Exhibit 99.1

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS JUNE 30, 2023

Gurugram, India and New York October 16, 2023— Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months and year ended June 30, 2023.

“We started Fiscal Year 2024, on a strong footing on the Air front with the highest number of Air Passengers booked since pre-COVID in December 2019, up 41.5% YoY far outpacing domestic air passenger industry growth of 14.8% YoY. Our revenue for the quarter ended June 30, 2023, was reported at INR 1,105.8 million (USD 13.5 million) up 23% YoY. Adjusted Margin from Air Ticketing of USD 14.1 million was up 46% YoY. Sequentially as well, we grew at 2x the industry rate in domestic air clearly demonstrating our ability to gain market share and the strength of the YATRA brand. Adjusted EBITDA for the quarter reached INR 115.4 million (USD 1.4 million), marginally lower vs. the June 2022 quarter at INR 123.5 million (USD 1.5 million).

International travel has also shown a steady improvement during the quarter ended June 30, 2023, reaching approximately 90% of pre-COVID levels. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success.

We further fortified our leadership in the Corporate travel sector by signing 19 new corporate customer accounts in the June quarter in our Corporate business with an annual billing potential of INR 1,510 million (~USD 18.2 million) underlining the capabilities and leadership of our Corporate Travel SaaS platform.

Yatra Online Limited, our Indian subsidiary, was successfully listed on the National Stock Exchange of India Limited and on the Bombay Stock Exchange on September 28, 2023 consummating the IPO of INR 7,750 million. The proceeds from this milestone will predominantly fuel our strategic growth, technology advancements, and customer-centric initiatives.

Furthermore, we also benefited from an additional inflow of approximately USD 21 million through the sale of shares in this IPO of this amount held by its wholly owned subsidiary THCL, which flowed through to the parent entity Yatra Online, Inc. This capital not only enabled us to repay the MAK debt but has also provided us with the flexibility to potentially allocate a part of the residual funds for future YTRA share buybacks. Additionally, we believe the IPO will also be beneficial to the consolidated company on several fronts as it provides a liquid stock that can be used for M&A in India. In addition, the transaction expands the shareholder base of the consolidated company by adding retail and institutional investors in India already familiar with Yatra’s business and brand while increasing its visibility through a larger pool of equity analysts.

In conclusion, as we navigate the evolving landscape, our commitment remains unwavering—to leverage growth opportunities and ensure Yatra’s continued ascent” - Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended June 30, 2023:

Note:

As of June 30, 2023, 63,795,829 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

Convenience Translation

The interim unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the unaudited interim condensed consolidated statement of profit or loss and other comprehensive loss for the three months ended June 30, 2023, the unaudited interim condensed consolidated statement of financial position as of June 30, 2023, the unaudited interim condensed consolidated statement of cash flows for the three months ended June 30, 2023 and discussion of the results of the three months ended June 30, 2023 compared with three months ended June 30, 2022, were converted into U.S. dollars at the exchange rate of 82.06 INR per USD, which is based on the noon buying rate as at June 30, 2023, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).

Recent developments

Results of Three Months Ended June 30, 2023

Revenue. We generated Revenue of INR 1,105.8 million (USD 13.5 million) in the three months ended June 30, 2023, an increase of 23.0% compared with INR 899.0 million (USD 11.0 million) in three months ended June 30, 2022.

The increase in revenue was primarily due to the sustained elevated travel demand in India in the quarter ended June 30, 2023 as compared to the quarter ended June 30, 2022 and an accrual of threshold bonus for Global Distribution System (“GDS”) contracts in the three months ended June 30, 2023.

Service cost. Our Service cost increased to INR 219.0 million (USD 2.7 million) in the three months ended June 30, 2023, compared to Service cost of INR 146.7 million (USD 1.8 million) in the three months ended June 30, 2022, primarily due to higher package sales in the three months ended June 30, 2023 on account of recovery in consumer travel markets.

The following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), for further details, see section below titled “Certain Non-IFRS Measures.”

Reconciliation of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)

Air Ticketing. Revenue from our Air Ticketing business was INR 489.4 million (USD 6.0 million) in the three months ended June 30, 2023 as compared to INR 375.7 million (USD 4.6 million) in the three months ended June 30, 2022, reflecting an increase of 30.3%.

Adjusted Margin (1) from our Air Ticketing business increased to INR 1,159.0 million (USD 14.1 million) in the three months ended June 30, 2023, as compared to INR 794.9 million (USD 9.7 million) in the three months ended June 30, 2022. In the three months ended June 30, 2023 , Adjusted Margin (1) for Air Ticketing includes the add-back of INR 669.7 million (USD 8.2 million) of consumer promotion and loyalty program costs, which reduced Revenue as per IFRS 15, against an add-back of INR 419.2 million (USD 5.1 million) in the three months ended June 30, 2022. The recovery in Revenue and Adjusted Margin is primarily due to the sustained elevated travel demand in India in the quarter ended June 30, 2023 as compared to the quarter ended June 30, 2022 and an accrual of threshold bonus for GDS contracts.

Hotels and Packages. Revenue from our Hotels and Packages business was INR 452.6 million (USD 5.5 million) in the three months ended June 30, 2023, as compared to INR 390.7 million (USD 4.8 million) in the three months ended June 30, 2022, reflecting an increase of 15.8%.

Adjusted Margin (1) for this segment increased by 1.6% to INR 307.6 million (USD 3.7 million) in the three months ended June 30, 2023 from INR 302.7 million (USD 3.7 million) in the three months ended June 30, 2022. In the three months ended June 30, 2023, Adjusted Margin (1) for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 74.1 million (USD 0.9 million) against an add-back of INR 58.7 million (USD 0.7 million) in the three months ended June 30, 2022. The increase in Revenue and Adjusted Margin in the three months ended June 30, 2023 is on account of recovery in domestic travel, along with addition of new distribution partners. The reduction in Adjusted Margin is on account of change in mix in favor of packages.

Other Services. Our Revenue from Other Services was INR 26.7 million (USD 0.3 million) in the three months ended June 30, 2023, a decrease from INR 47.5 million (USD 0.6 million) in the three months ended June 30, 2022.

Adjusted Margin for this segment decreased by 36.4% to INR 32.7 million (USD 0.4 million) in the three months ended June 30, 2023, from INR 51.4 million (USD 0.6 million) in the three months ended June 30, 2022. In the three months ended June 30, 2023, Adjusted Margin includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 6.0 million (USD 0.1 million) against an add-back of INR 3.9 million (USD 0.1 million) in the three months ended June 30, 2022 pursuant to IFRS 15. This decrease in Adjusted Margin is primarily due to a decrease in revenue from our freight business.

Other Revenue. Our Other Revenue was INR 137.2 million (USD 1.7 million) in the three months ended June 30, 2023, an increase from INR 85.1 million (USD 1.0 million) in the three months ended June 30, 2022 due to an increase in advertising revenue.

Other Income. Our Other Income decreased to INR 16.8 million (USD 0.2 million) in the three months ended June 30, 2023 from INR 19.6 million (USD 0.2 million) in the three months ended June 30, 2022 due to decrease in write back of liabilities no longer required to be paid and gain on termination of leases.

Personnel Expenses. Our personnel expenses increased by 2.2% to INR 275.8 million (USD 3.4 million) in the three months ended June 30, 2023 from INR 269.9 million (USD 3.3 million) in the three months ended June 30, 2022. Excluding employee share-based compensation costs of INR 14.4 million (USD 0.2 million) in the three months ended June 30, 2023, compared to INR 34.5 million (USD 0.4 million) in the three months ended June 30, 2022, personnel expenses increased by 11.0% in the three months ended June 30, 2023 due to increase in headcount.

Marketing and Sales Promotion Expenses. Marketing and Sales Promotion Expenses increased by 324.0% to INR 131.0 million (USD 1.6 million) in the three months ended June 30, 2023 from INR 30.9 million (USD 0.4 million) in the three months ended June 30, 2022. Adding back the expenses for consumer promotions and loyalty program costs, which have been deducted from Revenue per IFRS 15, our marketing spend would have been INR 880.8 million (USD 10.7 million) in the three months ended June 30, 2023 against INR 512.7 million (USD 6.2 million) in the three months ended June 30, 2022, increased by 71.8% on a YoY.

Other Operating Expenses. Other operating expenses increased by 3.6% to INR 395.8 million (USD 4.8 million) in the three months ended June 30, 2023 from INR 382.1 million (USD 4.7 million) in the three months ended June 30, 2022 primarily due to increase in commission, legal and professional charges, payment gateway charges which is partially offset by decrease in provision for doubtful receivables and insurance cost.

Adjusted EBITDA(1). Due to the foregoing factors, Adjusted EBITDA Profit(1) decreased to INR 115.4 million (USD 1.4 million) in the three months ended June 30, 2023 from an Adjusted EBITDA Profit(1) of INR 123.5 million (USD 1.5 million) in the three months ended June 30, 2022.

Depreciation and Amortization. Our depreciation and amortization expenses decreased by 12.5% to INR 48.3 million (USD 0.6 million) in the three months ended June 30, 2023 from INR 55.1 million (USD 0.7 million) in the three months ended June 30, 2022 primarily due to assets fully amortized/depreciated in previous period which is partially offset by increase in depreciation in the three months ended June 30, 2023.

Impairment of loan to joint venture. On September 28, 2012, we entered into a joint venture agreement with respect to a company that operates in adventure travel activities. As at June 30, 2022, the Company has impaired the outstanding loan amount of INR 1.0 million (USD 0.01 million) to the joint venture.

Results from Operations. As a result of the foregoing factors, our Results from Operations were a profit of INR 52.7 million (USD 0.6 million) in the three months ended June 30, 2023. Our profit for the three months ended June 30, 2022 was INR 32.9 million (USD 0.4 million). Excluding the employee share-based compensation costs and impairment of loan to joint venture, Adjusted Results from Operations(1) would have been a profit of INR 67.1 million (USD 0.8 million) for three months ended June 30, 2023 as compared to a loss of INR 68.4 million (USD 0.8 million) for three months ended June 30, 2022.

Finance Income. Our finance income decreased to INR 8.5 million (USD 0.1 million) in the three months ended June 30, 2023 from INR 10.3 million (USD 0.1 million) in the three months ended June 30, 2022. This was primarily due to a decrease in the foreign exchange gain which is partially offset by increase in interest income earned from our bank deposits.

Finance Costs. Our finance costs of INR 85.4 million (USD 1.0 million) in the three months ended June 30, 2023 which includes interest on the lease liability of INR 8.6 million (USD 0.1 million) increased by INR 54.7 million (USD 0.7 million) from finance cost of INR 30.7 million (USD 0.4 million) in the three months ended June 30, 2022, which includes interest on the lease liability of INR 9.4 million (USD 0.1 million). The increase was due to increase in interest on borrowings and increase in borrowings facilities which includes invoice discounting/working capital facilities and non-convertible debenture.

Listing and related expenses. Listing and related expenses relate to the expenses incurred in connection with the Indian IPO. During the three month ended June 30, 2023, the Company has reversed INR 14.0 million (USD 0.2 million) compared to an expense of INR 10.6 million (USD 0.1 million) during the three months ended June 30, 2022 is charged to the profit and loss.

Income Tax Expense. Our income tax expense during the three months ended June 30, 2023 was INR 13.7 million (USD 0.2 million) compared to INR 8.9 million (USD 0.1 million) during the three months ended June 30, 2022.

Loss for the Period. As a result of the foregoing factors, our loss in the three months ended June 30, 2023 was INR 24.3 million (USD 0.3 million) as compared to a loss of INR 7.0 million (USD 0.1 million) in the three months ended June 30, 2022. Excluding the employee share based compensation costs, listing and related expenses and impairment of loan to joint venture, the Adjusted loss(1) would have been INR 23.9 million (USD 0.3 million) for the three months ended June 30, 2023 and Adjusted profit(1) INR 39.2 million (USD 0.5 million) for the three months ended June 30, 2022.

Basic Earnings/(Loss) per Share. Basic Loss per Share was INR 0.39 (USD 0.01) in the three months ended June 30, 2023 as compared to Basic Loss per share of INR 0.12 (USD 0.01) in the three months ended June 30, 2022. After excluding the employee share-based compensation costs, listing and related expenses and impairment of loan to joint venture, Adjusted Basic Loss per Share(1) would have been INR 0.39 (USD 0.01) in the three months ended June 30, 2023, as compared to Adjusted Basic Earnings INR 0.61 (USD 0.01) in the three months ended June 30, 2022.

Diluted Earnings/(Loss) per Share. Diluted Loss per Share was INR 0.39 (USD 0.01) in the three months ended June 30, 2023 as compared to Diluted Loss per share of INR 0.12 (USD 0.01) in the three months ended June 30, 2022. After excluding the employee share-based compensation costs, listing and related expenses and impairment of loan to joint venture, Adjusted Diluted Loss per Share(1) would have been INR 0.39 (USD 0.01) in the three months ended June 30, 2023 as compared to Adjusted Diluted Earnings INR 0.61 (USD 0.01) in the three months ended June 30, 2022.

Liquidity. As of June 30, 2023, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 1,111.1 million (USD 13.5 million).

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended June 30, 2023 beginning at 11:00 AM Eastern Daylight Time (or 8:30 PM India Standard Time) on October 16, 2023. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 248075 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/963402477.

Certain Non-IFRS Measures

As certain parts of our Revenue are recognized on a “net” basis and other parts of our Revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.

We believe that Adjusted Margin provides investors with useful supplemental information about the financial performance of our business and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Margin may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

In addition to referring to Adjusted Margin, we also refer to Adjusted EBITDA Profit, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share which are also non-IFRS measures. For our internal management reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors, these non-IFRS financial measures exclude employee share-based compensation cost, impairment of loan to joint venture and listing and related expenses. Our non-IFRS financial measures reflect adjustments based on the following:

We evaluate the performance of our business after excluding the impact of the above measures and believe it is useful to understand the effects of these items on our results from operations, Loss for the period and Basic and Diluted Loss Per Share. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

A limitation of using Adjusted EBITDA Profit/(Loss), Adjusted Results from Operations, Adjusted Profit/(Loss) for the period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share as against using measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share-based compensation cost, listing and related expenses, impairment of loan to joint venture and depreciation and amortization in case of Adjusted EBITDA profit. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA profit, Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.

The following table reconciles our Losses for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:

Safe Harbor Statement

This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market, statements concerning management’s beliefs as well as our strategic and operational plans; the anticipated benefits of the IPO; the degree to which and how we will utilize debt facilities or the proceeds from the Indian IPO and the results we anticipate from how such funds are utilized; and our future financial performance, including statements about our Revenue, cost of Revenue, operating expenses and our ability to achieve and maintain profitability, strengthen our balance sheet or take advantage of the rapidly recovering leisure and business travel market in India. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of the COVID-19 pandemic; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia), pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (Formerly known as Yatra Online Private Limited, hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients with approximately 813 large corporate customers and approximately 50,000 registered SME customers and the third largest online travel company (OTC) in India among key OTA players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 105,600 hotels in approximately 1,490 cities and towns in India as well as more than 2 million hotels around the world, Yatra India has the largest hotel inventory amongst key Indian online travel agency (OTA) players (Source: CRISIL Report).

For more information, please contact:

Manish Hemrajani

Yatra Online, Inc.

VP, Head of Corporate Development and Investor Relations

ir@yatra.com

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THREE MONTHS ENDED JUNE 30, 2023

(Amount in thousands, except per share data and number of shares)

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2023

(Amounts in thousands, except per share data and number of shares)

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THREE MONTHS ENDED JUNE 30, 2023

(Amount in INR thousands, except per share data and number of shares)

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THREE MONTHS ENDED JUNE 30, 2023

(Amount in thousands, except per share data and number of shares)

Yatra Online, Inc.

OPERATING DATA

The following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated:

* Quantitative details are considered on Gross basis.

** Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.