianceDefenceSystems&TechLimitedRelianceCementCompanyPrivateLimited

F-77

Otherentitieswherethecompanyconsiderstheretobeasignificantinfluenceduetosignificanttransactionwithinvestor

MacquarieCapital(USA)Inc.

JointVentureCompanyAdventureandNatureNetworkPrivateLimited

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

42.Relatedpartydisclosures(Continued)

Duringtheyear,theGroupenteredintothefollowingtransactions,intheordinarycourseofbusinessonanarm'slengthbasis,withrelatedparties:

Thesalestoandpurchasesfromrelatedpartiesaremadeontermsequivalenttothosethatprevailinarm'slengthtransactions.Outstandingbalancesattheyear-endareunsecuredandinterestfree.Therehavebeennoguaranteesprovidedorreceivedforanyrelatedpartyreceivablesorpayables.

F-78

March31, 2016 2017 2018 Significant Influence Renderingofservices 4 22,041 6,910Interestexpense 2,618 — —Loantaken 400,000 — —Loanrepaid 400,000 — —Group Companies of entities having significant influence Renderingofservices 6,819 88,932 169,342Advertisementexpense — 15,154 5,247Interestexpense — 220 4,428Communicationexpense 16,424 12,971 11,491Legalandprofessionalfees — — 5,497Insuranceexpense 278 8 6Other entities where the company considers there to be a significant influence due to

significant transaction with investor Legalandprofessionalfees — 101,353 —Joint venture company Renderingofservices 3 — —Recoveryofexpenses 133 — 103Loangiven — — 7,500Interestincome — — 78

March31, 2017 2018 Significant Influence Tradepayable — 1,092Tradereceivable 4,640 3,504

Group Companies of entities having significant influence Tradepayable 5,581 15,675Tradereceivable 14,793 53,475

Joint venture company Prepaymentandotherasset 86 7,759Othercurrentfinancialassets — 70

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

42.Relatedpartydisclosures(Continued)

CompensationofkeymanagementpersonneloftheGroup

Provisionforgratuityandcompensatedabsenceshasnotbeenconsidered,sincetheprovisionsarebasedonactuarialvaluationsfortheGroup'sentitiesasawhole.

Provisionforcontingentdividendhasnotbeenconsidered,sincetheprovisionisbasedonthevaluationreportforalltheYatra'sshareholdersandholdersofcertainoptions,warrantsandshareswaps.

DuringthefinancialyearendingMarch31,2018,theCompanyhadboughtbackNil(March31,2017:7,982)numberofsharesfromkeymanagementpersonnel

Theamountdisclosedinthetablearetheamountsrecognizedasanexpenseduringthereportingperiodrelatedtokeymanagementpersonnel.

Directors'LoanandAdvances

TheCompanyhasgrantedaunsecuredloantoonedirectorduringtheFYendingMarch31,2016atinterestof9.75%p.a.ThiswasrepaidinfullduringtheFYendingMarch31,2017.

43.BusinessCombination

Air Travel Bureau Limited ("ATB")

OnJuly20,2017,the"Company",throughitssubsidiary,YatraOnlinePrivateLimited("YatraIndia")agreedtoacquirealloftheoutstandingsharesofAirTravelBureauLimited("ATB")pursuanttoaSharePurchaseAgreementbyandamongYatraOnlinePrivateLimited,ATBandthesellerspartythereto(the"SharePurchaseAgreement").

F-79

March31, 2016 2017 2018 Short-termemployeebenefits 17,239 28,760 47,369Contributionstodefinedcontributionplans 22 22 22Profitlinkedbonus 3,796 27,187 8,790DirectorsSittingfee's — 2,762 9,947Sharebasedpayment 8,920 353,271 447,848Totalcompensationpaidtokeymanagementpersonnel 29,977 412,002 513,976

Yearended Interestincome Advancesgiven

Repayment/settlementofadvances Receivable

March31,2018 — 337 337 —March31,2017 64 872 2,359 —

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

43.BusinessCombination(Continued)

PursuanttothetermsoftheSharePurchaseAgreement,theCompanyhasagreedtoacquireamajorityoftheoutstandingsharesofATB(the"FirstClosing")inexchangeforanupfrontpaymentofINR509,999(the"UpfrontPayment")andthebalanceoftheoutstandingsharesofATB(the"SecondClosing")willbeacquiredinexchangeforthefinalpaymenttobemadeinthirdquarterof2018calendaryear(the"FinalPayment").BasedonthetermsoftheSharePurchaseAgreementandmanagementestimates,theRegistrantexpectstheUpfrontPaymentandtheFinalPaymentnottoexceedatotalpurchasepriceofbetweenINR1,469,250toINR1,795,750.Thetransactionhasbeenfinancedthroughacombinationofdebtandcash.TheFirstClosingcompletedonAugust4,2017andtheSecondClosingisexpectedtooccurinthethirdquarterof2018calendaryear,subjecttoothercustomaryclosingconditions.

ThisacquisitionsignificantlystrengthenstheCompany'spositioninthelargeandgrowingcorporatetravelmarketinIndia.Asacombinedentity,YatrabecamethelargestcorporatetravelservicesplatforminIndiabyGrossBookings.Thisacquisitionwillallowdeliveringbest-in-classexperiencestoanevenwidersetoftravelers,throughtheCompanywebandmobileappplatformsandenhancingitsreachtocross-sellitsentireproductsuite,includinghotels,tothiscustomerbase

TheoperationsofATBhavebeenconsolidatedinthefinancialstatementsoftheGroupfromJuly31,2017.IntheyearendedMarch31,2018,ATBcontributednetrevenueofINR560,968andprofitofINR7,586totheGroup'sresult.

Acquisition-relatedcosts

TheGroupincurredacquisitionrelatedcostsofINR5,943relatingtoexternallegalfeesandduediligencecost.TheseamountshavebeenincludedinotheroperatingexpensesintheconsolidatedstatementofprofitorlossandothercomprehensivelossfortheyearendedMarch31,2018.

Purchaseconsideration

PurchaseconsiderationhasbeenfairvaluedatINR1,120,510asatJuly31,2017outofwhichINR509,999hasbeenpaidandbalancehasbeenshownunderothercurrentfinancialliabilities.

ThepurchasepriceofINR1,120,510asonthedateofacquisitionhadbeenallocatedtotheacquiredassetsandliabilitiesasfollows:

ThenetassetsrecognizedonJuly31,2017,werebasedontheprovisionalassessmentofthePerformanceLinkedBonus("PLB"),tradepayablesandtradereceivables.Basedontherevised

F-80

Networkingcapital(includingcash) 1,245,235Tangibleassets 71,016Longtermliabilities (695,088)Customerbaseandrelationships 134,681Noncompeteagreements 16,861Goodwill 400,254Deferredtaxliability (52,449)Totalpurchaseconsideration 1,120,510

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

43.BusinessCombination(Continued)

assessmentofthePLBincome,tradepayablesandtradereceivables,therewasanincreaseinthenetassetsofINR92,734andtherewasalsoacorrespondingdecreaseofgoodwillofINR92,734,resultinginINR307,520oftotalgoodwillarisingontheacquisition.

Aftertakingtheimpactoftheaboveadjustmentonthedateoftheacquisition,thefairvalueofthetradereceivableswasINR1,425,036.ThegrossamountoftradereceivablesisINR1,442,300.Thedifferencebetweenthefairvalueandthegrossamountistheresultofanadjustmentforcounterpartycreditrisk.AtMarch31,2018,INR18,141ofthetradereceivableshasbeenimpaired.

Analysisofcashflowsonacquisition:

Thetablebelowshowsthevaluesandlivesofintangiblesrecognisedonacquisition:

ThegoodwillrecognizedisprimarilyattributedtotheexpectedsynergiesandotherbenefitsfromcombiningtheassetsandactivitiesofATBwiththoseoftheGroup.Thegoodwillisnotdeductibleforincometaxpurposes

Thepurchaseconsiderationhasbeenallocatedpreliminarilybasedonmanagement'sestimates.TheCompanyisintheprocessofmakingafinaldeterminationofthefairvalueofassetsandliabilities.Finalizationofthepurchasepriceallocationmayresultincertainadjustmentstotheaboveallocation.Anychangeintheconsiderationwillbeaccountedthrough"consolidatedstatementofprofitorlossandothercomprehensiveloss".

Contingentconsideration

AspartofthesharepurchaseagreementwiththepreviousownerofATB,acontingentconsiderationistobepaidbasedoncertainperformanceconditionsoftheacquiredbusiness.Asattheacquisitiondate,thefairvalueofthecontingentconsiderationwasestimatedtobeINR1,120,510.

F-81

Netcashacquiredwiththesubsidiary 156,543Cashpaid (510,000)Netcashflowonacquisition (353,457)

Life(years)

Customerbaseandrelationships 15 134,682Noncompeteagreements 3.5 16,861TotalIntangibles 151,543

Grosscarryingamount Goodwill AtApril1,2017 653,666Acquisitionofasubsidiary 307,520AtMarch31,2018 961,186

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

43.BusinessCombination(Continued)

AsatMarch31,2018,itishighlyprobablethatthetargetwillbeachievedduetochangeinbusinessconditionsandbettercashflowmanagement.ThefairvalueofthecontingentconsiderationdeterminedatMarch31,2018reflectsthisdevelopment,amongstotherfactorsandaremeasurementchargehasbeenrecognisedthroughprofitorloss.

Areconciliationoffairvaluemeasurementofthecontingentconsiderationliabilityisprovidedbelow:

Thecontingentconsiderationliabilityisdueforfinalmeasurementandpaymenttotheformershareholdersinthirdquarterof2018calendaryear,subjecttoothercustomaryclosingconditions.

Terrapin 3 Acquisition Corporation

OnJuly13,2016,theParentCompanyenteredintoabusinesscombinationagreementwithNASDAQlistedTerrapin3AcquisitionCorporation("Terrapin"or"TRTL").Terrapinisaspecialpurposeacquisitioncompanyformedforthepurposeofeffectingamerger,acquisition,orsimilarbusinesscombination.TerrapinraisedINR14,111,708initsIPOinJuly2014.SubsequentlyTRTLwasrestructuredbyformationofTRTLparentandTRTLsubsidiary(collectivelyreferredtoasTRTL).OnDecember16,2016,thebusinesscombinationwascompletedpursuanttothetermsoftheAmendedandRestatedBusinessCombinationAgreement,datedasofSeptember28,2016andconsequentlyTRTLparentmergedwithandintotheParentCompany.Pursuanttothebusinesscombinationagreement,holdersofsharesofTRTL'sClassAcommonstockreceivedordinarysharesoftheParentCompanyinexchangefortheirsharesofTRTL'sClassAcommonstockonaone-for-onebasis;holdersofsharesofTRTL'sClassFcommonstockreceivedoneClassFshareoftheParentCompany,whichhasnoeconomicrightbutonlyavotingrightsimilartoordinaryshares,foreachshareofTRTL'sClassFcommonstock:andeachofTRTL'soutstandingwarrantsceasedtorepresentarighttoacquiresharesofTRTL'sClassAcommonstockandinsteadrepresenttherighttoacquirethesamenumberofordinarysharesoftheParentCompany,atthesameexercisepriceandonthesametermsasineffectimmediatelypriortotheclosingofthebusinesscombination.

Foraccountingpurposes,theParentCompanyisdeemedtobetheaccountingacquirerintheBusinessCombinationandconsequently,theBusinessCombinationistreatedasacapitaltransactioninvolvingtheissuanceofParentCompanyshares.

Thetransactionhasbeenconsummatedbytheissuanceof6.794millionordinarysharesofYatraOnline,Inc.toholdersofTRTLClassAcommonstockinexchangefortheirsharesofTRTLClassAcommonstockonaone-for-onebasis,theassumptionof34.675millionwarrantsissuedtoTRTLwarrantholdersandtheissuanceof3.159millionClassFsharesofYatraOnline,Inc.toTRTLClassFstockholders.Terrapin3'snetassetsofINR2,404,373werecombinedwiththeCompanyandtheissuanceofordinarysharesoftheParentCompanywasrecordedatthefairvalueofINR6,474,133

F-82

AsatJuly31,2017 Liabilityarisingonbusinesscombination 610,510Unrealizedfairvaluechangesrecognizedinprofitorloss 294,344AsatMarch31,2018 904,854

TableofContents

YatraOnline,Inc.

NotestotheconsolidatedfinancialstatementsfortheyearendedMarch31,2018(Continued)

(AmountinINRthousands,exceptpersharedataandnumberofshares)

43.BusinessCombination(Continued)

withtheresultingdifferenceamountingtoINR4,069,760,representingthelistingexpensereflectedaslistingandrelatedexpensesinstatementofprofitorloss.

ThenetassetsofINR2,404,373acquiredonDecember16,2016includes:

Subsequenttoconsummationofbusinesscombination;

i)duringDecember2016,theParentCompanyraisedadditionalcapitalofINR1,663,544onprivateplacementbasisandcertainwarrantholdersexercisedtheirrightresultingintoadditionalsharecapitalofINR7,352.

ii)duringDecember2016,theParentCompanygranted2,000,000restrictedstockunits(RSUs)tocertainemployees.EachunitofRSUentitlestheholdertopurchaseoneshareoftheCompany,subjecttorequirementofvestingconditions.TheseRSUshavebeenissuedsubjecttoatwoyearrepurchaserightinfavouroftheCompanysuchthattheCompanywillbeabletoacquireanyunvestedsharesforanominalamount.ThecostofRSUsdeterminedbythefairvalueatthedateofgrantisbeingamortizedonamonthlygradedbasisoverthetotalvestingperiod.Fordetails,refernote30.

iii)duringDecember2016,theParentCompanydeclaredcontingentdividendofINR2,368,275toitsshareholders,certainemployees,warrantholdersandswapshareholders.SuchcontingentdividendispayableonlyupontheachievementbytheCompanyofdefinednetrevenueandearningsbeforeinterest,tax,depreciationandamortization(EBITDA)metricsincalendaryear2017andduringtheperiodfromJanuary1,2018throughJune30,2018.AsatMarch31,2018thefairvalueofcontingentdividendattributabletoshareholders,amountingtoNil(March31,2017:INR2,755)hasbeenadjustedwithequityandNil(March31,2017:INR292)attributabletoemployeesandwarrantholders,hasbeenrecordedinstatementofprofitorlossandothercomprehensiveloss.

iv)theParentCompanyincurredtransactioncostsamountingtoINR253,813inMarch31,2017.AnamountofINR172,474hasbeenchargedtostatementofprofitorlossandothercomprehensivelossandINR81,339instatementofchangesinequityunderequitysharepremium.

44.Listingandrelatedexpenses

Listingandrelatedexpensesitemsincluded:

• ListingexpenseamountingtoNil(March31,2017:INR4,069,760andMarch31,2016:Nil).AlsorefertoNote43.

• TransactioncostforconsummationofbusinesscombinationamountingtoNil(March31,2017:INR172,474andMarch31,2016:Nil)

• Contingentdividend(basisreassessmentoffairvaluation)amountingtoNil(March31,2017:INR292andMarch31,2016:Nil)towardscontingentdividendpayabletoholdersofcertainshareoptionsandsharewarrants.

F-83

Amount Cashandcashequivalent 4,051,557Currentassets 8,285Accountspayable (23,797)Warrants (1,631,672)

Exhibit 4.10

December15,2016ToeachoftheShareholdersofYatrasetforthontheSignaturePagesHeretoRe:LetterAgreementLadiesandGentlemen:

Asyoumaybeaware,YatraOnline,Inc.,aCaymanIslandsexemptedcompanylimitedbyshares(the“Company”),intendstohaveitsordinaryshares(“OrdinaryShares”)commencetradingonNASDAQonorbeforeDecember19,2016.

Referenceismadetotheletteragreementdated27September2016betweenthepartieshereto.Thisletteragreementreplacesandsupersedessuchpriorletter.

PursuanttotheCompany’sarticlesofassociation(the“Articles”),allofthepreferencesharesoftheCompanymaybeconvertedintoOrdinarySharesattheoptionoftheholderthereof.InordertofacilitatetheproposedlistingwhichshallbeforthebenefitoftheCompanyandallitsshareholdersandrecognizingtheamountinvestedbyeachshareholder,eachoftheundersignedholdersofpreferencesharesoftheCompanyherebyagreestoexerciseitsrightundertheArticlestoconverttheirpreferencesharesintoOrdinaryShareseffectiveimmediatelypriortothecommencementoftradingoftheOrdinarySharesonNASDAQ(the“Conversion”).

TheCompanyandeachoftheundersignedshareholdersoftheCompanyacknowledgeandagreethatupontheconsummationoftheConversion,theissuedsharecapitaloftheCompany,asshownontheCompany’sregisterofmembers,willbeassetforthinExhibitA.

TheCompanyandeachoftheundersignedshareholdersoftheCompanyagreetodoallthingsnecessarytoconsummatetheConversion,includingvotingsuchshareholder’spreferencesharesinfavorofanyresolutionsnecessarytoapprovetheConversion(whetheratashareholders’meetingorpursuanttoawrittenconsentofshareholders).

ThislettershallbegovernedinallrespectsbythelawsoftheCaymanIslandsassuchlawsareappliedtoagreementsbetweenCaymanIslandsresidentsenteredintoandperformedentirelyintheCaymanIslands.

ThisletterandtheExhibitsheretoandtheotherdocumentsreferredtohereinordeliveredpursuanttheretoconstitutethefullandentireunderstandingandagreementbetweenthepartieswithregardtothesubjectshereofandnopartyshallbeliableorboundtoanyotherinanymannerbyanyoralorwrittenrepresentations,warranties,covenantsandagreementsexceptasspecificallysetforthhereinandtherein.Eachpartyexpresslyrepresentsandwarrantsthatitisnotrelyingonanyoralorwrittenrepresentations,warranties,covenantsoragreementsoutsideofthisletter.

Intheeventoneormoreoftheprovisionsofthislettershould,foranyreason,beheldtobeinvalid,illegalorunenforceableinanyrespect,suchinvalidity,illegality,orunenforceabilityshallnotaffectanyotherprovisionsofthisletter,andthislettershallbeconstruedasifsuchinvalid,illegalorunenforceableprovisionhadneverbeencontainedherein.

ThislettermaybeamendedormodifiedonlyuponthewrittenconsentoftheCompanyandeachoftheundersignedshareholdersoftheCompany.

EachundersignedshareholderherebyrepresentsandwarrantstotheCompanyasfollows:(a)suchshareholderhasallnecessarypowerandauthority

underallapplicableprovisionsoflawtoexecuteanddeliverthisletterandtocarryoutitsprovisions;(b)allactiononsuchshareholder’spartrequiredforthelawfulexecutionanddeliveryofthisletterhavebeentaken;and(c)uponsuchshareholder’sexecutionanddelivery,thisletterwillbevalidandbindingobligationsofsuchshareholder,enforceableagainstsuchshareholderinaccordancewithitsterms,except(i)aslimitedbyapplicablebankruptcy,insolvency,reorganization,moratoriumorotherlawsofgeneralapplicationaffectingenforcementofcreditors’rightsand(ii)aslimitedbygeneralprinciplesofequitythatrestricttheavailabilityofequitableremedies.EachundersignedshareholderagreestoindemnifytheCompanyforanyclaims,lossesorexpensesincurredbytheCompanyasaresultofanyoftherepresentationsofsuchshareholdersetforthhereinbeinguntrue.

Unlessotherwiseprovidedherein,anynoticerequiredorpermittedunderthislettershallbedeemedeffectiveupontheearlierof(a)actualreceiptor(b)(i)onthedayofdeliverybyemailorconfirmedfacsimiletransmission,(ii)threebusinessdayafterthebusinessdayofdepositwithaninternationallyrecognizedovernightcourierserviceforexpressdelivery,freightprepaid,or(iii)sevenbusinessdaysafterdepositwiththeUnitedStatesPostOfficefordeliverybyregisteredorcertifiedmail,shallbeaddressedtothepartytobenotifiedattheaddressindicatedforsuchpartyonsuchshareholder’ssignaturepagehereto,oratsuchotheraddressassuchpartymaydesignatebyten(10)days’advancewrittennoticetotheotherparties.

IftheCompanyissuesadditionalOrdinarySharesorpreferencesharesatanytimebetweenthedateofthisletterandtheeffectivenessoftheConversion(“AdditionalShares”)theCompanyshallensurethattheholdersofsuchAdditionalSharesshallbecomeapartytothisletterbyexecutinganddeliveringacounterpartsignaturepageheretotherebyagreeingtobeboundbyandsubjecttothetermsofthisletterasanundersignedshareholdershereunderandtheCompanyshallupdateExhibitAtoreflecttheissuanceofsuchAdditionalShares.

Thislettermaybeexecutedinanynumberofcounterparts,eachofwhichshallbeanoriginal,butallofwhichtogethershallconstituteoneinstrument.

Sincerely,

By: /s/AlokVaishName: AlokVaishTitle: CFO,YatraOnline,Inc.

[ShareholderSignaturePagesFollow]

AcknowledgedandConcurred,

ORDINARY SHAREHOLDERS

/s/DhruvShringiDhruvShringi

/s/ManishAminManishAmin

/s/HarshalShahHarshalShah

/s/HareshChawlaHareshChawla

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

ORDINARY SHAREHOLDERS

Wortal, Inc.

By: /s/UdayBellary

PrintName: UdayBellary

Title: ChairmanoftheBoard

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES  

Norwest Venture Partners X, LP

By:GenesisVCPartnersX,LLC,GeneralPartner

By: /s/PromodHaque

PrintName: PromodHaque

Title: Sr.ManagingPartner

Address:

   

Norwest Venture Partners IX, LP

By:/s/GenesisVCPartnersIX,LLC,GeneralPartner

By: /s/PromodHaque

PrintName: PromodHaque

Title: Sr.ManagingPartner

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES  

Vertex Asia Fund Pte. Ltd.  

By: /s/ChuaKeeLock

PrintName: ChuaKeeLock

Title: Director

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

Rajasthan Trustee Company Pvt Ltd A/c SME Tech Fund RVCF Trust II

By: /s/GirishGupta

PrintName: GirishGupta

Title: CEO,RajasthanAssetManagementCoPvtLtd

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES

IDG Ventures India Fund II LLC.

By: /s/GulstanRamgockim

PrintName: GulstanRamgockim

Title: Director

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES

Reliance Capital Limited

By: /s/AmitBapna

PrintName: AmitBapna

Title: CFO

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES AND ORDINARY SHARES

E-18 Limited

By: /s/AslamKoomar

PrintName: AslamKoomar

Title: Director

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES

Intel Capital Corporation

By: /s/MichaelJScown

PrintName: MichaelJScown

Title: AuthorizedSignatory

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES

Valiant Capital Master Fund LP

By: /s/BrianMiller

PrintName: BrianMiller

Title: CFO    

Valiant Capital Partners LP

By: /s/BrianMiller

PrintName: BrianMiller

Title: CFO

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF OF A RIGHT TO SWAP ORDINARY SHARES OFYATRA ONLINE PRIVATE LIMITED FOR ORDINARY SHARES OFYATRA ONLINE, INC.

Capital18 Fincap Private limited

By: /s/KshipraJatana

PrintName: KshipraJatana

Title: AuthorizedSignatory

Address:

Pandara Trust Scheme I

By: /s/SudhirSethi

PrintName: SudhirSethi

Title: DesignatedPartner

Address:

[SIGNATUREPAGETOLETTER]

AcknowledgedandConcurred,

HOLDERS OF PREFERENCE SHARES

Macquarie Corporate Holdings Pty Limited

By: /s/BelindaCooney

PrintName: BelindaCooney

Title: Attorney

Address:

Macquarie Corporate Holdings Pty Limited

By: /s/MattCroasdaile

PrintName: MattCroasdaile

Title: Attorney

Address:

[SIGNATUREPAGETOLETTER]

ExhibitA*

Shareholder 

Ordinary Shares Post-Conversion

 

Ordinary Shares Post-Reverse Stock 

Split** 

Percentage Ownership

 

DhruvShringi

1,470,000

271,007

1.24%E-18Limited

10,449,198

1,926,397

8.78%Capital18FincapPrivateLimited***

3,090,549

569,768

2.60%HareshChawla

168,000

30,972

0.14%HarshalShah

168,000

30,972

0.14%IDGVenturesIndiaFundIILLC

5,307,495

978,481

4.46%PandaraTrustSchemeI***

936,407

172,634

0.79%IntelCapitalCorporation

11,810,298

2,177,327

9.92%MacquarieCorporateHoldingsPtyLimited

1,759,370

324,355

1.48%ManishAmin

1,470,000

271,007

1.24% NorwestVenturePartnersIX,LP

18,620,468

3,432,838

15.64%NorwestVenturePartnersX,LP

18,620,469

3,432,838

15.64%RajastRajasthanTrusteeCompanyPvtLtdA/cSMETechFundRVCFTrustII

1,560,181

287,632

1.31%RelianceCapitalLimited

16,401,598

3,023,771

13.78% ValiantCapitalMasterFundLP

12,456,354

2,296,433

10.47%ValiantCapitalPartnersLP

11,261,486

2,076,149

9.46%VertexAsiaFundPte.Ltd

3,268,915

602,652

2.75%Wortal,Inc.

204,105

37,628

0.17%Total

119,022,893

21,942,861

100.00%

*Doesnotinclude:(a)OrdinarySharesissuableuponexerciseofoutstandingCompanyoptions;(b)OrdinarySharesissuableuponexerciseofoutstandingwarrantstopurchaseanaggregateof46,458post-ReverseSplitOrdinarySharesheldbyMacquarieCorporateHoldingsPtyLimitedorwarrantstopurchaseanaggregateof43,366post-ReverseSplitOrdinarySharesheldbySiliconValleyBank;(c)277post-ReverseSplitOrdinarySharesallocatedbutnotyetissuedtoMatrixIndiaEntertainmentConsultantsPrivateLimited;or(d)1,567post-ReverseSplitOrdinarySharesallocatedbutnotyetissuedtoSalmanKhan.**Areverse-splitona5.4242194for1basis,withfractionalsharesroundedtothenearestwholeshareafteraggregatingallfractionalsharesheldbytheapplicableshareholder,isbeingeffectedbytheCompany.***OrdinarySharesissuableuponswapofordinarysharesofYatraOnlinePrivateLimited.

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Exhibit12.1

CertificationofChiefExecutiveOfficerPursuanttoSection302oftheSarbanes-OxleyActof2002

I,DhruvShringi,certifythat:

1. IhavereviewedthisAnnualReportonForm20-FofYatraOnline,Inc.(the"Company");

2. Basedonmyknowledge,thisAnnualReportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;

3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespectsthefinancialcondition,resultsofoperationsandcashflowsoftheCompanyasof,andfor,theperiodspresentedinthisreport;

4. TheCompany'sothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedinExchangeActRules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15(d)-15(f))fortheCompanyandhave:

a) designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderoursupervision,toensurethatmaterialinformationrelatingtotheCompany,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;

b) designedsuchinternalcontroloverfinancialreporting,orcausedsuchinternalcontroloverfinancialreportingtobedesignedunderoursupervision,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;

c) evaluatedtheeffectivenessoftheCompany'sdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsabouttheeffectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and

d) disclosedinthisreportanychangeintheCompany'sinternalcontroloverfinancialreportingthatoccurredduringtheperiodcoveredbytheAnnualReportthathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,theCompany'sinternalcontroloverfinancialreporting.

5. TheCompany'sothercertifyingofficerandIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,totheCompany'sauditorsandtheAuditCommitteeoftheCompany'sBoardofDirectors(orpersonsperformingtheequivalentfunctions):

a) allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhicharereasonablylikelytoadverselyaffecttheCompany'sabilitytorecord,process,summarizeandreportfinancialinformation;and

b) anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheCompany'sinternalcontroloverfinancialreporting.

Date:July31,2018

By: /s/DHRUVSHRINGI

Name: DhruvShringi

Title: Chief Executive Officer (Principal

Executive Officer)

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Exhibit12.1

CertificationofChiefExecutiveOfficerPursuanttoSection302oftheSarbanes-OxleyActof2002

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Exhibit12.2

CertificationofChiefFinancialOfficerPursuanttoSection302oftheSarbanes-OxleyActof2002

I,AlokVaish,certifythat:

1. IhavereviewedthisAnnualReportonForm20-FofYatraOnline,Inc.(the"Company");

2. Basedonmyknowledge,thisAnnualReportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;

3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespectsthefinancialcondition,resultsofoperationsandcashflowsoftheCompanyasof,andfor,theperiodspresentedinthisreport;

4. TheCompany'sothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedinExchangeActRules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15(d)-15(f))fortheCompanyandhave:

a) designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderoursupervision,toensurethatmaterialinformationrelatingtotheCompany,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;

b) designedsuchinternalcontroloverfinancialreporting,orcausedsuchinternalcontroloverfinancialreportingtobedesignedunderoursupervision,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;

c) evaluatedtheeffectivenessoftheCompany'sdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsabouttheeffectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and

d) disclosedinthisreportanychangeintheCompany'sinternalcontroloverfinancialreportingthatoccurredduringtheperiodcoveredbytheAnnualReportthathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,theCompany'sinternalcontroloverfinancialreporting.

5. TheCompany'sothercertifyingofficerandIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,totheCompany'sauditorsandtheAuditCommitteeoftheCompany'sBoardofDirectors(orpersonsperformingtheequivalentfunctions):

a) allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhicharereasonablylikelytoadverselyaffecttheCompany'sabilitytorecord,process,summarizeandreportfinancialinformation;and

b) anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheCompany'sinternalcontroloverfinancialreporting.

Date:July31,2018

By: /s/ALOKVAISH

Name: AlokVaish Title: Chief Financial Officer (Principal Financial and

Accounting Officer)

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Exhibit12.2

CertificationofChiefFinancialOfficerPursuanttoSection302oftheSarbanes-OxleyActof2002

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Exhibit13.1

CertificationofChiefExecutiveOfficerPursuanttoSection906oftheSarbanes-OxleyActof2002

Pursuantto18U.S.C.Section1350,ascreatedbySection906oftheSarbanes-OxleyActof2002,theundersignedofficerofYatraOnline,Inc.(the"Company")herebycertifies,tosuchofficer'sknowledge,that:

(i)theaccompanyingAnnualReportonForm20-FoftheCompanyfortheyearendedMarch31,2018(the"Report")fullycomplieswiththerequirementsofSection13(a)orSection15(d),asapplicable,oftheSecuritiesExchangeActof1934,asamended;and

(ii)theinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsoftheCompany.

Date:July31,2018

TheforegoingcertificationisbeingfurnishedsolelytoaccompanytheReportpursuantto18U.S.C.Section1350,andisnotbeing"filed"eitheraspartoftheReportorasaseparatedisclosurestatement,andisnottobeincorporatedbyreferenceintotheReportoranyotherfilingoftheCompany,whethermadebeforeorafterthedatehereof,regardlessofanygeneralincorporationlanguageinsuchfiling.Theforegoingcertificationshallnotbedeemed"filed"forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended,orotherwisesubjecttotheliabilitiesofSection18orSections11and12(a)(2)oftheSecuritiesActof1933,asamended.

By: /s/DHRUVSHRINGI

Name: DhruvShringi Title: Chief Executive Officer (Principal Executive

Officer)

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Exhibit13.1

CertificationofChiefExecutiveOfficerPursuanttoSection906oftheSarbanes-OxleyActof2002

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Exhibit13.2

CertificationofChiefFinancialOfficerPursuanttoSection906oftheSarbanes-OxleyActof2002

Pursuantto18U.S.C.Section1350,ascreatedbySection906oftheSarbanes-OxleyActof2002,theundersignedofficerofYatraOnline,Inc.(the"Company")herebycertifies,tosuchofficer'sknowledge,that:

(i)theaccompanyingAnnualReportonForm20-FoftheCompanyfortheyearendedMarch31,2018(the"Report")fullycomplieswiththerequirementsofSection13(a)orSection15(d),asapplicable,oftheSecuritiesExchangeActof1934,asamended;and

(ii)theinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsoftheCompany.

Date:July31,2018

TheforegoingcertificationisbeingfurnishedsolelytoaccompanytheReportpursuantto18U.S.C.Section1350,andisnotbeing"filed"eitheraspartoftheReportorasaseparatedisclosurestatement,andisnottobeincorporatedbyreferenceintotheReportoranyotherfilingoftheCompany,whethermadebeforeorafterthedatehereof,regardlessofanygeneralincorporationlanguageinsuchfiling.Theforegoingcertificationshallnotbedeemed"filed"forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended,orotherwisesubjecttotheliabilitiesofSection18orSections11and12(a)(2)oftheSecuritiesActof1933,asamended.

By:

/s/ALOKVAISH

Name: AlokVaish Title:

Chief Financial Officer (Principal Financial andAccounting Officer)

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Exhibit13.2

CertificationofChiefFinancialOfficerPursuanttoSection906oftheSarbanes-OxleyActof2002

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Exhibit15.1

ConsentofIndependentRegisteredPublicAccountingFirm

WeconsenttotheincorporationbyreferenceinthefollowingRegistrationStatements:

(1) RegistrationStatement(FormS-8No.333-218498)ofYatraOnline,Inc.;

(2) RegistrationStatement(FormF-3No.333-224661)ofYatraOnline,Inc.and

(3) RegistrationStatement(FormF-3No.333-215653)ofYatraOnline,Inc.

ofourreportdatedJune11,2018,withrespecttotheconsolidatedfinancialstatementsofYatraOnline,Inc.,includedinthisAnnualReport(Form20-F)fortheyearendedMarch31,2018.

/s/Ernst&YoungAssociatesLLPGurugram,India

July31,2018

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Exhibit15.1

ConsentofIndependentRegisteredPublicAccountingFirm