<SEC-DOCUMENT>0001137439-25-000395.txt : 20250425
<SEC-HEADER>0001137439-25-000395.hdr.sgml : 20250425
<ACCEPTANCE-DATETIME>20250425182110
ACCESSION NUMBER:		0001137439-25-000395
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250425
DATE AS OF CHANGE:		20250425

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Yatra Online, Inc.
		CENTRAL INDEX KEY:			0001516899
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				980484894
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89731
		FILM NUMBER:		25875561

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Marval Capital Ltd.
		CENTRAL INDEX KEY:			0002064201
		ORGANIZATION NAME:           	
		EIN:				000000000
		FISCAL YEAR END:			1231
		LEGAL ENTITY IDENTIFIER:    	549300T9C0SDVCWSD626

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		199 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5L 1A9
		BUSINESS PHONE:		416-304-1598

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		199 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5L 1A9
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
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          <cik>0002064201</cik>
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    <coverPageHeader>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>10/15/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001516899</issuerCik>
        <issuerName>Yatra Online, Inc.</issuerName>
        <issuerCusip>G98338109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>GULF ADIBA, PLOT NO. 272, 04TH FLOOR</com:street1>
          <com:street2>UDYOG VIHAR, PHASE-II, SECTOR-20</com:street2>
          <com:city>GURGAON</com:city>
          <com:stateOrCountry>K7</com:stateOrCountry>
          <com:zipCode>122008</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Marval Capital Ltd.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5800000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5800000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5800000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.4</classPercent>
      <typeOfReportingPerson>FI</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Marval Capital Ltd. is registered as an investment fund manager in Ontario, Quebec, Newfoundland and Labrador, Canada, as a portfolio manager in Ontario, Canada, and as an exempt market dealer in Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan, Canada. See Item 4(a).</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Marval Guru Fund</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5800000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5800000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5800000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.4</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>The Marval Guru Fund is an investment trust established under the laws of the Province of Ontario and offered only to accredited investors on a private placement basis. See Item 4(a).</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Marval Ltd.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5800000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5800000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5800000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>See Item 4(a).</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Benjamin Watsa</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5800000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5800000.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5800000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.4</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>See Item 4(a).</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Yatra Online, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>GULF ADIBA, PLOT NO. 272, 04TH FLOOR, UDYOG VIHAR, PHASE-II, SECTOR-20, GURGAON, INDIA, 122008.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Marval Capital Ltd., Marval Guru Fund, Marval Ltd. and Benjamin Watsa</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>199 Bay Street, Suite 4000
Toronto, Ontario
M5L 1A9</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Canada</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>5,800,000*

*The shares of the issuer are owned by Marval Guru Fund, which is managed by Marval Capital Ltd.  Marval Capital Ltd. has the authority to act on behalf of the Marval Guru Fund, including the authority to vote and direct the disposition of shares held by the Marval Guru Fund.  Marval Capital Ltd. is wholly owned by Marval Ltd.  Marval Ltd. is in turn wholly owned by Benjamin Watsa. This report is being made to the extent that, for the purposes of Section 240.13d-3, the reporting person(s) herein are deemed to beneficially own the shares. The filing of this report shall not be deemed an admission, for the purposes of Section 13(f), 13(d), 13(g) or 16(a) of the Securities Exchange Act of 1934 or otherwise that any reporting person has beneficial ownership of any securities reported herein.</amountBeneficiallyOwned>
        <classPercent>9.4%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>5,800,000*

*See Item 4(a) above.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>5,800,000*

*See Item 4(a) above.</sharedPowerOrDirectToDispose>
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      </item4>
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        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
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      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
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      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Marval Capital Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>/s/Benjamin Watsa</signature>
        <title>CEO</title>
        <date>04/25/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Marval Guru Fund</reportingPersonName>
      <signatureDetails>
        <signature>/s/Benjamin Watsa</signature>
        <title>CEO of Marval Capital Ltd., its manager</title>
        <date>04/25/2025</date>
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    <signatureInformation>
      <reportingPersonName>Marval Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>/s/Benjamin Watsa</signature>
        <title>CEO</title>
        <date>04/25/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Benjamin Watsa</reportingPersonName>
      <signatureDetails>
        <signature>/s/Benjamin Watsa</signature>
        <title>Individually</title>
        <date>04/25/2025</date>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibiti.htm
<TEXT>
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  <div style="text-align: right;">Exhibit I<br>
  </div>
  <div style="text-align: right;"> <br>
  </div>
  <div style="text-align: right;">
    <div style="text-align: center; font-size: 12pt;">JOINT FILING STATEMENT</div>
    <div style="text-align: center; font-size: 12pt;">PURSUANT TO RULE 13D-1(K)(1)</div>
    <div><br>
    </div>
    <div style="text-align: left; font-size: 12pt;">The undersigned hereby consent and agree to the joint filing of Schedule 13G under the Securities Exchange Act of 1934, as amended, with respect to the Shares
      of Yatra Online, Inc. together with any or all amendments thereto, when and if required. The parties hereto further consent and agree to file this Joint Filing Statement pursuant to Rule 13d-1(k)(1)(iii) as an exhibit to Schedule 13G, thereby
      incorporating the same into such Schedule 13G.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-size: 12pt;">This Joint Filing Statement may be terminated by any of the undersigned upon written notice or such lesser period of notice as the undersigned may mutually
      agree.</div>
    <div><br>
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    <div style="text-align: left; font-size: 12pt;">Dated: April 14, 2025</div>
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          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
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            <div style="font-size: 12pt;">MARVAL GURU FUND</div>
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        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">
            <div style="font-size: 12pt;">By:</div>
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          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;">Marval Capital Ltd., its manager</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">
            <div style="font-size: 12pt;">By:</div>
          </td>
          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;"><u>/s/Benjamin Watsa</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;">Benjamin Watsa, its CEO</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 53.76%; vertical-align: top;">
            <div style="font-size: 12pt;">MARVAL CAPITAL LTD.</div>
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        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">
            <div style="font-size: 12pt;">By:</div>
          </td>
          <td style="width: 46.24%; vertical-align: top; font-style: normal;">
            <div style="font-size: 12pt;"><u>/s/Benjamin Watsa</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;">Benjamin Watsa, its CEO</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 53.76%; vertical-align: top;">
            <div style="font-size: 12pt;">MARVAL LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">
            <div style="font-size: 12pt;">By:</div>
          </td>
          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;"><u>/s/Benjamin Watsa</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;">Benjamin Watsa, its CEO</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 53.76%; vertical-align: top;">
            <div style="font-size: 12pt;">BENJAMIN WATSA</div>
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        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">
            <div style="font-size: 12pt;">By:</div>
          </td>
          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;"><u>/s/Benjamin Watsa</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.24%; vertical-align: top;">&#160;</td>
          <td style="width: 7.52%; vertical-align: top;">&#160;</td>
          <td style="width: 46.24%; vertical-align: top;">
            <div style="font-size: 12pt;">Individually</div>
          </td>
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