<SEC-DOCUMENT>0001144204-16-135558.txt : 20170131
<SEC-HEADER>0001144204-16-135558.hdr.sgml : 20170131
<ACCEPTANCE-DATETIME>20161121144355
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-16-135558
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Yatra Online, Inc.
		CENTRAL INDEX KEY:			0001516899
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		IRS NUMBER:				980484894
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1101-3, TOWER B
		STREET 2:		11TH FLOOR, UNITECH CYBER PARK-SECTOR 39
		CITY:			GURGAON
		STATE:			K7
		ZIP:			122001
		BUSINESS PHONE:		650-843-5214

	MAIL ADDRESS:	
		STREET 1:		1101-3, TOWER B
		STREET 2:		11TH FLOOR, UNITECH CYBER PARK-SECTOR 39
		CITY:			GURGAON
		STATE:			K7
		ZIP:			122001
</SEC-HEADER>
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    <TD STYLE="width: 46%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Michael J. Minahan</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">617.570.1021<BR>
        mminahan@goodwinlaw.com</FONT></P></TD>
    <TD STYLE="width: 19%; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Goodwin Procter LLP<BR>
        Counselors at Law</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">100 Northern Avenue</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Boston, MA 02210</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">T: 617.570.1000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">F: 617.523.1231</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 21, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR AND FEDERAL EXPRESS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0.75in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Dana Brown, Attorney-Advisor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Transportation and Leisure</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Yatra Online, Inc. </B><BR>
<B>Amendment No. 3 to Registration Statement on Form F-4</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Filed November 15, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>File No. 333-213862</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Brown:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter is submitted on behalf of Yatra
Online, Inc. (the &ldquo;<U>Company</U>&rdquo; or &ldquo;<U>Yatra</U>&rdquo;) and Terrapin 3 Acquisition Corporation (&ldquo;<U>Terrapin
3</U>&rdquo;) in response to the comments of the staff of the Office of Transportation and Leisure (the &ldquo;<U>Staff</U>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) with respect to the Company&rsquo;s Registration
Statement on Form F-4 filed on September 29, 2016 (&ldquo;<U>Registration Statement</U>&rdquo;), as amended by Amendment No. 1
to the Registration Statement filed on October 25, 2016, Amendment No. 2 to the Registration Statement filed on November 1, 2016
and Amendment No. 3 to the Registration Statement filed on November 15, 2016 (&ldquo;<U>Amendment No. 3</U>&rdquo;), as set forth
in the Staff&rsquo;s letter dated November 18, 2016 (the &ldquo;<U>Comment Letter</U>&rdquo;). The Company is concurrently submitting
Amendment No. 4 to the Registration Statement (&ldquo;<U>Amendment No. 4</U>&rdquo;) which includes changes that principally reflect
responses to the Staff&rsquo;s comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For reference purposes, the text of the
Comment Letter has been reproduced and italicized herein with responses below each numbered comment. Unless otherwise indicated,
page references in the descriptions of the Staff&rsquo;s comments refer to Amendment No. 3, and page references in the responses
refer to Amendment No. 4. All capitalized terms used and not otherwise defined herein shall have the meanings set forth in the
Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The responses provided herein are based
upon information provided to Goodwin Procter LLP by the Company and by Terrapin 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commision</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 21, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal; color: #010000">1.</FONT></TD><TD>Please revise so that all material information is provided as of the most recent practicable date. By way of example, we note
that you disclose the amount in the trust account as of September 23, 2016, the approximate amount per share upon the exercise
of redemption rights as of September 26, 2016, and the number of Terrapin 3 Class A and Class F shares outstanding as of September
23, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">RESPONSE: In response to the Staff&rsquo;s comment ,Terrapin
3 has revised the disclosure on pages 7, 9, 15, 23, 49, 51, 57, 147 and 158 of Amendment No. 4 to provide all material information
as of the most recent practicable date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Selected Consolidated Historical Financial Data of Yatra,
page 20</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal; color: #010000">2.</FONT></TD><TD>We note that you have revised to disclose Revenue Less Service Cost for the three months ended June 30, 2016 and 2015. Please
revise your disclosure on page 22 to include the reconciliation of Revenue Less Service Cost to the most comparable IFRS measure
for these interim periods ended June 30, 2016 and 2015.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">RESPONSE: In response to the Staff&rsquo;s comment,
Yatra has revised the disclosure on page 22 of Amendment No. 4 to include the reconciliation of Revenue Less Service Cost to the
most comparable IFRS measure for these interim periods ended June 30, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Selected Historical Financial Data of Terrapin 3, page 23</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal; color: #010000">3.</FONT></TD><TD>Please revise this disclosure to reflect the amounts as of September 30, 2016 consistent with the updated interim financial
statements for the same period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><FONT STYLE="font-style: normal">RESPONSE:
In response to the Staff&rsquo;s comment, Terrapin 3 has revised the disclosure on page 23 of Amendment No. 4 to reflect such amounts
as of September 30, 2016. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Selected Unaudited Pro Forma Condensed Combined Financial
Information, page 24</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-style: normal; color: #010000">4.</FONT></TD><TD>We note that in this section you disclose the pro forma balance sheet data as of March 31, 2016 and the income statement data
for the year ended March 31, 2016. In light of the fact that you have updated your pro forma financial statements which begin on
page 85 to reflect the pro forma statement of position as of June 30, 2016 and the pro forma results of operations for the quarter
ended June 30, 2016, please revise your selected unaudited pro forma condensed combined financial information on page 24 to be
consistent with these periods.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commision</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 21, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><FONT STYLE="font-style: normal">RESPONSE:
In response to the Staff&rsquo;s comment, Yatra and Terrapin 3 have revised the disclosure on page 24 of Amendment No. 4 to reflect
such information as of June 30, 2016. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you should have any questions concerning the enclosed matters,
please contact the undersigned at (617) 570-1021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael J. Minahan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael J. Minahan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD></TD></TR></TABLE>

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