Yatra Online, Inc. (YTRA): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of India's travel tech scene, trying to figure out how Yatra Online, Inc. actually makes money, especially after a year where their Air Ticketing Adjusted Margin hit USD 42.0 million in FY2025. Forget the noise; we're breaking down the nine core blocks of their Business Model Canvas, showing you exactly how they manage over 1,200 corporate clients while scaling that high-margin MICE segment. If you want the precise blueprint behind their 108K hotel inventory and what drives their revenue streams, keep reading-this is the no-fluff analysis you need.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Key Partnerships

You're looking at how Yatra Online, Inc. builds its value by leaning on others, which is crucial for an online travel agency (OTA) that doesn't own the planes or the beds. The strength here is in the scale and integration of these external relationships.

Global airline and hotel suppliers for inventory access form the backbone of what Yatra Online, Inc. sells. You need deep integration to get the best rates and inventory depth. As of September 30, 2025, Yatra Online, Inc. claims to have the largest hotels inventory among key Indian OTA players, boasting approximately 80,000 hotels and homestays contracted across about 1,500 cities in India. Globally, their reach extends to approximately 2.5 million hotels. This massive inventory access is a direct result of these supplier partnerships.

The Strategic partnership with DW Travel under the CPP program shows Yatra Online, Inc.'s strategy to expand its corporate footprint outside its core Indian market by enabling other travel management companies (TMCs). This Corporate Platform Partner (CPP) Program allows partners like DW Travel, a premier UAE-based TMC founded in 2004, to leverage Yatra's technology infrastructure. While we don't have specific revenue share from this partnership as of late 2025, the intent is to unlock new revenue streams and offer differentiated products globally.

For Technology providers for platform development and maintenance, the reliance is clear, especially as the company scales its corporate offerings. For instance, in Q2 FY26, the company noted that incremental costs from migration to the Google Cloud Platform were a factor, suggesting a major infrastructure partnership is in place. Furthermore, Yatra Online, Inc. is actively leveraging AI to enhance its corporate travel services, which requires partnerships with specialized tech firms or internal development built on external infrastructure.

When it comes to Financial institutions for payment gateway and credit services, the partnership is about ensuring smooth transactions and offering credit options to corporate clients. While specific bank or gateway names aren't detailed in the latest public reports, the operational scale implies high-volume processing capabilities. For context on the scale of transactions, total gross bookings across all segments for the three months ended September 30, 2025, reached INR 20,504.8 million (or approximately USD 231.0 million).

The acquisition of Globe Travels (acquisition) for expanded corporate client base is a prime example of a partnership-by-acquisition strategy. Yatra Online, Inc. acquired 100% of Globe All India Services Limited (Globe Travels) in September 2024 for INR 1,280 million (about USD 15.25 million) in cash. This move added approximately 360 corporate customers to Yatra's base, which was over 850 before the deal. Globe Travels brought annual gross bookings of about USD 90 million and strong Adjusted EBITDA margins of over 20%, with the majority of its business being offline. This integration is already showing results; as of Q2 FY26, the integration contributed to a 34% year-over-year increase in Yatra's gross margins. The corporate segment remains a growth cornerstone, with Yatra onboarding 34 new corporate clients in Q2 FY26 alone, adding an annual billing potential of INR 2,615.0 million.

Here's a quick look at the scale of the corporate client base growth:

Metric	Pre-Acquisition (Yatra Base)	Globe Travels Contribution	Post-Acquisition (Approx. Q2 FY26)
Corporate Customers (Large)	Over 850	360 added	Over 1,300
Globe Travels Annual Gross Bookings	N/A	Approx. USD 90 million	Integrated
Globe Travels Adjusted EBITDA Margin	N/A	Over 20%	Contributed to 34% YoY Gross Margin Increase
New Corporate Clients Onboarded (Q2 FY26)	N/A	34	Added INR 2,615.0 million in annual billing potential

The value derived from these partnerships and acquisitions is evident in the services Yatra can now offer its corporate clients:

• Access to Yatra's Corporate Self Booking Platform.
• Cross-selling opportunities for hotels and the expense management platform.
• Enhanced Meetings, Incentives, Conferences, and Exhibitions (MICE) capabilities.
• Leveraging AI for improved compliance and reduced manual errors in corporate services.

If onboarding takes 14+ days, churn risk rises, especially when integrating offline clients like those from Globe Travels.

Finance: draft 13-week cash view by Friday.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Key Activities

You're looking at the core engine room of Yatra Online, Inc. as of late 2025. These are the actions the company must execute flawlessly to keep the growth story going, especially after a year like FY2025.

Corporate Client Acquisition and Retention

Acquiring and keeping corporate customers is the lifeblood of Yatra Online, Inc.'s B2B focus. The pace of new client wins shows the sales engine is running hot.

For the full fiscal year 2025, Yatra Online, Inc. onboarded a total of 148 new corporate clients, representing an annual potential business worth Rs 700+ crores over the past 12 months. This activity is continuous, as seen in the quarterly figures.

Reporting Period	New Corporate Clients Onboarded	Potential Annual Billing (INR)
Q4 FY2025 (ended March 31, 2025)	35	1,430 million
Q3 FY2025 (ended December 31, 2024)	50	2,804 million
Q2 FY2025 (ended September 30, 2024)	29	1,213.0 million
Q1 FY2026 (ended June 30, 2025)	34	2,010 million

Retention is just as critical. The stickiness of the corporate base, evidenced by a client retention rate of 97% as of Q2 2025, shows the platform delivers real value.

Scaling the High-Margin MICE Business

The Meetings, Incentives, Conferences, and Exhibitions (MICE) segment is a major focus for margin expansion. This is a high-value activity that diversifies revenue away from the more volatile B2C air ticketing segment.

The company has a stated strategic goal to target doubling the MICE run rate within three years. The acquisition of Globe Travels, which had strong MICE capabilities, directly supports this scaling effort.

• MICE business growth is a key driver of margin expansion.
• The Hotels and Packages segment, which benefits from MICE travel, saw Adjusted Margin increase of 29.2% YoY for the three months ended March 31, 2025.
• The MICE segment contributed to the full year FY2025 Revenue growth of 89.9% YoY.

Developing and Maintaining the Proprietary Online Travel Platform

The proprietary technology is the core resource enabling the B2B service delivery. This involves continuous investment in the platform, which is described as a Real-time and Integrated SaaS Platform.

Strategic investments in AI and SaaS platforms are a stated priority to maintain a competitive edge in India's corporate travel market, valued around $20 billion. The platform's ability to integrate with major HRMIS solutions and customer ERP systems is a key operational activity that locks in customers.

Integrating Acquired Entities like Globe Travels for Synergy Realization

The integration of Globe All India Services Limited (Globe Travels), acquired in September 2024 for INR 1,280.0 million in cash, is a primary activity. This added approximately 360 corporate customers to the base, which stood at over 850 pre-acquisition, resulting in a customer base of over 1,300 large corporate customers as of mid-2025.

The expected synergies are being actively realized across several fronts:

• Supplier Consolidation: Directly impacts inventory cost management.
• Technology Adoption: Integrating Globe Travels' largely offline base onto Yatra Online, Inc.'s Corporate Self Booking Platform.
• Cross-Selling: Leveraging the acquired customer base for hotels and expense management solutions.

Globe Travels brought annual gross bookings of approximately USD 90 million and Adjusted EBITDA margins of over 20%, making the acquisition immediately accretive to financials.

Managing Supplier Relationships and Optimizing Inventory Costs

A key operational activity is managing the expanded supplier network, which has been enhanced by the Globe Travels acquisition, leading to an Enhanced positioning with suppliers for better terms. This directly feeds into optimizing inventory costs, a critical lever for margin protection, especially given broader industry cost pressures in 2025.

The full-year FY2025 Revenue Less Service Cost (RLSC), or Gross Margin, grew by 17.8% YoY to INR 3,915.9 million, demonstrating success in managing these costs relative to revenue growth.

Finance: draft 13-week cash view by Friday.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Key Resources

You're looking at the core assets Yatra Online, Inc. (YTRA) relies on to execute its strategy, especially as it pivots further into high-margin corporate travel. These aren't just things they own; they are the engines driving their value proposition right now.

The foundation is definitely the technology stack. Yatra Online, Inc. deploys a comprehensive and scalable tech platform across its B2C and B2B offerings. This isn't static, either; the company has been making strategic investments in AI and SaaS platforms, including the launch of its AI-powered assistant, DIA, and the RECAP SaaS platform, which helps embed Yatra Online, Inc. within client operations.

The sheer scale of their inventory is a massive resource, particularly in the domestic market where they aim for leadership. This inventory is what allows them to serve both individual travelers and their growing corporate base effectively. Here's a look at the scale as reported:

Resource Component	Quantity/Scope	Context/Date Reference
Proprietary Technology	GenAI LLMs and RAG models integration	Expense Management Solution
Domestic Hotel Inventory (India)	Approximately 108K hotels and homestays contracted	As per outline/May 2025 data
Global Hotel Inventory	Approximately 2 million hotels	As per outline/May 2025 data
Corporate Client Base (Large)	Over 1,300 large corporate customers	As of late 2025
Corporate Client Base (SME)	Approximately 59,000 registered SME customers	As of late 2025

The sales and service infrastructure supporting the B2B segment is critical. Yatra Online, Inc. has built out an experienced corporate sales team focused on high-growth Indian sectors. This focus is paying off in client acquisition; over the past 12 months, Yatra Online, Inc. onboarded 148 new corporate clients, representing an annual potential business worth INR 700+ crores. The company is definitely solidifying its position here.

From a balance sheet perspective, liquidity provides operational flexibility. You need to look at the most recent figures available to gauge current financial muscle. While the Dec 2024 figure you mentioned was INR 1,828 million, the latest reported cash and cash equivalents position is more relevant for late 2025 planning:

• Cash and cash equivalents and term deposits as of September 30, 2025: INR 2,207.8 million (USD 24.9 million).
• Cash and cash equivalents as of June 2025: $25.56 Million USD.

Finally, brand equity matters a lot in a competitive space like Indian online travel. Yatra Online, Inc. has established strong brand recognition, evidenced by its market standing. As of Fiscal 2023, Yatra Online, Inc. was the third largest online travel company in India among key OTA players based on gross booking revenue and operating revenue. Furthermore, it stands as India's leading corporate travel services provider in terms of the number of corporate clients. That brand trust helps drive the high client stickiness seen in the corporate segment, which reported a 97% retention rate in Q2 2025.

Finance: draft 13-week cash view by Friday.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why corporate clients choose Yatra Online, Inc. over the competition right now, late in 2025. It's about scale, integration, and technology that sticks.

India's premier corporate travel service provider is more than just a title; it's backed by recent performance. For the three months ended September 30, 2025 (Q2 FY2025), the Corporate Travel segment was a growth cornerstone, onboarding 34 new clients in that quarter alone. This momentum is significant, as the company also expanded its annual billing potential by INR 2,615.0 million (or about USD 29.5 million) just in that quarter. The strategy is clearly working to lock in high-value, repeat business, evidenced by a corporate customer retention rate hovering around ~98%. Furthermore, for the quarter ended June 30, 2025, roughly 67% of gross bookings came from the B2B side, with a target to push that toward 70% by the fiscal year-end.

The value proposition is built on a comprehensive suite of travel services that covers nearly every need for a traveling employee or a large event. This isn't just about flights anymore; it's about end-to-end management.

Service Category	Q2 FY2025 Revenue Contribution (Approximate)	Year-over-Year Growth (Q2 FY2025)
Hotels and Packages	INR 2,706.9 million (USD 30.5 million)	58.9%
Air Ticketing	INR 584.7 million (USD 6.6 million)	36.1%
Total Revenue (All Segments)	INR 3,508.7 million (USD 39.5 million)	48.5%

The Meetings, Incentives, Conferences, and Exhibitions (MICE) business is also a standout performer, establishing Yatra Online, Inc. as a dominant market player in India.

The Expense Management Solution for corporate clients' scalability is a key differentiator, moving beyond simple booking. This tool is designed to handle both travel and non-travel expenses with high accuracy, which helps customers with cost reduction. The system is built to scale, having been stress-tested to handle up to 150 simultaneous connections submitting expense data. This integrated approach provides full travel spends visibility, which is what finance teams really value.

You get tech-enabled, personalized booking tools that create real switching costs for your company, making it hard to move to a competitor. This is where their technology integration shines compared to competitors who often remain more offline.

• Integrated end-to-end solutions enabling full travel spends visibility.
• Customizable reports and MIS (Management Information Systems).
• Integrated chatbot based on Gen AI and RAG models.
• Advanced analytics powered by a Power BI dashboard for deep insights.
• Dedicated tech for GST reconciliation, ensuring no credit loss.

The use of Generative AI Large Language Models (LLMs) for receipt analysis is a specific feature that promises more accurate expense tracking than older OCR technology.

Finally, the value proposition includes flexible cancellation and rebooking support during travel disruptions. This is delivered through their commitment to high-touch service, which is critical when plans inevitably change. They offer 247 support and a focus on seamless search and booking experiences, including the ability to handle changes to travel plans. This high-touch service helps mitigate the margin pressures seen in the B2C air ticketing segment by ensuring corporate traveler satisfaction remains high.

Finance: draft 13-week cash view by Friday.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Customer Relationships

You're looking at how Yatra Online, Inc. keeps its customers engaged, which is a mix of dedicated human touch for big clients and slick tech for the everyday traveler. The relationship strategy clearly leans heavily on the corporate side for stability and growth right now.

Dedicated corporate account management and sales team

The Corporate Travel segment is the growth cornerstone, meaning the dedicated account management and sales team is crucial for securing and growing these relationships. For the three months ended September 30, 2025, Yatra Online, Inc. onboarded 34 new clients in this segment. This activity expanded the annual billing potential by INR 2,615.0 million (USD 29.5 million) during that single quarter. To give you context on the recent momentum, in the quarter before that, for the three months ended June 30, 2025, they onboarded 34 new corporate clients, adding INR 2,010 million (USD 23.4 million) in annual billing potential. This focus on high-touch service for corporate accounts is clearly paying off with consistent new client wins.

Self-service via website and mobile app for B2C customers

For the B2C side, the relationship is primarily transactional and self-service, relying on the website and mobile app capabilities. This segment, especially air ticketing, has seen margin pressures recently. For instance, in the quarter ending June 30, 2024, reduced volumes in the B2C segment, due to optimizing discounts amid competition, caused a 9 percent year-over-year revenue decline for that specific quarter. The platform uses automated technology for customer refunds, seat, and meal bookings to support this self-service model.

Consumer promotions and loyalty programs (deducted from revenue per IFRS 15)

Yatra Online, Inc. manages customer loyalty and acquisition through promotions, which are accounted for by being deducted from Revenue under IFRS 15. You can see the scale of these incentives by looking at the add-backs to Adjusted Margin. For the three months ended September 30, 2025:

• Add-back for consumer promotion and loyalty program costs for Air Ticketing was INR 431.3 million (USD 4.9 million).
• Add-back for customer promotional expenses for Hotels and Packages was INR 58.9 million (USD 0.7 million).
• Add-back for consumer promotion expenses for Other Services was INR 3.7 million (USD 0.1 million).

The reported Marketing and Sales Promotion Expenses for that same quarter decreased by 17.7 percent year-over-year to INR 66.5 million (USD 0.7 million). When you add back the IFRS 15 deductions, the total marketing spend was INR 560.4 million (USD 6.3 million), a 12.9 percent decrease year-over-year.

High-touch service for MICE and complex holiday packages

The Meetings, Incentives, Conferences, and Exhibitions (MICE) business is a standout performer, indicating a strong high-touch service relationship model for complex bookings. Revenue from the combined Hotels and Packages business for the three months ended September 30, 2025, hit INR 2,706.9 million (USD 30.5 million), marking a significant 58.9 percent year-over-year increase. The profitability from this segment also grew, with the Adjusted Margin for Hotels and Packages reaching INR 514.5 million (USD 5.8 million), up 28.6 percent year-over-year for the quarter. This segment, along with the overall Corporate Travel strength, helps mitigate margin pressures seen in the B2C air ticketing area.

Here's a quick look at the IFRS 15 adjustments related to customer incentives for the three months ended September 30, 2025, compared to the prior year period:

Customer Relationship Component	IFRS 15 Add-Back (Q3 2025)	IFRS 15 Add-Back (Q3 2024)
Air Ticketing Promotions/Loyalty	INR 431.3 million (USD 4.9 million)	INR 456.2 million (USD 5.1 million)
Hotels & Packages Promotions	INR 58.9 million (USD 0.7 million)	INR 101.1 million (USD 1.1 million)
Other Services Promotions	INR 3.7 million (USD 0.1 million)	INR 5.0 million (USD 0.1 million)

The MICE and Corporate segments are driving relationship value through direct engagement, while B2C relies on platform efficiency.

Customer Segment Focus	Key Metric (Period Ending Sept 30, 2025)	Year-over-Year Change
Corporate Travel Client Acquisition	34 new clients onboarded	Consistent with Q1 2025 onboarding (34 clients)
Corporate Annual Billing Potential Added	INR 2,615.0 million (USD 29.5 million)	N/A
Hotels & Packages Revenue	INR 2,706.9 million (USD 30.5 million)	58.9 percent increase
Hotels & Packages Adjusted Margin	INR 514.5 million (USD 5.8 million)	28.6 percent increase

If onboarding takes 14+ days, churn risk rises, especially in the competitive corporate space.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Channels

You're looking at how Yatra Online, Inc. gets its services-from corporate bookings to leisure travel-into the hands of customers. It's a multi-pronged approach, balancing digital scale with direct sales effort.

Primary online platform (Yatra.com website and mobile application).

The digital front door is critical for Yatra Online, Inc. This is where the majority of consumer engagement happens, even as the corporate segment grows in value. The platform offers a seamless experience across desktop and mobile devices. For the B2C side, the direct and organic channels are the engine, driving approximately 81% of total traffic as of the period ending March 31, 2025. This high direct traffic suggests strong brand recognition and repeat usage for leisure needs. The platform inventory includes approximately 80,000 hotels and homestays in about 1,500 cities and towns in India, plus over 2.5 million hotels globally.

For the three months ended September 30, 2025, the Hotels and Packages business, heavily reliant on this platform, generated revenue of INR 2,706.9 million (USD 30.5 million). The Air Ticketing segment, also primarily digital, brought in revenue of INR 584.7 million (USD 6.6 million) for the same quarter.

Direct corporate sales force for B2B client onboarding.

This is the high-value channel where Yatra Online, Inc. emphasizes deep technical integration over simple transaction processing. They are India's largest managed corporate travel services provider. The direct sales force targets large enterprises and SMEs. As of the period ending March 31, 2025, the company catered to over 1,300 large & medium corporates and approximately 58,000 SME clients. The focus on securing these accounts yields high retention; the corporate customer retention rate is approximately 97%.

The sales momentum is clear in the recent figures. During the three months ended June 30, 2025, they onboarded 34 new corporate clients, adding potential annual billing of INR 2,010 million (USD 23.4 million). This continued in the next quarter: for the three months ended September 30, 2025, 34 new clients were onboarded, expanding annual billing potential by INR 2,615.0 million (USD 29.5 million). The strategic shift to B2B is evident, with 67% of gross bookings coming from B2B for the quarter ended June 30, 2025, aiming for 70% by the end of the fiscal year. This segment is key as India's business travel market is projected to reach about $20 billion by FY27.

Offline travel agents leveraging the CPP program.

While the focus is digital, Yatra Online, Inc. still supports a network of traditional agents through its Corporate Partner Program (CPP). This channel helps reach businesses that may not be fully digitized or prefer an intermediary touchpoint. The company serves approximately 55,000 Travel Agents. To show the depth of this relationship, 80% of the Top 100 Travel Agents are customers of Yatra Online, Inc.

Call centers and physical offices for customer support and bookings.

Support infrastructure, including call centers, underpins both B2C and B2B operations, providing necessary human intervention for complex bookings or issue resolution. While specific call center volume metrics aren't public, the overall operational scale requires this support. The company's total revenue for the three months ended September 30, 2025, was INR 3,508.7 million (USD 39.5 million). The structure supporting this revenue includes the direct sales force, the online platform, and the agent network. Here's a quick look at the segment revenue contribution for Q2 FY26:

Segment	Revenue (INR Million)	Revenue (USD Million)
Hotels and Packages	2,706.9	30.5
Air Ticketing	584.7	6.6
Other Services	91.3	1.0

The integration of Globe Travels, acquired in September 2024, has also enhanced capabilities across these channels, delivering supplier synergies and cross-selling opportunities.

The company's overall strategy is a multi-channel approach spanning the entire travel and hospitality value chain for both B2C and B2B segments.

• Customer base includes over 1,300 Large & Medium Corporates.
• Approximately 58,000 SME clients are served.
• B2C customer age demographics are primarily 18-45.
• B2C gender distribution shows an 80:20 male-to-female ratio.

Finance: draft 13-week cash view by Friday.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Customer Segments

You're looking at the core groups Yatra Online, Inc. serves, which is definitely split between the high-volume consumer side and the stickier, high-value corporate side. Here's the quick math on who they are targeting as of late 2025, based on the latest filings.

The corporate segment is the backbone, with Yatra Online, Inc. positioning itself as India's largest managed corporate travel services provider. This group is highly valuable due to recurring revenue and managed service fees.

• Large corporate customers: Over >1,300 large & medium corporates as of March 31, 2025.
• Addressable employee base for these large corporates: More than 9 Mn employees as of March 31, 2025.
• Customer retention in this segment is high, noted at approximately 97%.
• In Q2 FY25 (quarter ending September 30, 2025), Yatra Online, Inc. onboarded 34 new corporate clients.
• These new Q2 FY25 clients expanded the annual billing potential by INR 2,615.0 million (USD 29.5 million).

The Small and Medium Enterprises (SMEs) represent a significant volume of clients, often utilizing the corporate platform for managed travel solutions.

• Registered SME customers: Approximately 58,000 as of March 31, 2025. One report noted 58,983 registered SME customers as of June 30, 2025.

For the B2C side, Yatra Online, Inc. operates as one of India's largest Online Travel Agency (OTA) platforms, serving leisure travelers looking for air, hotel, and package bookings.

• Cumulative Registered Customers (B2C only): Approximately 15.6 M as of March 31, 2025.
• Total Consumer Visits for the period April 2024 to March 2025: Approximately 106 M.
• Traffic source: Approximately 81% of total traffic is driven by direct and organic channels.

The MICE segment is specifically called out for its high-margin potential and growth, often bundled within the Hotels & Packages business line.

You can see the breakdown of the primary client categories below. Honestly, the sheer volume in B2C contrasts sharply with the high-value, lower-volume corporate base.

Customer Segment Type	Metric	Value (as of late 2025 data)
Large Corporate Customers	Count	>1,300
SMEs	Registered Clients	Approximately 58,000
B2C Leisure Travelers	Cumulative Registered Users	~15.6 M
B2C Leisure Travelers	Total Consumer Visits (FY25)	~106 M
MICE Segment	New Corporate Clients Onboarded (Q2 FY25)	34

The MICE business is noted as a dominant market player in India, contributing to the growth in Hotels & Packages revenue streams.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Yatra Online, Inc.'s operations in late 2025. Honestly, for a high-growth travel tech company, the cost structure is where you see the trade-off between scaling revenue and maintaining profitability. Here's the quick math on the key cost buckets from the second quarter of Fiscal Year 2026.

The most significant direct cost is the Service costs, which Yatra Online, Inc. reported at USD 25.4 million for Q2 FY2026. This is the cost of delivering the core travel products, like commissions or direct supplier costs, before accounting for their gross margin.

We can map out the other major operating expenses using the latest available figures, which are often reported in Indian Rupees (INR) for this entity. The total expenditure for Q2 FY26 was reported around INR 339 crore, showing a significant increase to support the revenue surge.

Cost Component	Reported Q2 FY2026 Amount	Context/Detail
Service Costs (Direct Cost of Revenue)	USD 25.4 million	As specified for the period.
Employee Costs (Salaries & Benefits)	INR 41.06 crores	Reflecting ongoing investments in talent acquisition and retention. This is approximately USD 46.2 million based on implied Q2 FY26 revenue conversion.
Finance Costs (Interest)	USD 0.3 million	As specified. The reported INR figure was approximately INR 2.17 crores.
Marketing and Sales Promotion Expenses	USD 0.7 million	As specified for the period.

Technology is a major underlying cost driver, even if not explicitly broken out as a single line item matching the prompt's request. We see evidence of continued investment through the depreciation charge. This charge, which often captures the wear-and-tear on owned assets like servers and software infrastructure, increased.

• Technology development and maintenance expenses component (via Depreciation): Depreciation increased to INR 9.87 crores from INR 9.15 crores in the prior quarter, indicating continued capital expenditure on technology infrastructure.

Employee salaries and administrative overhead form a substantial part of the fixed cost base. You've got to keep the team sharp, especially in corporate travel where client relationships matter. The investment in personnel is clear when you look at the sequential increase in employee costs.

Finance costs are relatively contained, but you must track them. The interest expense, which includes the cost associated with lease liabilities, was reported at USD 0.3 million for the quarter. Still, it's important to note that total expenses rose significantly to support the 48.5 percent year-over-year revenue jump.

Here are the key cost drivers that management is balancing right now:

• Service Costs consume the largest portion of revenue before gross margin is calculated.
• Employee Costs at INR 41.06 crores show a commitment to human capital.
• Marketing and Sales Promotion at USD 0.7 million suggests a targeted approach rather than broad, expensive campaigns.
• Technology-related depreciation is rising, which is expected given the need for robust, scalable platforms.

Finance: draft 13-week cash view by Friday.

Yatra Online, Inc. (YTRA) - Canvas Business Model: Revenue Streams

You're looking at how Yatra Online, Inc. (YTRA) converts its value proposition into actual cash flow as of late 2025. The revenue streams are clearly segmented, with a strong push toward higher-margin corporate and MICE business to offset pressures in the more commoditized B2C air ticketing space. Honestly, the shift in focus is what you'd expect from a market leader navigating a competitive environment.

The core financial performance for the fiscal year ended March 31, 2025, gives us a solid baseline for the major segments:

Revenue Stream Component	FY2025 Adjusted Margin (Amount)	FY2025 Adjusted Margin (USD Equivalent)
Air Ticketing Adjusted Margin	INR 3,588.2 million	USD 42.0 million
Hotels and Packages Adjusted Margin	INR 1,473.1 million	USD 17.2 million

The total revenue for the full fiscal year 2025 reached USD 93.1 million (INR 7,957.3 million). This shows that the two segments above account for a significant portion of the total adjusted margin generated.

For the Corporate Travel segment, which generates service fees and commissions, the momentum is clear from recent client wins. This is where the real recurring revenue strength is built. For the three months ended September 30, 2025 (Q2 FY26), Yatra Online, Inc. onboarded 34 new clients, which expanded the annual billing potential by INR 2,615.0 million (USD 29.5 million). This metric directly reflects the expected future service fee and commission revenue growth from the corporate segment.

The MICE business is explicitly called out as a high-growth, high-margin area, especially following the Globe Travels acquisition. While we don't have a standalone FY2025 MICE Adjusted Margin figure separate from the Hotels and Packages segment in the required format, its contribution is noted as pivotal to the overall FY2025 revenue momentum. For the latest reported quarter (three months ended September 30, 2025), the MICE business was a key driver of the 58.9 percent increase in Hotels and Packages revenue.

Other services revenue, which bundles bus, rail, cab, freight, and IT services, contributes a smaller, but still growing, margin component. For the three months ended September 30, 2025, the Adjusted Margin from these Other Services was INR 94.9 million, equivalent to USD 1.1 million. This stream supports the overall diversified revenue profile:

• Bus and Rail bookings.
• Cab services revenue.
• Freight services revenue.
• IT services revenue streams.

To be fair, the B2C air ticketing segment faced margin pressures, but the strategic pivot to corporate and MICE has been the key to maintaining overall profitability, as seen by the USD 1.1 million Adjusted EBITDA for the full year 2025. Finance: draft 13-week cash view by Friday.