Yatra Online: India’s Second-Largest Online Travel Company via SPAC

Scott Miller presented his in-depth investment thesis on Yatra Online (Nasdaq: YTRA) at Wide-Moat Investing Summit 2017.

Yatra Online is a special-purpose acquisition company (SPAC) and one of India’s leading online travel companies. It provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, etc. As a leading platform of accommodation options, Yatra provides real-time bookings for 64,500+ hotels in India and 500,000+ hotels around the world. While the market may be focused on the poor historical returns of SPACs, Scott expects secular tailwinds to fuel growth, margin expansion, and multiple expansion. Yatra, with 16% market share of online travel in India, is a distant #2 to MakeMyTrip.com. Management owns 10% of Yatra while the SPAC sponsor and Norwest Ventures control roughly 15% and 20%, respectively. The enterprise sells for ~3x current-year net sales, which Scott consider low in light of a 25+% growth rate.

Scott is the founder of Greenhaven Road Capital, a boutique investment partnership that seeks out off the beaten path investments, modeled after the early Buffett partnerships. The firm is built on the belief that a focused investment manager can outperform an index by limiting fund capacity and by concentrating exposure on a few great ideas over a long time horizon. Experience as an owner-operator of businesses influence Greenhaven’s approach towards partially-owning companies rather than merely picking stocks. Prior to founding Greenhaven Road, Scott co-founded Acelero Learning, serving in a variety of roles over a decade from CFO to CTO, to Chief Strategy Officer to his current role of Board Member. Acelero Learning has grown from three people in an office “cube” in New York City to 1,100 employees serving 5,000 children across four states. Additionally, Scott managed a manufacturing business, with responsibility for hiring, firing, planning inventory, negotiating with suppliers and acquiring customers at a reasonable cost. Scott holds an MBA and a Masters in Education from Stanford University.

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