Document:

Exhibit 10.16

 

***Text Omitted and Filed Separately with the Securities and Exchange Commission Confidential Treatment Requested Under 17
C.F.R. Sections 200.80(b)(4) and 240.24b-2 

 

Advertisement
Agreement

 

BETWEEN

 

BENNETT,
COLEMAN & CO. LTD.

 

AND

 

YATRA
ONLINE PRIVATE LIMITED

 

     

     

    

 

ADVERTISEMENT AGREEMENT

 

This Advertisement Agreement is entered
into at New Delhi on this 20th day of June, 2011 by and between:

 

BENNETT, COLEMAN & CO. LTD.,
an existing company within the meaning and provisions of the Companies Act, 1956, having its registered office at The Times of
India Building, Dr. D.N. Road, Mumbai 400 001 and having its corporate office at Times House, 7, Bahadurshah Zafar Marg, New Delhi
110103 (hereinafter referred to as “BCCL”, which expression shall, unless it be repugnant to the context or meaning
thereof, be deemed to mean and include its successors and permitted assigns) of the ONE PART;

 

AND

 

YATRA ONLINE PRIVATE LIMITED,
a company incorporated under the Companies Act, 1956, having its registered office at 93B, Mittal Court, Nariman Point, Mumbai
– 400021 and corporate office at Unit No. 1101-1103, Eleventh Floor, Tower B, Unitech Cyber Park, Sector 39, Gurgaon (hereinafter
referred to as the “Company”, which expression shall unless it be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and permitted assigns) of the OTHER PART.

 

(BCCL and the Company are hereinafter referred
to as such or individually as “Party” and collectively as “Parties”.)

 

    	(1) __________ (2) ___________	1

     

    

 

WHEREAS:

 

		A.	BCCL is, inter alia, engaged in the business of publishing various newspapers.

 

		B.	BCCL being a leader in the media industry would like to support the brand-building objectives of
companies through advertising. Several brands and new product categories have been built successfully through advertising in the
print medium. With the advent of new and innovative media, BCCL wishes to continuously offer options for the new generation of
entrepreneurs to launch, build and grow their brands through the print medium. The Company is desirous of availing of the multiplicity
of media options through BCCL.

 

		C.	Banks and financial institutions generally do not have focused financing facility for brand building
and BCCL would like to support such objectives, by extending to companies interested in building their brands, a line-of-credit
facility, to augment their resources and build their brands through advertising in the print and other media offered by BCCL and
the Non-Print Entities (as defined below).

 

		D.	The Company is engaged in the business of travel related products and services. Given the wide
range of Media (as defined below) and consequently the wide scope of the advertising options offered by BCCL, the Company is desirous
of conducting an extensive advertising campaign in Media for an aggregate advertisement value of [...***...]. The Company
has represented that it needs access to various modes of advertisement through the Line of Credit (as defined below). Relying on
such representation, the business plans of the Company, the financial position of the Company and the credit worthiness of the
Company and the Promoters (as defined below), BCCL has agreed to extend a Line of Credit to the Company in terms of this Agreement.

 

		E.	The Company is agreeable to paying a deposit to BCCL, for the following: (i) availing of the Line
of Credit; (ii) gaining access to the diverse Non-Print Entities through the Line of Credit; (iii) availing services of a relationship
manager; and (iv) being provided with information about any special schemes of BCCL. The Company is also agreeable to making part
payment for the Media utilized as and when the Company places advertisements in the Media.

 

		F.	The Parties have agreed to certain terms and conditions of the Line of Credit, including terms
of usage of the Line of Credit by the Company for advertising of Company’s products, services and brands in Media in accordance
with the terms and conditions provided herein.

 

NOW THEREFORE, in consideration
of the mutual representations, warranties and covenants contained herein, and other good and valuable consideration the receipt
and sufficiency of which are hereby confirmed, it is hereby agreed by and between the Parties and this Agreement witnesseth as
under:

 

    
	(1) __________ (2) ___________	2

***Confidential Treatment Requested***

     

    

 

ARTICLE 1

 

DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement, the following terms,
to the extent not inconsistent with the context thereof, shall have the meanings assigned to them hereinbelow:

 

		(a)	Agreement shall mean this Advertisement Agreement and any amendments or modifications, made
to this Agreement by the Parties in writing;

 

		(b)	Business Day shall mean a day on which scheduled commercial banks are open and working in
their regular course of business in New Delhi, India;

 

		(c)	Commencement Date shall be April 1, 2011, subject to payment of Deposit in terms of Article
2.2 below;

 

		(d)	Company Affiliates shall mean (a) such entities where the Company owns and controls at least
50% + 1 share of the paid up equity shares of the entity; (b) such entities which own and control atleast 50% + 1 share of the
paid up equity shares of the Company (c) such entities which own and control at least 50% + 1 share of the paid up equity shares
of entities defined in sub clause b of this clause; (d) such entities, except those defined above, wherein entities defined in
sub clause b and/ or c own and control at least 50% + 1 share of the paid up equity shares and such entity and as enlisted in Exhibit
3 hereunder;

 

		(e)	Control shall mean direct or indirect possession of control or the power to direct or cause
the direction of the management and policies of any company or entity, pursuant to the ownership of voting securities;

 

		(f)	Credit Amount shall have the meaning set out in Article 2.1;

 

		(g)	Cure Period shall have the meaning set out in Article 4.4;

 

		(h)	Deposit shall have the meaning set out in Article 2.2;

 

		(i)	Down Payment shall have the meaning set out in Article 2.4;

 

		(j)	Gross Amount Due shall have the meaning set out in Article 4.6.2;

 

		(k)	Line of Credit shall have the meaning set out in Article 2.1;

 

		(l)	Liquidity Amount shall have the meaning set out in Article 4.5.1;

 

		(m)	Liquidity Event shall mean the date on which the Net Warrant Exercise Amount is paid by
BCCL to the Company in accordance with the terms of the Warrant Subscription Agreement;

 

		(n)	Media shall mean Print Publications and Non-Print Media collectively;

 

		(o)	Net Amount Due shall have the meaning set out in Article 4.6.2;

 

		(p)	Net Warrant Exercise Amount shall have the meaning set out in the Warrant Subscription Agreement;

 

		(q)	Non Defaulting Party shall have the meaning set out in Article 4.4;

 

		(r)	Non-Print Entities shall collectively mean the entities through which such Non – Print
Media is offered;

 

    
	(1) __________ (2) ___________	3

     

    

 

		(s)	Non-Print Medium/Media shall mean the following: (i) internet portal Indiatimes.com through
Times Internet Ltd., (ii) television channel Zoom TV through Zoom Entertainment Network Ltd., (iii) television channels ET
Now, Movies Now and Times Now through Times Global Broadcasting Co. Ltd., (iv) Medianet initiatives carried out through Optimal
Media Solutions Ltd., (v) FM radio channel Radio Mirchi through Entertainment Network India Ltd., (vi) magazines published and/or
marketed through World Wide Media Ltd.; (vii) internet portals Timesjobs.com, Magicbricks.com and simplymarry.com through Times
Business Solutions Limited; and (viii) bus-shelters and hoardings owned and operated through Times Innovative Media Ltd.

 

		(t)	Payment Date shall mean the date, as may be applicable, by which the Company is required
to make payment upon expiry of the Term or termination of the Line of Credit in terms of Article 4.2 or 4.3 or 4.9 below or termination
of this Agreement in terms of Article 4.4 below or the date on which the aggregate of the Liquidity Amounts paid along with the
Deposit is equal to or greater than the Credit Amount;

 

		(u)	Post Suspension Termination Notice shall have the meaning set out in Article 4.3;

 

		(v)	Print Publications shall mean all newspapers, published and / or distributed by BCCL in
any language within the territory of India;

 

		(w)	Promoter shall mean Yatra Online Cyprus Limited, the principal shareholder of the Company;

 

		(x)	Remaining Credit Amount shall have the meaning set out in Article 5.1;

 

		(y)	Response Letter shall mean the letter dated April 7, 2011, issued by the Response Department
of BCCL, a copy of which is annexed hereto as Exhibit 2;

 

		(z)	Suspension Notice shall have the meaning set out in Article 4.3;

 

		(aa)	Term shall have the meaning set out in Article 4.1;

 

		(bb)	Termination Notice shall have the meaning set out in Article 4.2;

 

		(cc)	Utilized Credit Amount shall mean the amount that has been utilized by the Company at the
relevant point in time towards the advertisements actually placed by the Company in both Print Publications and Non-Print Media
in terms of this Agreement; and

 

		(dd)	Warrant Subscription Agreement shall mean the agreement of even date entered into between
BCCL, the Company, the Promoter and others setting out the terms on which BCCL has subscribed to warrants issued by the Company.

 

		1.2	Interpretation

 

		1.2.1	Any reference in this Agreement to any statute or statutory provision shall be construed as including
a reference to that statute or statutory provision as from time to time amended, modified, extended or re-enacted whether before
or after the date of this Agreement and to all statutory instruments, orders and regulations for the time being made pursuant to
it or deriving validity from it.

 

		1.2.2	The meanings set forth for defined terms in this Article and all pronouns shall be equally applicable
to both the singular and plural, masculine, feminine or neuter forms as the context may require.

 

    
	(1) __________ (2) ___________	4

     

    

 

		1.2.3	All references in this Agreement to Exhibits are to exhibits in or to this Agreement unless otherwise
specified therein. The words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
words “include”, “including” and “among other things” shall be deemed to be followed by “without
limitation” or “but not limited to” whether or not they are followed by such phrases or words of like import.

 

		1.2.4	References in this Agreement to any document or agreement shall be deemed to include references
to such document or agreement as amended, varied, restated, supplemented or replaced from time to time in accordance with the terms
thereof and to include any side letters executed in connection therewith, except as otherwise provided in this Agreement.

 

		1.2.5	The headings/captions of the several Articles and clauses of this Agreement are intended for convenience
only and shall not in any way affect the meaning or construction of any provision therein.

 

		1.2.6	References to writing include printing, typing, lithography and other means of reproducing words
in a visible form.

 

		1.2.7	Time is of the essence in the performance of the Parties’ respective obligations. Any time
period specified herein may be extended only if confirmed in writing by both the Parties, and such extended time shall also be
of the essence.

 

		1.2.8	The recitals stated above shall be read with and form a part of this Agreement.

 

ARTICLE 2

 

LINE OF CREDIT

 

		2.1	The Company has requested BCCL to extend a long-term credit facility for release of advertisements
and, subject to Article 2.2 and 2.3 below, BCCL has, relying on the representations given by the Company, agreed to extend such
facility to the Company for an aggregate amount not exceeding [...***...] (“Credit Amount”), to be
utilised based on the terms and conditions set out in this Agreement (“Line of Credit”). The Credit Amount has
been arrived at based on the business requirements of the Company.

 

		2.2	The Company shall make payment of a sum of [...***...] to BCCL as an interest free deposit
(“Deposit”) subject to applicable statutory deductions, in consideration for the following:

 

2.2.1     being permitted to utilise
the Line of Credit being provided by BCCL; and

 

2.2.2     BCCL enabling the Company
to release advertisements in Non-Print Media in terms of this Agreement.

 

		2.3	The Company shall make payment of the Deposit no later than 3 (Three) Business Days from the date
hereof by pay order(s) or demand draft(s) or cheque(s) drawn on a recognised bank or such other means that are acceptable to BCCL.

 

		2.4	The Company shall make payment to BCCL or the relevant Non-Print Entity of an amount equivalent
to 1/3rd (One-third) of the value of the advertisement (“Down Payment”) released in the Media, in
cash, in accordance with the extant policy of BCCL or the Non-Print Entity in whose Non-Print Medium such advertisement is being
released, as and when the Company releases the advertisement. It being clarified that the Down Payment shall not form a part of
the Credit Amount and shall not be adjusted against / reduced by the amount of the Deposit. While releasing the Down Payment, the
Company shall withhold the applicable taxes on the entire invoice amount.

 

    
	(1) __________ (2) ___________	5

***Confidential Treatment Requested***

     

    

 

		2.5	The balance 2/3rd (Two-third) of the value of advertisement released in the Media: (i)
shall constitute a part of and be counted towards the Utilized Credit Amount for the purposes of this Agreement; (ii) shall not
in the aggregate exceed the Credit Amount; and (iii) shall be paid in terms of Article 4.

 

		2.6	Subject to Article(s) 4.2, 4.3 and 4.4 below, the Line of Credit shall continue to be available
to the Company for the Term set out in this Agreement and the Company shall be permitted to release advertisements in terms of
Article 3 below, to the extent of the Credit Amount set out in this Agreement and in accordance with the terms and conditions contained
in this Agreement.

 

ARTICLE 3

 

TERMS OF RELEASE OF ADVERTISEMENTS

 

		3.1	The Company shall be permitted to advertise, during the Term, on a non-exclusive basis only the
products, services and brands owned and exclusively used by it and Company Affiliates to the extent of the Credit Amount or Remaining
Credit Amount, as the case may be, and BCCL hereby agrees to carry such advertisements in the Media in accordance with the terms
and conditions set out in this Agreement and in accordance with the extant policies of BCCL or the relevant Non-Print Entity.
Provided that:

 

		3.1.1	The Company shall only be permitted to use up to [...***...] of the Credit Amount for
the purposes of advertising in the Non-Print Media.

 

This Agreement
shall also cover advertisements relating to corporate campaigns, financial information and recruitment requirements of the Company.

 

		3.1.2	This Agreement shall also cover advertisement of co-branded products of the Company provided that:

 

		3.1.2.1	Such advertisements shall primarily be for the advertisement of products and services of the Company.

 

		3.1.2.2	In such advertisements the product and logo associated with the brand(s) of the Company shall get
equal or more prominence over the product and logo associated with the brand(s) not owned by the Company.

 

		3.1.3	The release of advertisements for any product that: (i) in any manner makes use of silk or leather,
& (ii) contains any kind of non-vegetarian food; shall not be covered by this Agreement.

 

		3.1.4	The Company shall make payment for the Credit Amount, or parts thereof, in accordance with Article
4 below. The Company hereby authorises BCCL to make payment to the respective Non-Print Entity on behalf of the Company, in respect
of advertisements released in Non-Print Media.

 

    
	(1) __________ (2) ___________	6

***Confidential Treatment Requested***

     

    

 

		3.1.5	The Company shall make payment for the Down Payment directly to BCCL or the relevant Non-Print
Entities for such release in Print Publications or Non-Print Media, respectively.

 

		3.2	It is clarified that: (i) the agency commission, if any, payable by the Company to an advertising
agency, shall be paid by the Company directly to such agency and shall not form a part of the Credit Amount or Down Payment payable
to BCCL or the relevant Non-Print Entities, as the case may be, with respect to the advertisements released by it; (ii) the Credit
Amount, or a part thereof, shall not be utilised in relation to an event, sponsorship of an event, and/or any activity that requires
BCCL or any Non-Print Entity to make payment to a third party & (iii) any future taxes payable, if any, on release of advertisements,
shall be paid by the Company and shall not form a part of the Credit Amount or Down Payment.

 

		3.3	The Parties agree that upon release of advertisements by the Company, BCCL or the respective Non–Print
Entity, as the case may be, shall raise invoices for the advertisements released by it as follows:

 

		(a)	As regards advertisements placed in the Print Publications through an advertising agency, the invoicing
shall be in terms of the extant policy applicable to Print Publications and shall be raised in the name of such advertising agency.
Immediately thereafter, BCCL will credit the account of the advertising agency for the invoice value with corresponding debit to
account of the Company;

 

		(b)	As regards advertisements placed in the Non-Print Media, the invoicing shall be in terms of the
respective extant policies of such Non- Print Entities; and

 

		(c)	In the event the Company releases advertisements in Media directly and not through an advertising
agency, the invoicing for such release(s) shall be in terms of the extant policy applicable to such Media.

 

It being clarified that, irrespective
of whether the invoice has been raised by BCCL or the relevant Non-Print Entity, the Utilised Credit Amount will be deemed to have
been utilized to the extent of advertisements placed by the Company in the Media.

 

		3.4	By virtue of the rights accruing to the Company in terms of this Agreement, the obligation of the
Company to pay BCCL shall be that of the Company and not the advertising agency.

 

		3.5	The Company or the advertising agency, as the case may be shall ensure that any release order for
advertisements being released in terms of this Agreement shall bear the following words: “This release order is being
made in terms of the Advertisement Agreement entered into between BCCL and Yatra Online Private Limited” and quote the
PT Reference Code that is allotted to the Company. Advertisement in terms of release orders not bearing the said words and the
PT Reference Code shall be treated as advertisements in the normal course of business and shall not be considered as a release
in terms of this Agreement. Further all invoices raised by BCCL and the respective Non-Print Entity shall bear the following
words: “This invoice is being raised in terms of the Advertisement Agreement entered into between BCCL and Yatra Online
Private Limited”.

 

		3.6	The advertisement expenditure in terms of this Agreement shall be treated as recurring and ordinary
expenditure in the books of the Company.

 

    
	(1) __________ (2) ___________	7

     

    

 

		3.7	BCCL and the Company hereby agree and confirm that the rates for various advertisements in the
Print Publications shall be in accordance with the extant policies of the specific Print Publication at the time of placing such
advertisements, as modified by the Response Letter in Exhibit 2 of this Agreement. The rates for release of advertisements in Non-Print
Media shall be as negotiated by the Company with the relevant Non-Print Entity. It is specifically clarified that the choice of
space and slot in respect of advertisements by the Company in Media shall be subject to the availability of space or slot in the
relevant Media as sought by the Company.

 

		3.8	The Company agrees that this Agreement merely governs the advertising arrangement between BCCL
and the Company. The Company further agrees that BCCL and the relevant Non–Print Entities shall retain full editorial independence
in respect of the content in any Media to feature any articles, views, comments, features, news articles and so on, on the activities
of the Company and on the Company, notwithstanding the terms of this Agreement. The Company hereby acknowledges and agrees that
the Company will not be entitled to any preferential treatment in this regard by BCCL or the Non-Print Entities on account of the
Company entering into this Agreement with BCCL.

 

ARTICLE 4

 

TERM, EXPIRY/TERMINATION OF LINE OF
CREDIT AND CONSEQUENCES OF TERMINATION

 

		4.1	The Line of Credit shall be available on and from the Commencement Date and shall continue to be
available for a period of 4 (four) years (the “Term”), unless terminated earlier by the Parties in accordance
with Article(s) 4.2 or 4.4 or suspended in accordance with Article 4.3 of this Agreement. In the event the aggregate value of advertisements
released by the Company within the Term is less than [...***...], the Company shall be entitled to release advertisements
for the balance amount within a period of six months from the end of the Term, as per the terms hereof.

 

		4.2	BCCL may, at any time after 6 (six) months from the date hereof and prior to the expiry of the
Term, in its sole discretion, terminate the Line of Credit by giving 3 (three) days prior notice (“Termination Notice”)
to the Company, upon occurrence of the following:

 

		4.2.1	Initiation of voluntary or involuntary insolvency or bankruptcy proceeding of the Company, including
filing of a winding up petition against the Company;

 

		4.2.2	Failure by the Company of its obligations to make payments in accordance with Article 2.4 of this
Agreement;

 

		4.3	Notwithstanding Article 4.2 above, BCCL may at its option, suspend the Line of Credit, without
terminating it, by giving 3 (three) days prior notice (“Suspension Notice”) to the Company based on any of the
factors set out in Article 4.2 above. BCCL may, at its sole discretion, resume or terminate the Line of Credit, post such suspension
by giving 3 (three) days prior notice to the Company (“Post Suspension Termination Notice”). Upon resumption,
BCCL may grant a reasonable extension of the Term to the Company for utilising the Line of Credit.

 

		4.4	Either Party (the “Non Defaulting Party”) may terminate this Agreement at any
time in the event of a material breach by the other Party (the “Defaulting Party”) of any of its obligations
under this Agreement, which material breach, if capable of cure or remedy, has not been cured or remedied by the Defaulting Party
within 14 (fourteen) days of the receipt of written notice of such breach or failure (“Cure Period”) from the
Non Defaulting Party.

 

    
	(1) __________ (2) ___________	8

***Confidential Treatment Requested***

     

    

 

		4.5	The Company shall be liable to make payment of such amounts due under the Line of Credit as given
below, on the occurrence of any of the following events, within such dates as outlined:

 

		4.5.1	Upon the occurrence of a Liquidity Event before the expiry of the Term, termination of the Line
of Credit in terms of Article 4.2 or 4.3 above, or upon termination of this Agreement in terms of Article 4.4 above, the Company
shall be liable to make payment towards the Line of Credit, of an amount equivalent to the Net Warrant Exercise Amount paid under
such Liquidity Event (“Liquidity Amount”), within 3 (Three) days from the date of such Liquidity Event. It is
clarified that the Company shall be liable to make such payment, upon each occurrence of a Liquidity Event.

 

		4.5.2	Upon expiry of the Term or termination of the Line of Credit in terms of Article 4.2 or 4.3 above
or upon termination of this Agreement in terms of Article 4.4 above, provided a Liquidity Event has not taken place, within 3 (Three)
days from such expiry or the date of the Termination Notice or Post Suspension Termination Notice or expiry of Cure Period, as
the case may be, the Company shall be liable for an amount equal to the Utilised Credit Amount or the Deposit, whichever is higher.

 

		4.5.3	Upon expiry of the Term or termination of the Line of Credit in terms of Article 4.2 or 4.3 above
or upon termination of this Agreement in terms of Article 4.4 above, provided a Liquidity Event has taken place prior to such expiry
or termination and the Utilized Credit Amount is greater than or equal to the aggregate Liquidity Amount(s) plus the Deposit, within
3 (Three) days from such expiry or the date of the Termination Notice or Post Suspension Termination Notice or expiry of Cure Period,
as the case may be, the Company shall be liable for the Utilised Credit Amount less the aggregate of all amounts already paid by
the Company in terms of Article 4.3.1 above (other than the Deposit).

 

		4.5.4	Upon expiry of the Term or upon termination of the Line of Credit in terms of Article 4.2 or 4.3
above or upon termination of this Agreement in terms of Article 4.4 above, provided a Liquidity Event has taken place prior to
such expiry and/or termination and the Utilised Credit Amount is less than the aggregate Liquidity Amount(s) plus the Deposit,
within 3 (Three) days from such expiry or date of the Termination Notice or Post Suspension Termination Notice or expiry of Cure
Period, as the case may be, the Company shall be liable for the aggregate Liquidity Amount(s) plus the Deposit less aggregate of
all amounts, if any, already paid by the Company in terms of Article 4.5.1 above (other than the Deposit).

 

		4.6	It is clarified that:

 

		4.6.1	The aggregate of all amounts so payable in terms of Article 4.5 above by the Company shall not
in any event exceed the Credit Amount; and

 

    
	(1) __________ (2) ___________	9

     

    

 

		4.6.2	The amount payable to BCCL by the Company in terms of Article 4.5 above (“Gross Amount
Due”) shall be paid after setting off the Deposit against such amount (“Net Amount Due”). It being
acknowledged and agreed by the Parties that the Deposit shall be appropriated only on the Payment Date.

 

		4.7	On or before the Payment Date or in terms of Article 4.5.1 above, the Company shall, by pay order(s)
or demand draft(s) or cheque(s) drawn on a recognised bank or such other means that are acceptable to BCCL, pay the Net Amount
Due or the Liquidity Amount, as the case may be.

 

		4.8	Notwithstanding Article 4.4 above, in the event of the Company failing to make payment of the Net
Amount Due to BCCL in the manner set out in this Agreement and within the time period set out in this Agreement, the Company shall
be liable to pay such Net Amount Due along with an amount that is aggregate of the following:

 

		4.8.1	an amount equivalent to the interest calculated at the rate of [...***...] per annum,
compounded annually, on the Net Amount Due (i.e. after adjusting the Deposit), calculated from the Payment Date till the actual
date of payment.

 

		4.9	Notwithstanding anything contained herein, in the event BCCL does not exercise the Warrants under
the Warrant Subscription Agreement within the time stipulated in Article 2.2.3 of the Warrant Subscription Agreement, the Company
shall be liable to make payment only of the following amounts, under the Line of Credit:

 

		4.9.1	An amount equal to the aggregate value of advertisements consumed monthly and released by the Company
under this Agreement along with interest calculated @ [...***...] compounded on a monthly basis calculated from the Utilisation
Date till the date of payment by the Company; and

 

		4.9.2	Subject to Article 4.9.3 below, an additional interest of an amount equivalent to [...***...].

 

		4.9.3	The aforesaid payments shall be paid within 15 (Fifteen) days from the expiry of the Warrant Exercise
Period as defined in the Warrant Subscription Agreement.

 

		4.9.4	In the event the Warrant Subscription Agreement is terminated by BCCL, and the Company has completed
the purchase of the Warrants including making payment thereunder, in accordance with Article 9.3 therein, the payment referred
to above in Article 4.9.2 shall not apply.

 

		4.10	Notwithstanding anything contained in this Agreement, termination
of this Agreement will lead to the termination of the Warrant Subscription Agreement. Upon termination of this Agreement and subject
to the payment by the Company towards the Line of Credit, along with interest calculated @ [...***...] compounded on
a monthly basis calculated from the date of termination till the date of payment, being received by BCCL, BCCL shall within 14
(Fourteen) days of receipt of payment as mentioned post such termination, send to the Company a notice of termination of the Warrant
Subscription Agreement.

 

    
	(1) __________ (2) ___________	10

***Confidential Treatment Requested***

     

    

 

ARTICLE 5

 

AGREEMENT TO ADVERTISE & REFUND TO
THE COMPANY

 

		5.1	Upon the occurrence of one or more Liquidity Event(s) and in the event the aggregate of the Liquidity
Amount for all such Liquidity Events plus the Deposit is greater than the Utilised Credit Amount, the Company hereby agrees to
place advertisements of the value equal to such aggregate Liquidity Amount plus the Deposit less the Utilised Credit Amount (Remaining
Credit Amount) in the Media, within the Term. It being further clarified that the Company shall be permitted to utilise the
unutilised Credit Amount, i.e. the Credit Amount less the Liquidity Amount, if any, in terms of Article 3.

 

		5.2	Upon any failure by BCCL to release any advertisements in the Print Publications on the scheduled
date, including in the event of there being no issue of the relevant Print Publication on such date, BCCL shall refund the value
of such advertisement as stated in the release order, provided that:

 

		5.2.1	The release order for such advertisement given by the Company has been confirmed by the scheduling
department of BCCL; and

 

		5.2.2	BCCL shall have failed to have obtained the written consent of the Company, for not releasing such
advertisement;

 

		5.3	The Credit Amount or the Remaining Credit Amount shall stand reduced to the extent of refund as
stated in Article 5.2. Further, such refund shall be made out of Remaining Credit Amount or the Deposit. Other than as stated in
this Article 5, the Company shall not have any claim upon the Deposit or the Remaining Credit Amount.

 

ARTICLE 6

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

		6.1	Each Party hereby represents and warrants to the other party as follows:

 

		(a)	Organization and Standing: It is duly organized and validly existing under the laws of India
and has full power and authority (corporate or otherwise) and has all material governmental licenses, consents and approvals necessary
to own its assets and properties and to carry on its business as now conducted.

 

		(b)	Authority and Enforceability: It has all necessary power, authority and approval to execute
and deliver this Agreement and to perform all of its obligations arising or created hereunder. The execution, delivery and performance
of this Agreement have been duly authorized after taking all required corporate action.

 

		6.2	The Company hereby represents and warrants that the Company is the legal owner of and has the exclusive
right, title and interest in all the brands promoted and advertised by the Company in terms of this Agreement, being the brands
listed in Part A of Exhibit 1 hereto. The Company covenants that the brands promoted and advertised by the Company in terms
of this Agreement, including the brands listed in Part A of Exhibit 1 hereto shall be owned and used exclusively by the Company
during the Term of this Agreement. The Company further covenants that at least 3 (three) days prior to the release of advertisements
relating to brand(s) other than those listed in Exhibit 1 hereto, the Company shall provide BCCL with necessary documents evidencing
that it is the owner of such brand(s).

 

    
	(1) __________ (2) ___________	11

     

    

 

		6.3	In respect of all advertisements to be released in Media in terms of this Agreement, the Company
shall ensure the following:

 

		6.3.1	That the Company shall be the owner of all rights to such advertisements;

 

		6.3.2	That release of such advertisements shall not result in a violation of rights of any other entity;
and

 

		6.3.3	That release of such advertisements shall not result in a violation of any Applicable Law.

 

		6.4	The Company represents that the information provided by the Company to BCCL with respect to its
financial condition and business plan is accurate in all respects. The Company agrees that it shall on a continuous basis furnish
the following information to BCCL after the date hereof:

 

		6.4.1	The Company shall provide BCCL with the annual audited financials of the Company within 3 (Three)
days from the same being approved at a board meeting of the Company and in any event, no later than 180 (One Hundred and Eighty)
days from the end of each financial year; and

 

		6.4.2	Quarterly turnover of the Company, within 45 days from the end of each Quarter;

 

		6.5	As on the date of this Agreement, the Promoter holds 100% (One Hundred percent) of the shares of
the Company and is in Control of the Company.

 

		6.6	Each of the representations and warranties shall be construed as a separate representation, warranty,
covenant or undertaking, as the case may be, and shall not be limited by the terms of any other representation or warranty or by
any other term of this Agreement. Each of the representations and warranties shall be valid for the entire Term.

 

ARTICLE 7

 

MISCELLANEOUS

 

		7.1	Notices

 

		7.1.1	Any Notice or other communication required to be sent under this Agreement shall be sent or delivered
to the receiving party at the postal address and facsimile set forth below, or at such other address as the Parties may from time
to time designate in writing:

 

	The Company	
        Yatra Online Private Limited

        Unit no 1101-1103, 11th Floor, Tower B

        Unitech Cyber Park, Sector-39

        Gurgaon.

        Fax no: 0124-3040543

         

        Attn: Mr. Dhruv Shringi, WTD-cum-CEO & Mr. Alok Vaish, CFO

         

	BCCL	
        Bennett, Coleman & Company Limited,

        Times House

        7, Bahadurshah Zafar Marg

        New Delhi 110103

 

    
	(1) __________ (2) ___________	12

     

    

 

	 	
        Fax #: +91 11 23492040

         

        Attention: Director – Legal,

         

        CC: VP & Company Secretary,

        Fax #: +91 22 22731737

 

		7.1.2	Any notice or other communication shall be sent by certified or registered mail, facsimile or by
hand delivery.

 

		7.1.3	All notices referred to in this Agreement or other communications shall be deemed to have been
duly given or made:

 

		(a)	7 (seven) working days after being deposited in the mail with postage pre-paid; and

 

		(b)	if delivered by facsimile, when the activity report confirms successful transmission.

 

		7.2	Amendment

 

No modification or amendment
to this Agreement and no waiver of any of the terms or conditions hereof shall be valid or binding unless made in writing and duly
executed by all the Parties.

 

		7.3	Assignment

 

No rights, liabilities or obligations
under this Agreement shall be assigned by either of the Parties hereto without the prior written consent of the other Party hereto.
Provided that, the restrictions imposed by this Article, shall not be applicable to assignment by BCCL of its rights and obligations
under this Agreement to any of its subsidiaries, affiliates or group companies. Any such subsidiary, affiliate or group company,
to whom rights under this Agreement are assigned shall execute a deed of adherence agreeing to be bound by the terms and conditions
of this Agreement.

 

		7.4	Entirety

 

This Agreement supersedes all
prior discussions and agreements between the Parties with respect to the subject matter of this Agreement (together with any amendments
or modifications thereof and policies referred to), and contains the sole and entire agreement between the Parties hereto with
respect to the subject matter hereof.

 

		7.5	Relationship

 

None of the provisions of this
Agreement shall be deemed to constitute a partnership between the Parties hereto and neither Party shall have any authority to
bind or shall be deemed to be the agent of the other in any way except as set out herein.

 

    
	(1) __________ (2) ___________	13

     

    

 

		7.6	Costs

 

Each Party shall bear its own
legal, accounting, professional and advisory fees, commissions and other costs and expenses incurred by it in connection with this
Agreement and the transactions contemplated herein.

 

		7.7	Dispute Resolution 

 

		7.7.1	Any and all disputes or differences between BCCL and the Company arising out of or in connection
with this Agreement or its performance shall, so far as it is possible, be settled by negotiations between the Parties amicably
through consultation between a representative on behalf of BCCL and a representative on behalf of the Company.

 

		7.7.2	Any dispute or difference arising out of or in connection with this Agreement, which cannot be
amicably settled within 30 (thirty) days, shall be referred at the request in writing of either Party to binding arbitration by
1 (one) arbitrator to be appointed by mutual agreement between the Company and BCCL. If the Company and BCCL cannot mutually agree
upon the same, then the dispute shall be decided by arbitration by a panel of 3 (three) arbitrators, one arbitrator each being
appointed by the Company and BCCL and the third arbitrator being appointed in accordance with the Arbitration and Conciliation
Act, 1996 or any amendment thereof. The language of arbitration shall be English and the venue of arbitration shall be New Delhi
and the award shall be given at New Delhi.

 

		7.7.3	Each Party shall bear and pay its own costs and expenses in connection with the arbitration proceedings
unless the arbitrators direct otherwise.

 

		7.8	Governing Law 

 

This Agreement shall be governed
and construed in accordance with the laws of India.

 

		7.9	Jurisdiction 

 

Subject to the provisions of
this Article 7 and for such matters which the Court may have jurisdiction under and in respect of any arbitration proceedings,
and subject further to applicable laws in this regard, this Agreement shall be subject to the exclusive jurisdiction of the Courts
in New Delhi.

 

		7.10	Severability

 

If any term
or provision of this Agreement is held to be invalid, void or unenforceable, such provision shall be ineffective to the extent
of prohibition or unenforceability shall be amended by the parties only to the extent necessary to be enforceable consistent with
the parties' intent; provided that such unenforceability shall not invalidate the remaining provisions of this Agreement which
shall remain in full force and effect.

 

		7.11	Waiver

 

No waiver of any breach of any
provision of this Agreement shall constitute a waiver of any prior, concurrent or subsequent breach of the same of any other provisions
hereof, and no waiver shall be effective unless made in writing and signed by an authorized representative of the waiving Party.

 

    
	(1) __________ (2) ___________	14

     

    

 

		7.12	Counterparts

 

This Agreement may be executed
in counterparts, each in the like form and which when taken together shall constitute one and the same document.

 

		7.13	Confidentiality: 

 

No announcements or other disclosures
concerning this agreement or any acts performed by the Parties in pursuance hereof shall be made by any Party save in the form
agreed in writing between the Parties or where required by applicable law or regulation or any Government Agency or authority and
save and except such information, which is part of the public domain, provided that such information has not become part of the
public domain on account of any act or omission of any of the Parties.

 

		7.14	Survival

 

Any provision or covenant of
this Agreement, which expressly, or by its nature, imposes obligations beyond the expiration, or termination of this Agreement
shall survive such expiration or termination.

 

		7.15	Force Majeure

 

Upon the occurrence of an event
of force majeure which restricts, prevents or interferes with the either of the Parties performance of their obligations under
this Agreement, the Parties shall meet forthwith to discuss the terms of this Agreement, in order to arrive mutually at an equitable
solution.

 

		7.16	Disclosure of Terms

 

The Company, if required, shall
disclose the terms of this Agreement in the offer document filed by the Company with the concerned authorities in relation to an
initial public offer of the Company.

 

[REST OF THE PAGE INTENTIONALLY LEFT
BLANK]

 

    
	(1) __________ (2) ___________	15

     

    

 

IN WITNESS WHEREOF the parties hereto have
hereunto set their hands and seals the day and year first above written.

 

SIGNED AND DELIVERED BY THE WITHIN NAMED

 

BENNETT, COLEMAN & CO LIMITED

BY THE HAND OF MR.

 

(AUTHORISED SIGNATORY)

Name: Puneet Suri      /s/
Puneet Suri

Designation: Dep. Director

 

IN THE PRESENCE OF:

WITNESS:

NAME AND ADDRESS

 

SIGNED AND DELIVERED BY THE WITHIN NAMED

 

YATRA ONLINE PRIVATE LIMITED

 

BY THE HAND OF MR. Dhruv Shringi

/s/ Dhruv Shringi

 

(AUTHORISED SIGNATORY)

Name:

Designation: WTD-cum-CEO

 

IN THE PRESENCE OF:

WITNESS:

NAME AND ADDRESS

 

    
	(1) __________ (2) ___________	16Exhibit 10.17

 

September 27, 2016

 

To each of the Shareholders of

Yatra set forth on the Signature

Pages Hereto

 

Re: Letter Agreement

 

Ladies and Gentlemen:

 

As you may be aware,
Yatra Online, Inc., a Cayman Islands exempted company limited by shares (the “Company”), intends to have its ordinary
shares (“Ordinary Shares”) commence trading on NASDAQ on or before December 19, 2016.

 

Pursuant to the Company’s
articles of association (the “Articles”), all of the preference shares of the Company may be converted into Ordinary
Shares at the option of the holder thereof. In order to facilitate the proposed listing which shall be for the benefit of the Company
and all its shareholders and recognizing the amount invested by each shareholder, each of the undersigned holders of preference
shares of the Company hereby agrees to exercise its right under the Articles to convert their preference shares into Ordinary Shares
effective immediately prior to the commencement of trading of the Ordinary Shares on NASDAQ (the “Conversion”).

 

The Company and each
of the undersigned shareholders of the Company acknowledge and agree that upon the consummation of the Conversion, the issued share
capital of the Company, as shown on the Company's register of members, will be as set forth in Exhibit A.

 

The Company and each
of the undersigned shareholders of the Company agree to do all things necessary to consummate the Conversion, including voting
such shareholder’s preference shares in favor of any resolutions necessary to approve the Conversion (whether at a shareholders’
meeting or pursuant to a written consent of shareholders).

 

This letter shall be
governed in all respects by the laws of the Cayman Islands as such laws are applied to agreements between Cayman Islands residents
entered into and performed entirely in the Cayman Islands.

 

This letter and the
Exhibits hereto and the other documents referred to herein or delivered pursuant thereto constitute the full and entire understanding
and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any
manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and
therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties,
covenants or agreements outside of this letter.

 

In the event one or
more of the provisions of this letter should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other provisions of this letter, and this letter shall be construed
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

This letter may be
amended or modified only upon the written consent of the Company and each of the undersigned shareholders of the Company.

 

     

     

    

 

Each undersigned shareholder
hereby represents and warrants to the Company as follows: (a) such shareholder has all necessary power and authority under all
applicable provisions of law to execute and deliver this letter and to carry out its provisions; (b) all action on such shareholder’s
part required for the lawful execution and delivery of this letter have been taken; and (c) upon such shareholder’s execution
and delivery, this letter will be valid and binding obligations of such shareholder, enforceable against such shareholder in accordance
with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general
application affecting enforcement of creditors’ rights and (ii) as limited by general principles of equity that restrict
the availability of equitable remedies. Each undersigned shareholder agrees to indemnify the Company for any claims, losses or
expenses incurred by the Company as a result of any of the representations of such shareholder set forth herein being untrue.

 

Unless otherwise provided
herein, any notice required or permitted under this letter shall be deemed effective upon the earlier of (a) actual receipt or
(b) (i) on the day of delivery by email or confirmed facsimile transmission, (ii) three business day after the business day of
deposit with an internationally recognized overnight courier service for express delivery, freight prepaid, or (iii) seven business
days after deposit with the United States Post Office for delivery by registered or certified mail, shall be addressed to the party
to be notified at the address indicated for such party on such shareholder’s signature page hereto, or at such other address
as such party may designate by ten (10) days’ advance written notice to the other parties.

 

If the Company issues
additional Ordinary Shares or preference shares at any time between the date of this letter and the effectiveness of the Conversion
(“Additional Shares”) the Company shall ensure that the holders of such Additional Shares shall become a party to this
letter by executing and delivering a counterpart signature page hereto thereby agreeing to be bound by and subject to the terms
of this letter as an undersigned shareholders hereunder and the Company shall update Exhibit A to reflect the issuance of such
Additional Shares.

 

This letter may be
executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

 

	 	Sincerely, for Yatra Online, Inc.
	 	 	 
	 	 	 
	 	By: 	/s/ Dhruv Shringi
	 	 	 
	 	Name:   	Dhruv Shringi
	 	 	 
	 	Title: 	CEO

  

 

[Shareholder Signature Pages Follow] 

 

     

     

    

 

Acknowledged and Concurred,

 

 

	 	ORDINARY SHAREHOLDERS
	 	 	 
	 	 	 
	 	/s/ Dhruv Shringi
	 	 	 
	 	Dhruv Shringi
	 	 	 
	 	Address: 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Manish Amin
	 	 	 
	 	Manish Amin
	 	 	 
	 	Address:  	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Harshal Shah
	 	 	 
	 	Harshal Shah
	 	 	 
	 	Address: 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Haresh Chawla 
	 	 	 
	 	Haresh Chawla
	 	 	 
	 	Address: 	 
	 	 	 
	 	 	 

  

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	ORDINARY SHAREHOLDERS
	 	 	 
	 	 	 
	 	Wortal, Inc.
	 	 	 
	 	By: 	/s/ Uday Bellary 
	 	 	 
	 	Print Name:   	Uday Bellary
	 	 	 
	 	Title: 	Chairman of the Board
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

 

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Norwest Venture Partners X, LP
	 	 	 
	 	By:	Genesis VC Partners X, LLC, General Partner
	 	 	 
	 	By: 	/s/ Promod Haque
	 	 	 
	 	Print Name:   	Promod Haque
	 	 	 
	 	Title: 	Managing Partner
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

 

	 	Norwest Venture Partners IX, LP
	 	 	 
	 	By:  	Genesis VC Partners IX, LLC, General Partner
	 	 	 
	 	By: 	/s/ Promod Haque
	 	 	 
	 	Print Name:   	Promod Haque
	 	 	 
	 	Title: 	Managing Partner
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Vertex Asia Fund Pte. Ltd.
	 	 	 
	 	By: 	/s/ Chua Joo Hock
	 	 	 
	 	Print Name:   	Chua Joo Hock
	 	 	 
	 	Title: 	Director
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

  

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	Rajasthan Trustee Company Pvt Ltd A/c SME Tech Fund RVCF Trust II
	 	 	 
	 	 	 
	 	By: 	/s/ Girish Gupta
	 	 	 
	 	Print Name:   	Girish Gupta
	 	 	 
	 	Title: 	CEO
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

 

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	IDG Ventures India Fund II LLC.
	 	 	 
	 	By: 	/s/ Gulstan Ramgockim
	 	 	 
	 	Print Name:   	Gulstan Ramgockim
	 	 	 
	 	Title: 	Director
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

 

    
[SIGNATURE PAGE TO LETTER]

     

    

  

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Reliance Capital Limited
	 	 	 
	 	By: 	/s/ Amit Bapna
	 	 	 
	 	Print Name:   	Amit Bapna
	 	 	 
	 	Title: 	CFO
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES AND

ORDINARY SHARES
	 	 	 
	 	 	 
	 	E-18 Limited
	 	 	 
	 	By: 	/s/ [illegible]
	 	 	 
	 	Print Name:   	CCY Management Limited
	 	 	 
	 	Title: 	Director
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

  

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Intel Capital Corporation
	 	 	 
	 	By: 	/s/ Michael J. Scown
	 	 	 
	 	Print Name:   	Michael J. Scown
	 	 	 
	 	Title: 	Authorized Signatory
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

  

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Valiant Capital Master Fund LP
	 	 	 
	 	By: 	/s/ Brian Miller
	 	 	 
	 	Print Name:   	Brian Miller
	 	 	 
	 	Title: 	CFO

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Valiant Capital Partners LP
	 	 	 
	 	By: 	/s/ Brian Miller
	 	 	 
	 	Print Name:   	Brian Miller
	 	 	 
	 	Title: 	CFO
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF OF A RIGHT TO SWAP ORDINARY SHARES OF YATRA ONLINE PRIVATE LIMITED FOR ORDINARY SHARES OF YATRA ONLINE, INC.
	 	 	 
	 	 	 
	 	Capital18 Fincap Private Limited
	 	 	 
	 	By: 	/s/ Kshipra Jatana
	 	 	 
	 	Print Name:   	Kshipra Jatana
	 	 	 
	 	Title: 	Authorized Signatory
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

 

	 	Pandara Trust Scheme I
	 	 	 
	 	By: 	/s/ Tc Meenakshisundaram
	 	 	 
	 	Print Name:   	Tc Meenakshisundaram
	 	 	 
	 	Title: 	Designated Partner
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Acknowledged and Concurred,

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Macquarie Corporate Holdings Pty Limited
	 	 	 
	 	By: 	/s/ Glen Butler
	 	 	 
	 	Print Name:   	Glen Butler
	 	 	 
	 	Title: 	Division Director
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

 

	 	HOLDERS OF PREFERENCE SHARES
	 	 	 
	 	 	 
	 	Macquarie Corporate Holdings Pty Limited
	 	 	 
	 	By: 	/s/ Angus Buckley
	 	 	 
	 	Print Name:   	Angus Buckley
	 	 	 
	 	Title: 	Division Director
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

  

    
[SIGNATURE PAGE TO LETTER]

     

    

 

Exhibit A*

 

	Shareholder	 	Ordinary Shares 
 Post-Conversion	 	 	Ordinary Shares
 Post-Reverse Stock Split**	 	 	Percentage Ownership	 
	Dhruv Shringi	 	 	1,470,000	 	 	 	271,013	 	 	 	1.24	%
	E-18 Limited	 	 	10,449,264	 	 	 	1,926,454	 	 	 	8.78	%
	Capital18 Fincap Private Limited***	 	 	3,090,543	 	 	 	569,781	 	 	 	2.60	%
	Haresh Chawla	 	 	168,000	 	 	 	30,973	 	 	 	0.14	%
	Harshal Shah	 	 	168,000	 	 	 	30,973	 	 	 	0.14	%
	IDG Ventures India Fund II LLC	 	 	5,307,377	 	 	 	978,482	 	 	 	4.46	%
	Pandara Trust Scheme I***	 	 	936,386	 	 	 	172,635	 	 	 	0.79	%
	Intel Capital Corporation	 	 	11,810,030	 	 	 	2,177,328	 	 	 	9.92	%
	Macquarie Corporate Holdings Pty Limited	 	 	1,759,331	 	 	 	324,355	 	 	 	1.48	%
	Manish Amin	 	 	1,470,000	 	 	 	271,013	 	 	 	1.24	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Norwest Venture Partners IX, LP	 	 	18,620,098	 	 	 	3,432,850	 	 	 	15.64	%
	Norwest Venture Partners X, LP	 	 	18,620,099	 	 	 	3,432,850	 	 	 	15.64	%
	Rajast Rajasthan Trustee Company Pvt Ltd A/c SME Tech Fund RVCF Trust II	 	 	1,560,145	 	 	 	287,632	 	 	 	1.31	%
	Reliance Capital Limited	 	 	16,401,744	 	 	 	3,023,869	 	 	 	13.78	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Valiant Capital Master Fund LP	 	 	12,456,049	 	 	 	2,296,430	 	 	 	10.47	%
	Valiant Capital Partners LP	 	 	11,261,211	 	 	 	2,076,147	 	 	 	9.46	%
	Vertex Asia Fund Pte. Ltd	 	 	3,268,842	 	 	 	602,652	 	 	 	2.75	%
	Wortal, Inc.	 	 	204,105	 	 	 	37,629	 	 	 	0.17	%
	Total	 	 	119,021,225	 	 	 	21,943,066	 	 	 	100.00	%

 

* Does not include:
(a) Ordinary Shares issuable upon exercise of outstanding Company options; (b) Ordinary Shares issuable upon exercise of outstanding
warrants to purchase an aggregate of 46,459 post-Reverse Split Ordinary Shares held by Macquarie Corporate Holdings Pty Limited
or warrants to purchase an aggregate of 43,366 post-Reverse Split Ordinary Shares held by Silicon Valley Bank; (c) 277 post-Reverse
Split Ordinary Shares allocated but not yet issued to Matrix India Entertainment Consultants Private Limited; or (d) 1,567 post-Reverse
Split Ordinary Shares allocated but not yet issued to Salman Khan.

 

**A reverse-split on a
5.4240926 for 1 basis, with fractional shares rounded to the nearest whole share after aggregating all fractional shares held by
the applicable shareholder, is being effected by the Company. 

 

***Ordinary Shares issuable
upon swap of ordinary shares of Yatra Online Private Limited.

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