<SEC-DOCUMENT>0001104659-18-011214.txt : 20180424
<SEC-HEADER>0001104659-18-011214.hdr.sgml : 20180424
<ACCEPTANCE-DATETIME>20180222084556
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-18-011214
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180222

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><img width="200" height="46" src="g275703bgi001.gif"></font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael J. Minahan<br>   617.570.1021</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mminahan@goodwinlaw.com</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.32%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwin Procter</font> LLP</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 Northern Avenue<br>   Boston, MA 02210</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">goodwinlaw.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+1 617 570 1000</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;22, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR AND FEDERAL EXPRESS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="66%" style="border-collapse:collapse;">
<tr style="page-break-inside:avoid;">
<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and   Exchange Commission<br>   Division of Corporation Finance - Office of Transportation and Leisure<br>   Mail Stop 3561<br>   100 F Street, N.E.<br>   Washington, D.C. 20549<br>   Attention: Lyn Shenk and Amy Geddes</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Yatra Online,&nbsp;Inc.<br> Form&nbsp;20-F for Fiscal Year Ended March&nbsp;31, 2017 <br> Filed June&nbsp;30, 2017 <br> File No.&nbsp;001-37968</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mesdames:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter is submitted on behalf of Yatra Online,&nbsp;Inc. (the &#147;<b><i style="font-weight:bold;">Company</i></b>&#148;) in response to the comments from the staff of the Division of Corporation Finance (the &#147;<b><i style="font-weight:bold;">Staff</i></b>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<b><i style="font-weight:bold;">Commission</i></b>&#148;) with respect to the Company&#146;s Annual Report on Form&nbsp;20-F (File No.&nbsp;001-37968) filed with the Commission on June&nbsp;30, 2017 (the &#147;<b><i style="font-weight:bold;">Annual Report</i></b>&#148;), as set forth in your letter dated February&nbsp;7, 2018 addressed to Mr.&nbsp;Alok Vaish, Chief Financial Officer of the Company (the &#147;<b><i style="font-weight:bold;">Comment Letter</i></b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For reference purposes, the text of the Comment Letter has been reproduced herein with responses below each numbered comment. For your convenience, we have italicized the reproduced Staff comments from the Comment Letter. Unless otherwise indicated, the page&nbsp;references refer to the Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The responses provided herein are based upon information provided to Goodwin Procter LLP by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>We note that customers can book flights to and from Sudan through your website. Sudan is designated as a state sponsor of terrorism by the U.S. Department of State and is subject to U.S. export controls. You do not include disclosure about contacts with Sudan. Please describe to us the nature and extent of any past, current and anticipated contacts with Sudan, whether through customers, partners, travel services providers or other direct or indirect arrangements. You should describe any products or services you</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109772\17-27570-3\task8750806\27570-3-bg.htm',USER='109772',CD='Feb 22 15:57 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="200" height="46" src="g275703bgi001.gif"></font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Shenk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Geddes<br> Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;22, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">have provided into Sudan, directly or indirectly, and any agreements, arrangements or other contacts you have had with the government of Sudan or entities it controls.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE</font></u>: The Company is an online travel company that enables its customers to explore and search for flights, hotels, and travel-related activities on the Company&#146;s proprietary travel booking platform.&#160; The Company facilitates travel commerce by connecting retail consumers and business enterprises with travel providers, such as airlines, hotels, tour operators and the like via its travel booking platform.&#160; The Company enters into agreements with airlines and hotels and receives commissions and/or incentive payments from airlines and hotels for airline tickets sales and hotel bookings made via its platform.&#160; The Company also charges a service fee for booking certain services through its platform.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As noted in the Comment Letter, the Company does provide travel services to or relating to Sudan, including the booking of flights to and from Sudan. The flight bookings to Sudan available through the Company&#146;s website www.yatra.com are offered by Amadeus and Galileo, the Company&#146;s third-party central reservation systems providers. Amadeus and Galileo distribute scheduling, ticket pricing and availability information for flights to and from Sudan and that information, pursuant to our arrangement with Amadeus and Galileo, is then automatically made available via the Company&#146;s platform.&#160; The Company does not have any business operations, subsidiaries, affiliated entities or employees in Sudan.&#160; The Company does not have any agreements with travel suppliers in Sudan, with the Government of Sudan, nor, to its knowledge, with entities controlled by the Government of Sudan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By any measure, the Company&#146;s revenues associated with these Sudan-related travel services are <i>de minimis</i> and the Company does not consider them to be material to an investment decision.&#160; The Company received less than INR 839,000 (US$12,530) in revenue in connection with flights to, from or through Sudan in the fiscal year ended March&nbsp;31, 2017, representing approximately 0.009% of the Company&#146;s total revenue during that period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In any event, the Company notes that the U.S. economic sanctions against Sudan were formally lifted effective October&nbsp;12, 2017, and have been effectively suspended since January&nbsp;17, 2017.&#160; Yet even before the lifting of sanctions against Sudan, Yatra believes its activities complied at all times with those sanctions.&#160; This is so because Yatra is organized in India and has never been a &#147;United States person&#148; to which the prohibitions in the Sudanese Sanctions Regulations applied.&#160; See 31 C.F.R. &#167; 538.315.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, the Company&#146;s provision of services relating to travel to and from Sudan would have been exempt from the Sudanese Sanctions Regulations while these were in effect had Yatra ever been subject to them.&#160; Specifically, services of the type Yatra provides are covered by exemptions (a)&nbsp;applicable to First Amendment-protected free speech and authorizing the importation and exportation to/from each of these countries of &#147;information and informational materials,&#148;(1)&nbsp; and (b)&nbsp;broadly authorizing the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; 31 C.F.R. &#167; 538.212(c)&nbsp;(Sudan).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109772\17-27570-3\task8750806\27570-3-bg.htm',USER='109772',CD='Feb 22 15:57 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="200" height="46" src="g275703bgi001.gif"></font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Shenk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Geddes<br> Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;22, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;arrangement or facilitation of travel&#148; &#147;to or from any country,&#148;(2)&nbsp;as well as all transactions &#147;ordinarily incident to travel to or from any country.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company, which monitors the U.S. sanctions to ensure regulatory compliance, anticipates that it will continue to provide these travel-related services to and from Sudan so long as they are lawful.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated statement of profit or loss and other comprehensive loss for the year ended March&nbsp;31, 2017, page&nbsp;F-2</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>We note that you have separately reported certain items which you have defined as exceptional items, based on your accounting policy, as well as a subtotal of loss before exceptional items. We further note that you have presented your expenses by nature and that you have defined exceptional items as &#147;items of income or expense within the statement of profit or loss and other comprehensive loss from ordinary activities which are non-recurring and are of such size, nature or incidence that their separate disclosure is considered necessary to explain the performance of the Group.&#148; We note that IAS 1.97 indicates that &#147;[w]hen items of income or expense are material, an entity shall disclose their nature and amount separately,&#148; and that IAS 1.85-86 indicates that additional line times and subtotals should be disclosed to the extent management believes that information is needed to assist users in understanding an entities financial performance. Please address each of the following.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Please explain why you have reported items which appear to be of a dissimilar nature in a single line item, exceptional items. Specifically address IAS 1.15 and IAS 1.32 in your response.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>We note that the items you have classified as exceptional items that appear to be of an operating nature (i.e., business combination transaction costs and listing expenses) and a financing nature (i.e., a contingent dividend). Please explain how your presentation complies with IAS 1.99-102 and IAS 1.BC56.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE</font></u>: The exceptional items identified by the Staff in its comment arise from the merger transaction (the &#147;<b><i style="font-weight:bold;">Transaction</i></b>&#148;) between the Company and NASDAQ-listed Terrapin 3 Acquisition Corporation (&#147;<b><i style="font-weight:bold;">TRTL</i></b>&#148;) pursuant to which TRTL became a subsidiary of the Company. TRTL was a &#147;special purpose acquisition company,&#148; or SPAC, formed for the purpose of effecting a merger, acquisition, or similar business combination.&#160; The SPAC had no operations but was established as a public investment vehicle that has the expressed purpose of making an investment in an operating company.&#160; Prior to the Transaction, TRTL had raised cash from its original listing on NASDAQ, but did</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; 31 C.F.R. &#167;&nbsp;538.212(d)&nbsp;(&#147;The prohibitions contained in this part do not apply to transactions ordinarily incident to travel to or from any country, including importation of accompanied baggage for personal use, maintenance within any country including payment of living expenses and acquisition of goods or services for personal use, and arrangement or facilitation of such travel including nonscheduled air, sea, or land voyages.&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109772\17-27570-3\task8750806\27570-3-bg.htm',USER='109772',CD='Feb 22 15:57 2018' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="200" height="46" src="g275703bgi001.gif"></font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Shenk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Geddes<br> Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;22, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 4</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">not have any employees or processes.&#160; The Transaction resulted in Yatra being the surviving entity with Yatra obtaining TRTL&#146;s status as a NASDAQ-listed company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exceptional items have been disclosed separately in the Company&#146;s consolidated financial statements under Note 44 on page&nbsp;F-57 of its Annual Report for the year ended March&nbsp;31, 2017.&#160; These items include: (1)&nbsp;listing expenses arising out of difference between fair value of shares issued and net assets acquired; (2)&nbsp;business combination transaction costs representing lawyers&#146; fees and other professional expenses for listing services; and (3)&nbsp;contingent dividend expense representing amounts agreed to be paid to shareholders, warrant holders, ESOP holders and swap shareholders of Yatra on achievement of certain revenue and EBITDA targets (amount is insignificant at only INR 292,000 (US$4,500)).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These were incremental and directly attributable costs incurred as a result of the Company acquiring listing status as well as raising additional capital through the issuance of shares of its capital stock. The expenses do not include any allocation of operating costs such as employee benefits. The motive of the transaction was to obtain a listing on the NASDAQ stock exchange.&#160; Because each of the items are expenses incurred for a specific purpose/transaction and are similar in nature, they are aggregated in the consolidated statement of profit or loss and other comprehensive loss with a break-down presented in Note 44.&#160; Moreover, we believe that the requirements of IAS 1.32 to not offset is not relevant, since these items are similar in nature.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IAS 1.97 requires disclosure of material items of income and expense separately.&#160; The examples contained in IAS 1.98, which are inclusive, suggest that those items are infrequent in nature.&#160; Further,&nbsp;IAS 1.85 requires additional line items, headings and subtotal when such presentation is relevant to an understanding of the entity&#146;s financial performance. The expenses in question are material and are expected to be infrequent.&#160; Consequently, a separate line item would help users of the financial statements, to better understand the financial performance of the Company.&#160; In light of the requirements discussed in this paragraph, we believe that the presentation is a fair and faithful representation of the Company&#146;s financial performance and was necessary for the purposes of understanding of the financial statements. Consequently we believe that the requirement of IAS 1.15 for a fair presentation is met.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company believes that the presentation based on the nature of expense is more reliable and more relevant for its stockholders.&#160; IAS 1.101 requires expenses to be sub-classified to highlight components of financial performance that may differ in terms of frequency, potential for gain or loss and predictability. This is achieved by presenting a separate line item for the material and infrequent listing expense incurred.&#160; The term &#147;<i>results from operating activities</i>&#148; is an undefined term in IAS 1.&#160; Given the materiality, frequency and the nature of the listing expense (which is not operating), the Company believes that it would be more appropriate to exclude the exceptional listing expenses in determining the Results from Operations. Consequently, we believe that we have not violated the requirements of IAS 1.BC 56, which does not permit the separation of income and expenses of operating nature from results of operating activities.&#160; Rather, the Company has ensured that amounts disclosed in the Results from Operations are representative of activities that would normally be regarded</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109772\17-27570-3\task8750806\27570-3-bg.htm',USER='109772',CD='Feb 22 15:57 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="200" height="46" src="g275703bgi001.gif"></font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Shenk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Geddes<br> Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;22, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 5</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as operating. More importantly, the Company has complied with the key principles of fair presentation contained in the main standard.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Overall, the Company believes that the disclosure of exceptional items on the face of profit or loss and other comprehensive loss is a fair representation and is in compliance with the requirements of IAS 1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * * * *<br><br></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you should have any questions or would like further information concerning the Company&#146;s responses to the Comment Letter, please do not hesitate to contact the undersigned at (617) 570-1021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael Minahan</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael Minahan</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Dhruv Shringi, Chief Executive Officer, <i>Yatra Online,&nbsp;Inc.</i><br> Alok Vaish, Chief Financial Officer, <i>Yatra Online,&nbsp;Inc.<br>  </i>Jocelyn Arel, <i>Goodwin Procter LLP<br><br></i></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109772\17-27570-3\task8750806\27570-3-bg.htm',USER='109772',CD='Feb 22 15:57 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g275703bgi001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g275703bgi001.gif
M1TE&.#=AR  N '<  "'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "P
M    R  N (?___\Z,3K>6C'O[^_FYGOFO4KFO:U:8UKF[THQ,2'F$(RU0HRU
ME,ZU:\Z]O;7F:T*EE*6U$*VU$&.U$.][2EJU$$*U$,ZEYN:E$!FEO1FEO83F
MC$+F0BGFE&.$:QDZ*=XZ[YPZ[QDZK9PZK1F$K9R$*1DQ:QD06JT0&:T0:]X0
M[]X0[UH0K=X0K5I::QD0*=X0[YP0[QD0K9P0K1E:*1ECK9QC6N]C&>\0:QEC
M:Y1CK5IC[]YC[UICK=YC*91CK1EC[YQC[QF$6LZ$&<XZ2MXZSMXZSEHZC-XZ
MC%J$2ADZ"-XZSIPZSADZC)PZC!F$"!D02MX0SMX0SEH0C-X0C%I:2AD0"-X0
MSIP0SAD0C)P0C!E:"!ECC)P02AEC2I1CC%ICSMYCSEICC-YC")1CC!ECSIQC
MSAFEM:TZ0B'F>RGOM83FYMYS:V/%O=[OC!#FE,[F0HSF:\[FE(2$:Y3F$*WF
M$&/F$.\Z$%+F$$+F$,[F$ BEO4KFO0CO:S$Q:UJ$*5KFE*7%E!FU0JVUE&.U
ME.^U0F.U0N^U:^_F:Z5:*5K%:QFU:V,0*1D0:UHQ$!GFM>:$"%JEE!FUE$*U
M0D*U0L[F:X1:"%JE:QFU:T(0"!D02EJEO>:E0AFE[QFE[X3WYJVME(2$C%K>
MUM:$[]Z$6N^$[UJ$K=Z$K5J$&>^$*92$K1F$[YR$[QF$2I2$SMZ$SEJ$C-Z$
M")2$C!F$SIR$SAG%YN;%$!G%O1G%O83F:V/F8Q Q0E+F0D+FE._F0F/F0N_F
M0JVM:Z7F:^_F0@CF0LZM:X2EYK6E[TKF[PBE$(S__^^,C(1*0D+_[^;F$"G%
MO4KFO2G>YJW%0AG%[QG%[X0Z:XPZ*8P0:XP0*8QC:\YC*<XZ2HPZ"(P02HP0
M"(QC2LYC",X0*6,0"&-[:TH0*4(0"$)28TK>M7O%YK7%[TKF[RG%$(Q22EKO
MC"DZ:^\Z[^\Z[VLZ:ZTZK>\ZK6LZ*:TZ:\XZ[\XZ[THZ2JTZK<XZK4HZ"*WF
MUN^$C*W_Q=XZ,5H(_P !"!Q(L*#!@P@3*ES(L*'#AQ C2IQ(,6&S9OXN*JO(
ML:/'CR!#0MQH4%DS-1O:I2E@8"-)D3!CRIP9TR6 9C<-=-BP(4V?#1T,7 1@
MDRC-HTB3'K6)LYDRG0_:]9DJ566[<Z),"L1IU*;7KF"_B@U+=JS9LFC/JDW+
M=JU;L@]? A@ 8(U. 3[3Z$T3M4_5=FJ:#9"KM+#APQ&=^M/9!V\?OCXW3)7<
MKF\'-9_6<,7YMG/;SYY#@QXM6G1#K<T,R-D@H'5C 8T?"U#Y.++?-!V".AW(
M%;'OWTI%R<GE&K;Q-(X?Y'WP6'*:OQL,T'W9>_/6ZS>Q6\_.?;MW[>"[A___
M+KX\^?/CTYO'3EBA\ >M6W.(;[PQ7^5Z'_^D&K4=T*' !2B@2!TT-M]\O!07
M7P> ?*):+I UMQ]E'7R"'7<OR94A01L.U*% 'QH%(H<>DCABB2>FJ"&**IHH
M8HLLKGA=>PA-%5^"]+76P3DM$95:!_CE]5,:&ZC1$ET)?=@;=TPV61UO!"WY
M))07,BG7E$Y&R>*3U%'))'E91M1!.U)-Q0N" N2BABA+*F.2*.<\$&21GPQ&
M8I<&+?DBEDUZ&6:>?NJ9'9927D>HGP5-N1&256KI*$-2I;1?8Y4(U1M);KK9
MC"AJY!*=/W0UH]E@C+Y8WG4#I"I*J@-<ZJA@JK+_FB**7*7*#ZMM$G0KJ[:F
MVB>KMQK4*Y)-"73KJ@/M.MU<L9K*[!JR,L338RI)=HY3F)[(E4N?".:F7;GD
M8L"C%LTEB@/+', .,P<LXX H7PXT@"AGL'$ ,^RPL8PH\)ZZ$3_H'F .,^;,
M\6ZK4 X0"COLF,.PNOJ>@>RBHK"CK@/>"<S.&:4"($JZ["QCI[KL8 RBQ>Q
M@.1+HK#!,#O]+M0797JU1)*>Q$*IS"=JR!'?N(1Q-JO']3(3 !J[,(/&NFR<
M$2QOHO1S+S-)HQ$ ONXB-$"]ZQJ-AM+Y.ET0/^Q\;3;25C/3-+QTB7( &F@L
M8Y # 5S-!G8#.* T,V<,_\2,T@[(>_37)#3IMM)HM-$09=0^IH:\Y(ZHS!J
M$'<@!]>62U"JRY1=M]=U!Y"TR"(.P,;?5Q]]]"Y6FZ.X>! ,K/35NXB>-NE<
MK7% [5;7;C3K >2;55W+U,U.+9!#,#@SI2H#@>_P;C1[X$0-\/O5KX.X!CNV
M4[^0<^#W<4ZBCH:Z1J<WXC@NA@=MJ_S1%D-PA@,0W/NURHL.4#S<:I/@P!G]
M0%T #A S<QD-?LLXPQF6P0;>[4)N(!J .>RFP#- (%VS8X;*! (!I#'#9-5C
M QK^D;2)I4J$:)@#07KGO0$DX&M'8X-F!B**OUFM@ EQSJ3:L3Z<R2LU:NA
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DR)43,9,;&8R:29=M^4EJN2>S.""D69JF>9JHF9JJV1$! 0 [

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
