Exhibit 99.1

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS ENDED SEPTEMBER 30, 2020

Gurugram, India and New York November 5, 2020— Yatra Online, Inc. (NASDAQ: YTRA, OTCQX: YTROF), India's leading corporate travel services provider and one of India's leading online travel companies, today announced its unaudited financial and operating results for the three months ended September 30, 2020

“The domestic aviation market in India continued on its path of recovery with October 2020 passenger traffic up 33% from September 2020 levels having recovered to 42% of October 2019 levels.  This recovery in domestic travel led to a sequential quarterly growth of 60% in our Adjusted Revenue to INR 377.7 million (USD 5.1 million).  This growth in revenue further combined with strong cost control enabled us to reduce our adjusted EBITDA loss sequentially from INR 309.4 million (USD 4.1 million) in the June 2020 quarter to INR 125.0 million (USD 1.7 million)  in the September 2020 quarter. We continue to believe our current liquidity position and cost restructuring efforts provides us with enough capital to withstand a prolonged slowdown in the travel industry should that occur.” Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended September 30, 2020:

Note:

As of September 30, 2020, 60,020,695 ordinary shares (on an as-converted basis), par value $0.0001 per share were issued and outstanding.

Convenience Translation

The unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the unaudited interim condensed consolidated statement of profit or loss and other comprehensive loss for the three months and six months ended September 30, 2020, the unaudited interim condensed consolidated statement of financial position as of September 30, 2020, the unaudited interim condensed consolidated statement of cash flows for six months ended September 30, 2020 and discussion of the results of the three months ended September 30, 2020 compared with three months ended September 30, 2019, were converted into U.S. dollars at the exchange rate of 73.54 INR per USD, which is based on the noon buying rate as at September 30, 2020, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).

Recent Developments

COVID-19 Pandemic

In December 2019, a novel strain of coronavirus ("COVID-19") was initially detected in China, and over the subsequent months the virus spread globally. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The COVID-19 pandemic has severely restricted the level of economic activity around the world, and is having an unprecedented effect on the global travel industry. In response to the pandemic, the governments of many countries, states, cities and other geographic regions have implemented containment measures, such as imposing restrictions on travel and business operations and advising or requiring individuals to limit or forgo their time outside of their homes. Individuals' ability to travel has been curtailed through border closures across the world, mandated travel restrictions and limited operations of hotels and airlines, and may be further limited through additional voluntary or mandated restrictions on travel. The measures implemented to contain the COVID-19 pandemic have had, and are expected to continue to have, a significant negative effect on our business, financial condition, results of operations, cash flows and liquidity position. In particular, such measures have led to unprecedented levels of cancellations and limited new air travel, hotel and holiday bookings. Due to the high degree of cancellations and customer refunds and lower new bookings in our Air Ticketing and Hotels and Packages segments, we are experiencing unfavorable working capital trends and material negative cash flow. This is expected to continue until cancellations stabilize and travel demand begins to recover from current levels, at which time Ticketing, including air travel, and Hotel and Packages bookings and cash flow are expected to increase.

Our results for the quarter ending September 30, 2020, continue to have been significantly and negatively impacted by the COVID-19 pandemic and significant erosion of travel demand due to nationwide travel restrictions and lockdowns across the globe. We continue to implement certain measures and modified policies in light of the COVID-19 pandemic. For example, we have largely automated our re-scheduling and cancellation of bookings and provided our customers greater flexibility to defer or cancel their travel plans. In addition, we have also undertaken certain cost reduction initiatives, including implementing salary reductions and freezes and work from home policies, renegotiating fixed costs such as rent, deferring non-critical capital expenditures, reducing our marketing expenses and renegotiating our supplier payments and contracts. We expect to continue to adapt our policies and cost reduction initiatives as the situation evolves. Although, travel restrictions and quarantine orders are gradually being eased and we are seeing increased travel activity within India and globally, it remains difficult to predict the duration of the long-term impact from the virus.

Ebix Litigation Update

As previously disclosed, on June 5, 2020, the Group provided to Ebix, Inc. ("Ebix") a notice terminating the Merger Agreement dated as of July 16, 2019 by and among us, Ebix, and EbixCash Travels Inc. ("EbixCash") and filed a complaint in the Court of Chancery of the State of Delaware against Ebix and EbixCash for their various breaches of the Merger Agreement and an ancillary agreement executed by the parties on May 14, 2020 (the "Extension Agreement").  The Complaint alleges that Ebix breached its representations, warranties, covenants, and obligations in the Merger Agreement and Extension Agreement and that its conduct prevented the parties from closing the Merger. The Complaint seeks monetary damages, pre-judgment and post-judgment interest, and reasonable fees and costs. On August 14, 2020, Ebix filed  a motion to dismiss the Complaint, which the Group is in the process of responding to. On September 30, 2020, Yatra filed an amended complaint by expanding its claims against certain banks of Ebix, while also expanding the claims alleged against Ebix to include a claim for fraud.

Results of Three Months Ended September 30, 2020 Compared to Three Months Ended September 30, 2019

Revenue.  We generated revenue of INR 263.3 million (USD 3.6 million) in the three months ended September 30, 2020, a decrease of 85.0% compared with INR 1,757.8 million (USD 23.9 million) in three months ended September 30, 2019. The decrease in revenue was primarily due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions.

Service Cost.  Our service cost decreased to INR 2.6 million (USD 0.03 million) in the three months ended September 30, 2020 from INR 640.8 million (USD 8.7 million) in the three months ended September 30, 2019 primarily due to the significant decrease in our sales of hotel and holiday packages due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions.

Adjusted Revenue⁽¹⁾  Our Adjusted revenue decreased by 75.2% to INR 377.7 million (USD 5.1 million) in the three months ended September 30, 2020 from INR 1,521.1 million (USD 20.7 million) in the three months ended September 30, 2019. In the quarter ended September 30, 2020, Adjusted Revenue includes the add-back of INR 86.7 million (USD 1.2 million) in the three months ended September 30, 2020 from INR 351.3 million (USD 4.8 million) in the three months ended September 30, 2019, of expenses in the nature of consumer promotion and certain loyalty program costs reduced from revenue. These expenses have been added back to calculate adjusted revenue, with the accompanying increase in marketing and sales promotions expenses, to more accurately reflect the way we view our ongoing business. Under IFRS 15, these expenses are required to be reduced from revenue, an IFRS measure. The decrease in adjusted revenue resulted mainly from a decrease of 75.4% in our adjusted revenue from Air Ticketing along with a decrease of 72.5% in our adjusted revenue from Hotels and Packages and decrease of 75.8% in Others (Including Other Income) which primarily consists of advertisement income and government grants.

(1) See the section titled “Certain Non-IFRS Measures.”

The following table reconciles our Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure), For further details, see section below titled “Certain Non-IFRS Measures.”

Air Ticketing. Revenue from our Air Ticketing business was INR 181.4 million (USD 2.5 million) in the three months ended September 30, 2020 against INR 707.4 million (USD 9.6 million) in the three months ended September 30, 2019.

Adjusted Revenue ⁽¹⁾ from our Air Ticketing business decreased to INR 253.2 million (USD 3.4 million) in the three months ended September 30, 2020 against INR 1,029.7 million (USD 14.0 million) in the three months ended September 30, 2019. In the quarter ended September 30, 2020 , adjusted revenue ⁽¹⁾ for Air Ticketing includes the addition of INR 71.8 million (USD 1.0 million) in the three months ended September 30, 2020 against INR 322.2 million (USD 4.4 million) in the three months ended September 30, 2019 of consumer promotion and loyalty program costs, which reduced revenue as per IFRS 15. The decline in adjusted revenue ⁽¹⁾ from Air Ticketing for the quarter was primarily due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions.

Hotels and Packages. Revenue from our Hotels and Packages business was INR 35.7 million (USD 0.5 million) in the three months ended September 30, 2020 against INR 782.7 million (USD 10.6 million) in the three months ended September 30, 2019.

Adjusted Revenue ⁽¹⁾ for this segment decreased by 72.5% to INR 45.5 million (USD 0.6 million) in the three months ended September 30, 2020 from INR 165.8 million (USD 2.3 million) in the three months ended September 30, 2019. In the quarter ended September 30, 2020, Adjusted Revenue ⁽¹⁾ for Hotels & Packages includes the add-back of INR 12.4 million (USD 0.2 million) against INR 23.9 million (USD 0.3 million) in the three months ended September 30, 2019, of customer promotional expenses, which had been reduced from revenue as per IFRS 15. This decrease was primarily due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions.

Other Revenue.  Our other revenue was INR 46.2 million (USD 0.6 million) in the three months ended September 30, 2020, a decrease from INR 267.7 million (USD 3.6 million) in the three months ended September 30, 2019.

Adjusted Revenue⁽¹⁾ for this segment decreased by 82.2% to INR 48.7 million (USD 0.7 million) in the three months ended September 30, 2020 from INR 272.8 million (USD 3.7 million) in the three months ended September 30, 2019. In the quarter ended September 30, 2020, Adjusted Revenue⁽¹⁾ includes add-back of INR 2.4 million (USD 0.03 million) in the three months ended September 30, 2020 against INR 5.1 million (USD 0.1 million) in the three months ended September 30, 2019 of consumer promotion expenses, which had been reduced from revenue as per IFRS 15. This decrease in Adjusted Revenue⁽¹⁾ was primarily due to decrease in advertisement and alliances income.

Other Income.  Our other income decreased to INR 30.3 million (USD 0.4 million) in the three months ended September 30, 2020 from INR 52.9 million (USD 0.7 million) in the three months ended September 30, 2019 due to decrease in eligible sales for government grant.

Personnel Expenses.  Our personnel expenses decreased by 52.2% to INR 224.6 million (USD 3.1 million) in the three months ended September 30, 2020 from INR 469.5 million (USD 6.4 million) in the three months ended September 30, 2019. This decrease was primarily due to a rationalization of headcount and reducing management salaries by 50% and variable reduction in salaries of 25-75% across the board. Excluding employee share-based compensation costs of INR 27.3million (USD 0.4 million) in the three months ended September 30, 2020 from INR 1.5 million (USD 0.02 million) in the three months ended September 30, 2019, personnel expenses decreased by 57.8% in the three months ended September 30, 2020. During the quarter ended September 30, 2020, the Company has incurred a one-time exit cost of INR 42.5 million (USD 0.6 million) related to severance payouts.

(1) See the section titled “Certain Non-IFRS Measures.”

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses decreased by 68.2% to INR 14.7 million (USD 0.2 million) in the three months ended September 30, 2020 from INR 46.2 million (USD 0.6 million) in the three months ended September 30, 2019, post adoption of IFRS 15 on April 1, 2018. Adding back the expenses for consumer promotions and loyalty program costs, which have been reduced from revenue per IFRS 15, our marketing spend would have been INR 101.4 million (USD 1.4 million) against INR 397.5 million (USD 5.4 million) in the three months ended September 30, 2019, 74.5% lower year-over-year for the quarter.

Other Operating Expenses.  Other operating expenses decreased by 71.4% to INR 204.0 million (USD 2.8 million) in the three months ended September 30, 2020 from INR 713.7 million (USD 9.7 million) in the three months ended September 30, 2019 primarily due to decrease in commission, communication charges, payment gateway charges, rent, and travelling and conveyance charges, legal and professional charges, outsourcing fees which is partially offset by provision for doubtful debts. These expenses include INR 39.1 million (USD 0.5 million) due to an incremental provision being created for GDS contracts which are currently under negotiation. Excluding these costs in the three months ended September 30, 2020, other operating expenses would have decreased by 76.9% in the three months ended September 30, 2020.

Adjusted EBITDA loss⁽¹⁾. Due to the forgoing factors, Adjusted EBITDA loss⁽¹⁾ increased by 115.5% to INR 125.0 million (USD 1.7 million) in the three months ended September 30, 2020 from Adjusted EBITDA loss⁽¹⁾ of INR 58.0 million (USD 0.8 million) in the three months ended September 30, 2019.

Depreciation and Amortization.  Our depreciation and amortization expenses decreased by 19.4% to INR 136.4 million (USD 1.9 million) in the three months ended September 30, 2020 from INR 169.1 million (USD 2.3 million) in the three months ended September 30, 2019 primarily as a result of decrease in depreciation on tangible assets and amortization of intangible assets which is partially offset by increase in depreciation expense on right of use assets on adoption of IFRS 16.

Results from Operations. As a result of the foregoing factors, our result from operating activities was a loss of INR 288.7 million (USD 3.9 million) in the three months ended September 30, 2020. Our loss for the three months ended September 30, 2019 was INR 228.6 million (USD 3.1 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations⁽¹⁾ would have been loss of INR 261.4 million (USD 3.6 million) for three months ended September 30, 2020 as compared to loss of INR 227.1 million (USD 3.1 million) for three months ended September 30, 2019.

Share of Profit/(Loss) of Joint Venture. This profit/(loss) pertains to a joint venture investment that operates in adventure travel activities. Our profit from this joint venture is INR 0.4 million (USD 0.00 million) in the three months ended September 30, 2020 from loss of INR 1.9 million (USD 0.03 million) in the three months ended September 30, 2019.

Finance Income. Our finance income increased to INR 22.6 million (USD 0.3 million) in the three months ended September 30, 2020 from INR 10.7 million (USD 0.1 million) in the three months ended September 30, 2019. The increase was primarily due to an increase in the interest income from our bank deposits and Income-tax refund.

Finance Costs. Our finance costs decreased to INR 31.4 million (USD 0.4 million) includes interest on the lease liability on adoption of IFRS 16 of INR 18.1 million (USD 0.2 million) in the three months ended September 30, 2020 as compared to INR 51.9 million (USD 0.7 million) includes interest on the lease liability on adoption of IFRS 16 of INR 6.4 million (USD 0.1 million) in the three months ended September 30, 2019. The decrease was due to decrease in interest on borrowings and loss on account of foreign exchange fluctuation which is partially offset by increase in interest on the lease liability on adoption of IFRS 16.

Change in fair value of warrants. The change in the fair market value of warrants resulted in a loss of INR 4.0 million (USD 0.1 million) during the three months ended September 30, 2020.

Income Tax Expense.  Our income tax expense during the three months ended September 30, 2020 was INR 0.5 million (USD 0.01 million) compared to an expense of INR 7.6 million (USD 0.1 million) during the three months ended September 30, 2019.

Loss for the Period. As a result of the foregoing factors, our loss in the three months ended September 30, 2020 was INR 300.6 million (USD 4.1 million) as compared to a loss of INR 399.2 million (USD 5.4 million) in the three months ended September 30, 2019. Excluding the employee share based compensation costs and net change in fair value of warrants, the Adjusted Loss⁽¹⁾ would have been INR 269.3 million (USD 3.7 million) for three months ended September 30, 2020 and INR 277.9 million (USD 3.8 million) for three months ended September 30, 2019.

Basic Loss per Share. Basic loss per share was INR 4.88 (USD 0.07) in the three months ended September 30, 2020 as compared to basic loss per share of INR 8.54 (USD 0.12) in the three months ended September 30, 2019. After excluding the employee share-based compensation costs and net change in fair value of warrants Adjusted Basic Loss per Share⁽¹⁾ would have been INR 4.37 (USD 0.06) in the three months ended September 30, 2020, as compared to INR 5.93 (USD 0.08) in the three months ended September 30, 2019.

Diluted Loss per Share. Diluted loss per share was INR 4.89 (USD 0.07) in the three months ended September 30, 2020 as compared to Diluted loss per share of INR 8.54 (USD 0.12) in the three months ended September 30, 2019. After excluding the employee share-based compensation costs and net change in fair value of warrants, Adjusted Diluted Loss per Share⁽¹⁾ would have been INR 4.38 (USD 0.06) in the three months ended September 30, 2020 as compared to INR 5.93 (USD 0.08) in the three months ended September 30, 2019.

Liquidity. As of September 30, 2020, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 2,663.8 million (USD 36.2 million).

Conference Call

Yatra will host a conference call to discuss the Company’s unaudited results for the three months ended September 30, 2020 beginning at 8:30 AM Eastern Daylight Time (or 7:00 PM India Standard Time) on November 5, 2020. Dial in details for the conference call are as follows: US/International dial-in number: +1-323-289-6581. Confirmation Code: 1299016 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code).

Certain Non-IFRS Measures

As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Revenue, which is a non-IFRS measure. Effective April 1, 2018, we adopted the new revenue recognition standard, IFRS 15, under which promotional expenses in the nature of customer inducement/acquisition costs for acquiring customers and promoting transactions across various booking platforms, such as upfront incentives and loyalty programs cost, some of which, when incurred were previously recorded as marketing and sales promotion costs, are now being recorded as a reduction of revenue.

We believe that Adjusted Revenue provides investors with useful supplemental information about the financial performance of our business and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Revenue may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

In addition to referring to Adjusted Revenue, we also refer to Adjusted EBITDA Loss, Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted Loss Per Share which are also non-IFRS measures. For our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors, these non-IFRS financial measures exclude employee share-based compensation cost and change in fair value of warrants. Our non-IFRS financial measures reflect adjustments based on the following:

(1) See the section titled “Certain Non-IFRS Measures.”

We evaluate the performance of our business after excluding the impact of above measures and believe it is useful to understand the effects of these items on our results from operations, Profit for the period and basic and diluted loss per share. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

A limitation of using Adjusted EBITDA Loss, Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted loss Per Share as against using the measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share-based compensation cost, change in fair value of warrants and depreciation and amortization in case of Adjusted EBITDA Loss. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA Loss, Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted Loss Per Share.

The following table reconciles our Loss for the periods (an IFRS measure) to Adjusted EBITDA - loss (a non-IFRS measure) for the periods indicated:

The following table reconciles our Results from Operations (an IFRS measure) to Adjusted Results from Operations (a non-IFRS measure) for the periods indicated:

The following table reconciles Loss for the periods (an IFRS measure) to Adjusted Loss (a non-IFRS measure) for the periods indicated:

The following tables reconcile Basic and Diluted Loss per share (an IFRS measure) to Adjusted Basic and Adjusted Diluted loss per share (a non-IFRS measure) for the periods indicated:

The following table reconciles our Revenue (an IFRS measure), to Adjusted Revenue (a non-IFRS measure):

Safe Harbor Statement

This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” and similar expressions. Such statements include, among other things, management’s beliefs as well as our strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the outcome of the legal proceedings we have instituted against Ebix and any other legal proceedings that may be initiated against us and others, in connection with the termination of the pending merger agreement between us and Ebix; the effect that the termination of the merger agreement may have on the price of our ordinary shares, and our business, financial condition and results of operations; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our revenue, cost of revenue, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts, pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the parent company of Yatra Online Pvt. Ltd. which is based in Gurugram, India and is India's leading corporate travel services provider with over 700 corporate customers and one of India's leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. As a leading platform of accommodation options, Yatra provides real-time bookings for more than 103,000 hotels in India and over 1,500,000 hotels around the world. Through its website, www.yatra.com, mobile application and other associated platforms, leisure and business travelers can explore, research, compare prices and book a wide range of services catering to their travel needs.

For more information, please contact:

Manish Hemrajani

Yatra Online, Inc.

VP, Corporate Development and Investor Relations

ir@yatra.com

 * Quantitative details are considered on Gross basis