<SEC-DOCUMENT>0001493152-23-024977.txt : 20230908
<SEC-HEADER>0001493152-23-024977.hdr.sgml : 20230908
<ACCEPTANCE-DATETIME>20230720060314
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001493152-23-024977
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230720

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:		GULF ADIBA, PLOT NO. 272, 04TH FLOOR
		STREET 2:		UDYOG VIHAR, PHASE-II, SECTOR-20
		CITY:			GURGAON
		STATE:			K7
		ZIP:			122008
		BUSINESS PHONE:		650-843-5214

	MAIL ADDRESS:	
		STREET 1:		GULF ADIBA, PLOT NO. 272, 04TH FLOOR
		STREET 2:		UDYOG VIHAR, PHASE-II, SECTOR-20
		CITY:			GURGAON
		STATE:			K7
		ZIP:			122008
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="formcorresp_001.jpg" ALT="" STYLE="height: 44px; width: 199px"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jocelyn
                                            M. Arel</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1
    617 570 1067</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">jarel@goodwinlaw.com</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwin
                                            Procter LLP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
    Northern Avenue</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston,
    MA 02210</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">goodwinlaw.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1
    617 570 1000</FONT></P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">July
20, 2023</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Via
EDGAR</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Securities and Exchange Commission</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance - Office of Energy &amp; Transportation</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Joanna Lam and Steve Lo</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Re:</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yatra
                                            Online, Inc.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
                                            20-F for the Fiscal Year Ended March 31, 2022</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
                                            August 1, 2022</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">File
                                            No. 001-37968</FONT></P></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dear
Ms. Lam and Mr. Lo:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
letter is submitted on behalf of Yatra Online, Inc. (the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;)
in response to the comments from the staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;) of the U.S. Securities and
Exchange Commission (the &ldquo;Commission&rdquo;) with respect to the Company&rsquo;s Annual Report on Form 20-F for the fiscal year
ended March 31, 2022 (File No. 001-37968) filed with the Commission on August 1, 2022, as set forth in your letter dated March 15, 2023
and letter dated June 23, 2023 addressed to Mr. Anuj Kumar Sethi, Principal Financial Officer of the Company (the &ldquo;Comment Letter&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
reference purposes, the text of the Comment Letter has been reproduced herein with responses below each numbered comment. For your convenience,
the reproduced Staff comments from the Comment Letter have been italicized.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Form
20-F for the Fiscal Year Ended March 31, 2022</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Certain
Non-IFRS Measures, page 115</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>1.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>We
                                            note your response to prior comment 1 explains that your presentation of the non-IFRS measure
                                            Adjusted Revenue deducts amounts reflected in your statement of profit or loss as service
                                            cost as if you acted as an agent in transactions when gross presentation is required because
                                            you were the primary obligor. We also note that Adjusted Revenue adds back customer promotional
                                            expenses which are reported in your financial statements as a reduction of revenue. Please
                                            provide us with additional detail explaining how you considered Question 100.04 of the Non-GAAP
                                            Financial Measures Compliance and Disclosure Interpretations as Adjusted Revenue appears
                                            to substitute individually tailored revenue recognition and measurement methods for those
                                            of IFRS or revise your disclosure to remove this measure.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I><U>RESPONSE:</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously explained in our response letter dated April 5, 2023, we evaluate our financial performance based on Adjusted Revenue, which
represents IFRS revenue and other income after deducting service cost and adding back the expenses in the nature of customer promotional
expenses, which had been reduced from revenue, as we believe that Adjusted Revenue provides investors with useful supplemental information
about the financial performance of our business and more accurately reflects the true value addition of the travel services that we provide
to our customers.</FONT></P>

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

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="formcorresp_001.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Lam and Mr. Lo</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
20, 2023</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
considered Questions 104.01 and 104.02 of the Non-GAAP Financial and noted that Non-GAAP financial measures do not include financial
measures that are required to be disclosed by GAAP. In this respect the Company respectfully submits that Segment results (i.e., segment
revenue which is inclusive of promotion expenses and less service cost) as disclosed in the financial statements is the measure used
by the chief operating decision maker (&ldquo;CODM&rdquo;) for the review of the financial performance of the operating segments, and
to make decisions about resources to be allocated to the segments. Accordingly, the Company respectfully submits that the disclosure
in the financial statements is consistent with the existing review process of the financial performance of its operating segments by
the CODM and is in compliance with IFRS 8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
measure of Adjusted revenue (i.e. Non-GAAP measure) outside of the foot notes to the financial statement is similar to the measures used
to determine Segment results under segment information in the footnotes to the financial statements. There is, however, one difference
where &ldquo;Other income&rsquo; is added to the total column in determination of Adjusted revenue. Other income, while not included
in the computation of Segment results, it is separately identified in the segment information in the foot notes to the financial statements.
We have noted this inconsistency and going forward in order to make Adjusted revenue measure consistent with Segment results, we will
amend calculation of Adjusted revenue by removing &lsquo;Other income&rsquo; from total column. Further, to ensure alignment and consistency
we will revise the nomenclatures pertaining to Segment results and Adjusted revenue and going forward refer both of them as &lsquo;Adjusted
margin&rsquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has considered Question 100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretation and taking into consideration
the details enumerated above, respectfully submits going forward the suggested revisions will be made in the disclosures and hence the
proposed disclosure outside of the foot notes to the financial statements will not substitute individually tailored revenue recognition
and measurement methods for those of IFRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>2.</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Please
                                            confirm that Adjusted Revenue as disclosed for your reportable segments is the same as the
                                            measure Segment Results presented in your segment footnote and explain why these measures
                                            have different titles. In addition, as it relates to the presentation of segment profitability
                                            information outside of the footnotes to the financial statements, tell us how you considered
                                            Questions 104.01 and 104.02 of the Non-GAAP Financial Measures Compliance and Disclosure
                                            Interpretations.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>RESPONSE:</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
noted that disclosure of reportable segments as per Note 5 to the foot notes to the financial statements for the year ended Mach 31,
2022 is consistent with the manner in which Company&rsquo;s chief operating decision maker (CODM) reviews the operating results and makes
decisions about resources to be allocated to the segments assesses their performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in our response to your comment 1, the measure of Adjusted revenue (i.e. Non-GAAP measure) outside of the foot notes to the
financial statement is similar to the measures used to determine Segment results under segment information in the footnotes to the financial
statements. There is, however, one difference where &ldquo;Other income&rsquo; is added to the total column in determination of Adjusted
revenue. Other income, while not included in the computation of Segment results, it is separately identified in the segment information
in the foot notes to the financial statements. We have noted this inconsistency and going forward in order to make Adjusted revenue measure
consistent with Segment results, we will amend calculation of Adjusted revenue by removing &lsquo;Other income&rsquo; from total column.
Further, to ensure alignment and consistency we will revise the nomenclatures pertaining to Segment results and Adjusted revenue and
going forward refer both of them as &lsquo;Adjusted margin&rsquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revisions enumerated above will going forward address the requirements of <I>Questions 104.01 and 104.02 of the Non-GAAP Financial Measures
Compliance and Disclosure Interpretations.</I></FONT></P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="formcorresp_001.jpg" ALT=""></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Lam and Mr. Lo</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
20, 2023</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Notes
to the Consolidated Financial Statements</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>5.
Segment Information, page F-28</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>3.</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>We
                                            note your response to prior comment 2. It is unclear how your presentation of &ldquo;segment
                                            revenue,&rdquo; which excludes amounts rep</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">orted
                                            as reduction of revenue under IFRS 15, is consistent with IFRS 8 paragraph 23(a), which requires
                                            disclosure of &ldquo;revenues from external customers.&rdquo; Please explain or revise your
                                            segment footnote to instead disclose &ldquo;revenues from external customers&rdquo; as required
                                            by IFRS 8.23(a).</FONT></I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>RESPONSE</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company respectfully submits that, we earned the revenue from external customers only which includes commissions and incentives from
vendors and service charges collected from end customers for the bookings done through our various sales channels. There were no inter-segment
revenue during the year ended March 31, 2022, March 31, 2021 and March 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company respectfully submits that, the Company will include an explanation in note 5 &ldquo;Segment Information&rdquo; to the foot notes
to the financial statements, that the revenue earned by the company comprise of &ldquo;revenue from external customers&rdquo; only.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>In
                                            your response to prior comment 2, you state that you have three reportable segments: air
                                            ticketing, hotels and packages, and other services. However, in your Information about Reportable
                                            Segments reconciliation, you also present segment results for &ldquo;Others&rdquo;. Tell
                                            us if &ldquo;Others&rdquo; is comprised of operating segments that meet the criteria in IFRS
                                            8 paragraph 14. If this criteria is not met for &ldquo;Others&rdquo;, revise your presentation
                                            to be consistent with IFRS 8 paragraph 16.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>RESPONSE</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company respectfully submits that, the Company has three reportable segments: Air Ticketing, Hotels and Packages and Other Services only.
In accordance with IFRS 8 paragraph 16, information about other business activities and operating segments that are not reportable are
combined and disclosed in &ldquo;Others&rdquo; section. This primarily includes advertisement income from hosting advertisements on our
internet web-sites, income from sale of coupons and vouchers and income from facilitating website access to travel insurance companies.
The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated
financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
respectfully submit that in order to bring more clarity, we will update the disclosure by amending the nomenclature of &lsquo;Others&rsquo;
to &lsquo;All other segments&rsquo; including specific reference against &lsquo;All other segments&rsquo; where detailed explanations
are provided in the foot notes to the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>5.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>We
                                            note that your reportable segments&rsquo; measures of profit or loss is titled &ldquo;Segment
                                            Results&rdquo;. This title appears similar to &ldquo;Results from Operations&rdquo; as presented
                                            in your consolidated financial statements. Please revise to clearly distinguish the measures.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>RESPONSE</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
mentioned in our response to Comment 1 and Comment 2, we will revise the nomenclature of &ldquo;Segment results&rdquo; to &ldquo;Adjusted
Margin&rdquo;. This will clearly distinguish it from &ldquo;Results from Operations&rdquo; as presented in the consolidated financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><I>&nbsp;</I></FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><I>&nbsp;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="formcorresp_001.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Lam and Mr. Lo</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
20, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
4</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Your
                                            Information about Reportable Segments reconciliation includes a line item for unallocated
                                            expenses, which appears to be the sum of multiple types of expenses. Please disaggregate
                                            the unallocated expenses line item to separately identify and describe all material reconciling
                                            items. Refer to IFRS 8 paragraph 28.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>RESPONSE</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company respectfully submits that we will update the disclosure on Information about reportable segments and further disaggregate unallocated
expenses and other material reconciling items in accordance with IFRS 8 paragraph 28.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>We
                                            note your presentation of the subtotal &ldquo;Operating loss (before depreciation, amortization,
                                            impairment of goodwill and impairment of loan to joint venture)&rdquo; in your Information
                                            about Reportable Segments reconciliation table. Please remove this non-IFRS measure from
                                            your segment reconciliation. Refer to IFRS 8 paragraph 28(b).</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>RESPONSE</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company respectfully submits that we will remove the presentation of &ldquo;Operating loss (before depreciation, amortization, impairment
of goodwill and impairment of loan to joint venture)&rdquo; from Information about Reportable Segments.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">*
* * * *</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
you should have any questions or would like further information concerning the Company&rsquo;s responses to the Comment Letter, please
do not hesitate to contact the undersigned at (617) 570-1067.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sincerely,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>/s/ Jocelyn M. Arel</I></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jocelyn M. Arel</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">cc:</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dhruv
                                            Shringi, Chief Executive Officer, <I>Yatra Online Inc.</I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Rohan
                                            Mittal, Chief Financial Officer, <I>Yatra Online Inc.</I></FONT></P></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>formcorresp_001.jpg
<TEXT>
begin 644 formcorresp_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  L ,<# 2(  A$! Q$!_\0
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
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
