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Online travel portal <keyword id="6362992" type="COMPANY" weightage="20" keywordseo="yatra">Yatra</keyword> is merging with <keyword id="6357328" type="COMPANY" weightage="100" keywordseo="NASDAQ">NASDAQ</keyword> listed <keyword id="1919669" type="UNKNOWN" weightage="100" keywordseo="Terrapin">Terrapin</keyword> 3 Acquisition Corporation (TRTL) that values Yatra at an enterprise value of $218 million. 
 
TRTL is formed for effecting a merger, acquisition, or similar business combination and had raised $212.75 million in its IPO in July 2014 and the combined entity will be listed on NASDAQ as Yatra (YTRA). 
 
As per reports, MIHI LLC, an affiliate of Macquarie Capital, has committed to buy an additional $20 million of TRTL equity as part of the transaction and Yatra will continue to own at least 35 per cent of the issued and outstanding shares in the combined company. 
 
In addition, existing shareholders of Yatra may receive additional consideration of up to $35 million upon the achievement of certain financial objectives during the 18 months. 
 
Yatra, which was founded in 2006, will continue to be led by co-founder Dhruv Shringi. 
 
Yatra customers booked more than 2.8 million air travel reservation and hotel stays with total transaction value worth more than $900 million during fiscal year ended March 2016 at a growth of 25 per cent. 
 
(Image: Thinkstock)

Online travel portal Yatra is merging with Terrapin 3 Acquisition Corp, to be listed on NASDAQ

<ul><li><keyword id="2665691" type="General" weightage="80" keywordseo="niti-aayog" source="Orion">NITI Aayog</keyword> has sought clarity from the government regarding possible passenger data storage.</li><li>The <keyword id="15444126" type="General" weightage="50" keywordseo="digi-yatra-policy" source="Orion">Digi Yatra Policy</keyword> envisages <keyword id="4471307" type="General" weightage="100" keywordseo="digi-yatra" source="Orion">Digi Yatra</keyword> as a completely voluntary scheme.</li><li>In this policy, passengers sign up and consent to use Digi Yatra for the purpose of check-in and boarding, this agreement would have the legal character of a voluntary agreement for the temporary collection, temporary storage, and use of data.</li></ul>Amid growing concerns about use of facial recognition technology (FRT) across sectors, the NITI Aayog has sought clarity from the government regarding possible passenger data storage, as well as compliance with the laws and trustworthiness of the ecosystem governing Digi Yatra, a flight boarding system that uses this technology and which the government proposes to use in the aviation sector in future. The Digi Yatra Policy envisages Digi Yatra as a completely voluntary scheme. Where the passengers sign up and consent to use Digi Yatra for the purpose of check-in and boarding, this agreement would have the legal character of a voluntary agreement for the temporary collection, temporary storage, and use of data. "This agreement must comply with existing laws and rules on data privacy," a discussion paper on "Responsible Artificial Intelligence For All" by the government think tank has suggested. Released on November 2, the discussion paper focusses on responsible usage of artificial intelligence-based tools and technologies like FRT. The paper goes on to add that the "rules are set out presently under the Information Technology Act, 2000, and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data and Information) Rules, 2011 ('SPDI Rules'). "Given that the Digi Yatra Foundation, which operationalised the <keyword id="12654561" type="General" weightage="50" keywordseo="digi-yatra-central-ecosystem" source="Orion">Digi Yatra Central Ecosystem</keyword>, is established under the Companies Act, 2013, it would amount to a 'body corporate' for the purposes of the SPDI Rules. Therefore, it would be necessary for Digi Yatra to comply with the SPDI rules." The Digi Yatra Policy further states that facial biometrics data is deleted from the local airport's database 24 hours after the departure of the passenger's flight. NITI Aayog, however, seeks that the rules related to deletion of other information collected from the passengers, as well as any facial biometrics that are stored in other registries, must be clearly set out in Digi Yatra's policy. The Digi Yatra Policy mentions that users may also be able to provide consent for value-added services at the airport, for which purpose, their data may be shared with other entities like cab operators and other commercial entities. On this, the government think tank has suggested that there must be specific care taken to ensure that such consent is meaningfully provided and is not bundled by default. "In addition to cyber security audits, it is imperative to establish a mechanism for performing algorithmic audits by independent and accredited auditors, prior to system deployment at periodic intervals," the discussion paper said. It is pertinent to mention that FRT, like other intelligent algorithms, is fundamentally a data-intensive technology. In order to ensure propriety and legality in the manner in which data processing happens to train and develop FRT systems, it is imperative to have a codified data protection regime in the country at the earliest, the discussion paper further stated. "The new data protection bill must retain the framework to ensure data protection, including obligations, enforcement mechanisms, a regulatory agency, penalties, and remedies from the <keyword id="2617070" type="General" weightage="50" keywordseo="personal-data-protection-bill" source="Orion">Personal Data Protection Bill</keyword>, 2019. "Furthermore, such a regime must not be limited to regulating data processing by private entities but must adequately codify protections for fundamental right to privacy against state agencies (including law enforcement)," it added. NITI Aayog further recommended that sensitive personal data should be protected under the new data protection law, including biometric data such as facial images and scans. "Consequently, it is recommended that rigorous standards for data processing, as well as the storage and retention of sensitive biometric data should be adequately addressed in any proposed data protection regime, to address privacy risks associated with FRT systems," it concluded. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/niit-acquires-us-based-st-charles-consulting-group-for-23-4-million/articleshow/95320170.cms">NIIT acquires US-based St. Charles Consulting Group for $23.4 million</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-passenger-vehicles-from-november-7/articleshow/95319994.cms">Tata Motors to hike prices of passenger vehicles from November 7</a>

As facial recognition software usage grows, NITI Aayog seeks clarity on Digi Yatra privacy

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Mario Tama/Getty Images</div></div></div>Indian travel portal Yatra went public on the Nasdaq on Monday, following the footsteps of its main rival MakeMyTrip, which had its initial listing on the tech-heavy exchange in 2010. Yatra is just the fourth Indian company to be listed on the Nasdaq, following its <a href="http://techcircle.vccircle.com/2016/12/19/yatra-to-list-on-nasdaq-today-after-reverse-merger-with-us-based-blank-cheque-firm/">reverse merger with Terrapin 3 Acquisition Corp</a>. The public fundraising effort comes after a series of <a href="http://www.vccircle.com/news/technology/2014/04/24/yatra-will-break-even-less-year-ceo-dhruv-shringi">investments in the company by private equity investors</a> including Norwest Venture Partners and Network18.Yatra faces domestic competition from multiple players, and <a href="http://articles.economictimes.indiatimes.com/2015-12-07/news/68835952_1_julyseptember-rs-13-crore-mobile-internet">profits have still eluded online travel portals</a>.In email interview with Business Insider, Yatra's CEO Dhruv Shringi discussed the company's rationale for listing on the Nasdaq, his outlook for the Indian travel industry, and concerns over Yatra's profitability and competition.Prashanth Perumal: Why the decision to go public?Dhruv Shringi: We think it is the right time to go public as we have a very strong and trusted brand, a growing market, and the right internal structure, processes, and systems in place to take this huge leap forward. Over the course of the past decade, Yatra has established itself as one of the leading brands and companies in the Indian Internet and e-commerce space. We are now a force to be reckoned within the Indian travel market. With the largest Indian hotel network (61,000+) and more than 14,000 travel agents in over 1,100 cities and towns, a cumulative of more than 4.5 million customers and gross bookings of $897 million in fiscal 2016, our IPO could not have come at a better time. Also, our strategic partnership with Reliance JIO, with a preloaded Yatra app on 35 million phones, will be instrumental in our growth.Perumal: Why Nasdaq over the Indian stock exchanges?Shringi: Nasdaq has emerged as the market where a lot of our peer group of companies - the online travel companies from China, Latin America and even India - are listed. There is a lot of research analyst coverage happening for such companies on the Nasdaq, as well as liquidity and demand for these stocks. These were the factors that we kept in mind while making the decision to list on the Nasdaq. Perumal: MakeMyTrip made a similar decision to list in the Nasdaq a few years ago. Is there a trend here?Shringi: They would have their own reasons. We would not like to comment for them.Perumal: Can you explain your bullish case about India's middle-class helping Yatra?Shringi: India is the fastest growing global economy driven by a young population and travel expenditures are forecasted to grow significantly faster than the economy. India has hundreds of large cities and rising per capita income which are boosting demand for travel. Demographics, government policy, growing smartphone and mobile internet penetration, and an improved investment environment are driving growth, especially in Tier 2 and Tier 3 cities in India. The recent demonetization initiative of the Government is going to accelerate digital payments and fuel online purchasing. India is today the second largest outbound market after China, and growing faster. Also, one of the major reasons for more Indians travelling overseas is to visit their friends and families as there are a large number of Non-Resident Indians residing in various parts of the world. Perumal: Why do you think customers would choose Yatra over other online travel companies?Shringi: Yatra is one of the most trusted brands in the Indian market, with a strong emphasis on excellent customer service. This, coupled with a powerful loyalty program, has created a very loyal set of customers with almost 74% of transactions coming in from repeat users. We also have the largest hotel inventory amongst all OTAs and our strategic alliance with Reliance Jio that will enable us to efficiently reach tier 2 and 3 markets in India will ensure that Indian travelers choose us over competitors.Perumal: When will Yatra likely turn profitable?Shringi: India is a large travel market that is growing rapidly and will continue to grow over the next decade, fueled by increasing middle class disposable incomes. In addition, the rapid digital transformation that is taking place in India, coupled with the increasing penetration of smartphones and the mobile internet especially in tier 2 and tier 3 cities, is going to further drive the online travel market. In this kind of scenario, driving market share and customer acquisition is critical to building a huge business in the long term. We will invest in a number of key areas to accelerate growth in the business - building increased brand awareness, investing in mobile technology and leveraging our multi-channel approach - all of these will be critical to build a large, profitable business in the long term. Our financial projections are in the public documents associated with the listing process and we are on track to achieve those. Perumal: Are investors in Yatra looking at the IPO as a chance to exit their investment?Shringi: Our existing investors will have between 57-60% of holding in the listed entity so they are not looking at exiting their investment in Yatra. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/fed-federal-reserve-raised-rates-janet-yellen-explain-why-2016-12">Watch Yellen explain why the Federal Reserve decides to raise rates</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9iN245ODE6FzNRBdC0_U12Pgj2-fdpNL" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Here's the Indian travel company that just went public on the Nasdaq

<ul><li>The IPO of <keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword> will open on March 8 and remain open till March 10. </li><li>The company has set the price band for the issue at ₹186 to ₹187 per share. </li><li>The OTA offers a range of products and services for end-to-end travel solutions, from airline tickets to rail tickets and bus tickets to taxis, holiday packages, and much more. </li><li>EaseMyTrip.com is the second largest online travel agency in India in terms of booking volume in the nine months ended December 31.</li></ul>The ₹510 crore initial public offering (IPO) of India’s second-largest online travel agency EaseMyTrip.com will hit the capital markets next week. The IPO will open on March 8 and remain open till March 10. The Delhi-based online travel agency Easy Trip Planners operate EaseMyTrip.com. The offer comprises an offer for sale of up to ₹255 crore by its promoters Nishant Pitti and Rikant Pitti, holding 49.81% and 49.68%, respectively, in the company. The company has set the price band for the issue at ₹186 to ₹187 per share. The online travel agency (OTA) offers a range of products and services for end-to-end travel solutions, from airline tickets to rail tickets and bus tickets to taxis, holiday packages, hotels, and much more. This would be the tenth initial public offering this year after Indian Railway Finance Corporation (IRFC), Indigo Paints, Home First Finance Company (HFFC), Stove Kraft, Brookfield India REIT, Nureca and RailTel recently concluded their listings. Easy Trip Planners IPO opens next week <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opens on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 8 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closes on </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 10 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹186 to ₹187 per share </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minimum bid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 equity shares </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for qualified institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for non-institutional buyers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reservation for retail investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> Once the IPO is concluded, the equity shares will be listed on both the exchanges — BSE and NSE. Axis Capital and JM Financial are the book running lead managers for its public offering IPO. Easy Trip Planners IPO: All you need to know <ul><li>According to the CRISIL Report, EaseMyTrip.com was the only profitable online travel agency among other key agencies in India in the fiscal years 2018 to 2020. The other key players in India include Cleartrip, MakeMyTrip and Yatra Online.</li><li>EaseMyTrip.com is the second largest online travel agency in India in terms of booking volume in the nine months ended December 31.</li><li>The company has been consistently profitable over the past three years, with its profit growing from ₹3 lakh in 2018 to 32.9 crores in 2020.</li><li>In terms of annual growth in operating revenues during FY 2018 to FY2020, Easy Trip Planners Limited recorded the fastest growth at a compound annual growth rate (CAGR) of approximately 19%, among key online travel agencies in India like MakeMyTrip Limited and Yatra Online.</li><li>Indian OTA industry is expected to grow at a CAGR of 1% to 2% from fiscal 2020 to fiscal 2023 in terms of gross booking revenues.</li></ul>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-accidentally-hid-likes-for-some-users-after-expanding-long-running-test-feature-says-cnn-report/articleshow/81308217.cms">Instagram accidentally hid likes for some users after expanding long-running test feature, says CNN report</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-accidentally-hid-likes-for-some-users-after-expanding-long-running-test-feature-says-cnn-report/articleshow/81308217.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/paypal-which-had-shut-down-domestic-operations-in-india-now-plans-to-hire-1000-engineers/articleshow/81307572.cms">PayPal, which had shut down domestic operations in India, now plans to hire 1,000 engineers</a>

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Online travel portal Yatra is merging with Terrapin 3 Acquisition Corp, to be listed on NASDAQ

BI India Bureau

As facial recognition software usage grows, NITI Aayog seeks clarity on Digi Yatra privacy

IANS

Here's the Indian travel company that just went public on the Nasdaq

Prashanth Perumal

EaseMyTrip IPO is set to open on Monday — price band for the issue set at ₹186 to ₹187 per share

Navdeep Yadav

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