Dark Web Travel Agencies Take Flight
By charging unsuspecting customers a fraction of the cost for lavish trips, phony booking sites cover the full price with stolen credit and loyalty cards to rake in a tidy profit. Sales margins can reach well over 1,000%, cybersecurity firms say.
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Yahoo
an hour ago
- Yahoo
Yatra Online, Inc. Announces Results for the Three Months Ended June 30, 2025
GURUGRAM, India & NEW YORK, August 08, 2025--(BUSINESS WIRE)--Yatra Online, Inc. (NASDAQ: YTRA) (the "Company"), 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 June 30, 2025. "I am pleased to share that our first-quarter performance delivered strong financial and operational results, with growth rates in the quarter well ahead of our annual guidance, despite the disruption in travel in India on account of the cross-border tension and the unfortunate air crash in June 2025. Our performance is driven by continued momentum in business travel demand and solid execution across our platform. Revenue growth was driven by a higher corporate travel mix and higher share of hotels and packages which combined with disciplined cost management enabled us to deliver a 214.4% increase in Adjusted EBITDA. These results affirm the strength of our strategic positioning and our ability to scale profitably. As we look ahead, we remain focused on driving sustainable growth, enhancing shareholder value, and expanding our competitive edge in the global travel ecosystem. "For the three months ended June 30, 2025, we reported revenue of INR 2,098.1 million (USD 24.5 million) registering growth of 99.7% YoY. Our RLSC for the quarter ended June 30, 2025, of INR 1,156.3 million (USD 13.5 million) was up 36.6% YoY reflecting the momentum we've built across our Corporate Travel and MICE businesses, which have been pivotal in navigating a competitive landscape. Notably, our profitability metrics underscore our disciplined execution: Profit for the Period grew 14,514.9% YoY, reflecting our ability to optimize costs and capitalize on high-growth opportunities. "Our MICE business continues to build on the strong foundation that we laid last year and has emerged as a standout performer, and we have been able to establish Yatra in a very short period as a dominant player in India's MICE market. "While our B2C air ticketing segment faced top-line and margin pressures due to disruption of travel due to the macro factors mentioned above, our diversified revenue mix—particularly the strength in Hotels & Packages and MICE—has effectively mitigated these challenges. "Our Corporate Travel segment continues to be a cornerstone of our success. In the first quarter, we onboarded 34 new corporate clients, further expanding our annual billing potential by INR 2,010 million (USD 23.4 million) and reinforcing our position as India's leading corporate travel provider. The integration of Globe Travels, acquired in September 2024, has exceeded expectations, delivering synergies in supplier consolidation, technology adoption, and cross-selling opportunities. These efforts have enhanced our ability to offer seamless, tech-driven solutions to our growing client base. "As part of our ongoing efforts around restructuring, the Company believes it has a viable structure to pursue. While some hurdles remain, we are actively navigating processes across jurisdictions. The timeline is uncertain due to complexity, but we're fully committed. This transition is key for Yatra and our shareholders, aligning us with the market and unlocking value. We'll share updates as we move forward. "We remain focused on advancing our strategic priorities: scaling high-margin verticals, deepening our technology edge, and creating sustainable long-term value for our stakeholders. I would like to thank our team for their relentless dedication, our partners for their trust, and our shareholders for their continued support." – Dhruv Shringi, Co-founder and CEO. Financial and operating highlights for the three months ended June 30, 2025: Revenue of INR 2,098.1 million (USD 24.5 million), representing an increase of 99.7% year-over-year basis ("YoY"). Adjusted Margin(1) from Air Ticketing of INR 982.5 million (USD 11.5 million), representing a increase of 6.9% YoY. Adjusted Margin(1) from Hotels and Packages of INR 380.1 million (USD 4.4 million), representing an increase of 37.2% YoY. Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 18,057.9 million (USD 210.6 million), representing a increase of 9.1% YoY. Profit for the period was INR 109.9 million (USD 1.3 million) versus a loss of INR 0.8 million (USD 0.1 million) for the three months ended June 30, 2024, reflecting a increase of INR 110.7 million (USD 1.3 million) YoY. Result from operations was a Profit of INR 104.4 million (USD 1.2 million) versus a loss of INR 34.1 million (USD 0.4 million) for the three months ended June 30, 2024, reflecting an increase of INR 138.5 million (USD 1.6 million) YoY. Adjusted EBITDA(2) was INR 206.2 million (USD 2.4 million) reflecting an increase of 214.4% YOY. Three months ended June 30, 2024 2025 2025 YoY Change Unaudited Unaudited Unaudited (In thousands except percentages) INR INR USD % Financial Summary as per IFRS Revenue 1,050,718 2,098,144 24,471 99.7 % Results from operations (34,124 ) 104,378 1,218 405.9 % (Loss)/ Profit for the period (763 ) 109,937 1,282 14,514.9 % Financial Summary as per non-IFRS measures Adjusted Margin (1) Adjusted Margin - Air Ticketing 918,951 982,517 11,459 6.9 % Adjusted Margin - Hotels and Packages 277,141 380,147 4,434 37.2 % Adjusted Margin - Other Services 72,117 71,904 839 (0.3 )% Others (Including Other Income) 154,484 141,002 1,645 (8.7 )% Adjusted EBITDA (2) 65,590 206,227 2,405 214.4 % Operating Metrics Gross Bookings (3) 16,547,649 18,057,853 210,612 9.1 % Air Ticketing 13,520,293 14,103,223 164,488 4.3 % Hotels and Packages 2,398,832 3,433,322 40,043 43.1 % Other Services (6) 628,524 521,309 6,080 (17.1 )% Adjusted Margin% (4) Air Ticketing 6.8 % 7.0 % Hotels and Packages 11.6 % 11.1 % Other Services 11.5 % 13.8 % Quantitative details (5) Air Passengers Booked 1,330 1,206 (9.3 )% Stand-alone Hotel Room Nights Booked 417 423 1.4 % Packages Passengers Travelled 7 19 171.4 % Notes: (1) 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 Margin, which is a non-IFRS measure. (2) See the section below titled "Certain Non-IFRS Measures." (3) Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds. (4) Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings. (5) Quantitative details are considered on a gross basis. (6) Other Services primarily consists of freight business, IT services, bus, rail and cab and others services. As of June 30, 2025, 62,185,795 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the "Ordinary Shares") were issued and outstanding. Conference Call The Company will host a conference call to discuss its unaudited results for the three months ended June 30, 2025 beginning at 8:00 AM Eastern Daylight Time (or 5:30 PM India Standard Time) on August 11, 2025. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 074806 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at . 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, as amended. 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" similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; statements concerning management's beliefs as well as our strategic and operational plans; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq's continued listing requirements for our ordinary shares to remain listed on Nasdaq. 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 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 (including the ongoing conflict between Ukraine and Russia, the evolving events in Israel, Gaza and the Middle East, pandemics, macroeconomic factors, including tariff and trade issues, 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, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq's continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. 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 ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (Hereinafter referred to as "Yatra India"), whose corporate office is based in Gurugram, India. Yatra India is India's largest corporate travel services provider in terms of number of corporate clients with over 1,300 large corporate customers and approximately 58,983 registered SME customers and the third largest online travel company in India among key online travel agency ("OTA") players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travelers use Yatra India's mobile applications, its website, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 80,000 hotels and homestays in approximately 1,500 cities and towns in India as well as more than 2.5 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players. View source version on Contacts For more information, please contact: Yatra Online, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
2 hours ago
- Newsweek
Student Loan Update: New Plan Rolled Out to Help 1.4 Million Borrowers
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new student loan reduction plan will be available to 1.4 million borrowers in New York City. Mayor Eric Adams on Thursday announced the loan reduction and college savings assistance program, which also offers specialized assistance for 1.6 million parents and guardians in lowering the costs of a college education. Why It Matters The program will help many borrowers who contribute to America's $1.8 trillion in student loan debt. Since President Donald Trump's One Big Beautiful Bill Act was signed into law last month, the Department of Education will abolish the SAVE program and other income-driven repayment (IDR) options by July 2028. Borrowers currently on SAVE will be transitioned to new plans, either the Repayment Assistance Plan (RAP), which is slated to launch by July 2026, or a revised Standard Repayment Plan. However, these plans typically offer higher monthly payments and may make it more difficult for borrowers to afford basic necessities. "Student loan programs have become overly complex, and the recent changes by the current administration have only made things worse," Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek. "Borrowers are struggling—many are in default, and some can't even access the federal loan portals they need. NYC is stepping up to reduce the burden, especially for public sector workers, by offering real solutions to lower debt and simplify the repayment process." New York City Mayor Eric Adams speaks during a news conference at City Hall on June 26. New York City Mayor Eric Adams speaks during a news conference at City Hall on June 26. Michael M. Santiago/Getty Images What To Know The student loan reduction and college savings assistance program will be available to all New York City residents, estimated to help them save a collective $1 billion. Since the city partnered with student loan platform Summer, city residents who work as public servants have lowered their debts through the federal government's income- driven repayment plans and the Public Service Loan Forgiveness program. Now the program will be available to another roughly 1.4 million New Yorkers who either already have student loan debt or are enrolling in college. "Anyone who lives in the city's five boroughs with student debt or who is planning for college can access Summer's platform for free, thanks to the city's sponsorship," Will Sealy, CEO and founder of Summer, told Newsweek. "In addition to providing financial relief, this program also removes the administrative burden on people who are trying to access loan assistance, scholarship programs, and other ways to save on college costs. We've already helped thousands of NYC employees determine their eligibility for and enroll in forgiveness programs because we've simplified the process." Parents and guardians in particular will also get specialized assistance. The city estimates the program will reduce student loan payments for New Yorkers by an average of $3,000 per year and $7,000 per year for those with advanced degrees. "Leading a financially healthy life is a difficult task when you are tackling student loan debt — something I know firsthand," Department of Consumer and Worker Protection Commissioner Vilda Vera Mayuga said in a statement. "With this new expansion, we are extending support to millions of New Yorkers who have or are thinking of taking on student loans." In the first three months of the city employee loan program, New Yorkers saw $13.8 million in savings and an average reduction of $3,800 in annual student loan payments. The pilot program was originally announced in May to help city employees take advantage of the Public Service Loan Forgiveness program, but now all New York City residents qualify to use Summer's online portal. Through this portal, you can verify your eligibility for programs that lower payments, compare repayment options and manage paperwork for enrolling in federal programs. On the college planning side, residents will have access to online tools to figure out how much they need to save and strategies to make higher education more affordable. Michael Ryan, finance expert and founder of said the program is a "smart move" by the local government, especially as it looks to keep young talent in the city. "Mayor Adams is focused on his admin's push to make the city family friendly," Ryan told Newsweek. "It's not altruism; it's to keep young talent from fleeing NYC to cheaper, more affordable places." What People Are Saying Adams, in a statement: "Getting an education shouldn't lead to a lifetime of debt; yet, for far too many New Yorkers, getting a college degree and a higher education means more bills, more debt, more money out of their pockets... Working with Summer, we will expand our groundbreaking partnership and help millions of New Yorkers bring down their monthly student loan payments by thousands of dollars and save even more on the cost of a college degree. We are lowering costs for families, helping them connect to debt relief, and making our city the best place to find opportunity, raise a family, and live the American Dream." Sealy, in a statement: "Student loan repayment and college cost planning are increasingly complex processes to navigate. Thankfully, the City of New York is stepping up to provide additional access to resources, tools, and programs to reduce that complexity." Thompson also told Newsweek: "Whether this becomes a model for other cities depends on the political climate. It's unlikely red states adopt anything close to this. They're more aligned with the administration's stance on repayment. But in blue or more progressive-leaning areas, this could absolutely catch on. That said, don't be surprised if this ends up being another battleground in the courts." What Happens Next As the first program of its kind for any major U.S. city, Sealy said Adams and the New York City government are setting a larger example for what other cities can do to improve affordability for residents. "This public-private model lets other cities leverage existing expertise without building from scratch," Sealy said. "Student debt affects local workforce retention and economic development. Cities don't need to wait for D.C. to take action when they have the tools to help their own residents today. Many other large municipalities already have similar programs of their own in the works, which we're excited to support."
Forbes
2 hours ago
- Forbes
Trump Administration Subpoena Letitia James As $500 Million Civil Fraud Case Still Ongoing
The Trump administration is investigating New York Attorney General Letitia James regarding the civil fraud case she brought against President Donald Trump and his company, multiple outlets report, issuing a subpoena for documents and going after James as Trump still faces a $500 million fine—and counting—in the case as it remains pending in appeals court. New York Attorney General Letitia James attends now-President Donald Trump's civil business fraud trial at the New York Supreme Court on Oct. 24, 2023. Associated Press The Justice Department issued a subpoena to James' office for documents related to the civil fraud case, multiple outlets reported Friday, which The New York Times reports is part of an investigation into whether the case violated Trump's civil rights. James sued Trump, the Trump Organization and his business associates for fraud based on allegations that the president and his associates repeatedly misstated the value of their assets on financial statements for personal gain, with Judge Arthur Engoron agreeing with James and holding Trump and his co-defendants liable for fraud. Trump has long denied the allegations in the case and insisted there was no wrongdoing in how assets were calculated, and has repeatedly attacked James, claiming she brought the lawsuit because she's politically biased against him and describing her as a 'crook.' The civil fraud case is still ongoing, as a state appeals court heard Trump's appeal in the case last September and has not yet issued a ruling over whether or not Engoron's ruling should stand. Engoron ordered Trump to pay $454.2 million in the case, an amount that keeps going up as the case drags out, as approximately $111,984 in interest is added each day—now ballooning the total amount Trump owes to approximately $513 million. James has strongly opposed the Trump administration's reported investigation into her, with her personal attorney Abbe Lowell saying in a statement Friday, 'Investigating the fraud case Attorney General James won against President Trump and his businesses has to be the most blatant and desperate example of this administration carrying out the president's political retribution campaign.' How the Trump administration's investigation into James will play out. There is no indication of any wrongdoing by James in her litigation against Trump, though it's unclear what conclusions the Trump DOJ's investigation will reach and how long the probe could take to play out. The Justice Department also reportedly issued a separate subpoena into documents regarding a lawsuit James' office successfully brought against the National Rifle Association, and the Justice Department has reportedly separately been investigating James' personal real estate transactions. Will Trump Have To Pay In The Civil Fraud Case? It still remains to be seen how the appeals court will rule on Trump's appeal of the civil fraud case. The five-judge panel appeared somewhat sympathetic to the president when they heard arguments last year and suggested they could be inclined to lower the eye-popping sum he's been ordered to pay, which one judge referred to as 'troubling.' It's unclear when the court's ruling will come out. Interest on the amount Trump has to pay will keep accruing until the appeals process is fully over, and he will only have to pay if the courts still find him liable for fraud after the case has been fully appealed. He has already posted a $175 million bond in the case, after successfully persuading a court to lower the amount he immediately had to pay. Forbes estimates Trump's net worth at $5.1 billion as of Friday afternoon. The president's cash pile has significantly increased since the civil fraud ruling first came out, making him fully capable of paying the nine-figure civil fraud fine. Trump now has approximately $770 million in liquid assets, up from approximately $413 million after Engoron's fraud ruling, with the bump largely thanks to the president's cryptocurrency holdings. Key Background James sued Trump and his company in 2022 for alleged fraud, claiming the president and his allies repeatedly inflated the size and value of assets in order to obtain more favorable business deals. The allegations included false valuations for such Trump properties as Mar-a-Lago and Trump Tower, where the Trump Organization exaggerated the size of Trump's penthouse even after Forbes reported the square footage the company had been using was false. Engoron first found Trump and his allies liable for fraud even before the case went to trial, and then ruled in February 2024, after the trial had concluded, that the fraud was committed knowingly, finding there was 'overwhelming evidence' suggesting Trump and his allies knew the numbers they were using were false. Trump himself 'was aware of many of the key facts underpinning various material fraudulent misstatements,' Engoron wrote. James is one of a number of prosecutors that Trump attacked as legal cases piled up against him between his two presidential terms, and the president has long suggested he wants to get revenge on his enemies while in the White House. In addition to the New York attorney general, the Trump administration has also opened an investigation into Jack Smith, the former special counsel who led the federal government's two criminal cases against Trump. Further Reading Forbes Appeals Court Questions Trump's 'Troubling' $450 Million Fine In Civil Fraud Case By Alison Durkee Forbes Trump Already Owes $24 Million More In Fraud Case As It's Heard On Appeal By Alison Durkee Forbes Trump Ordered To Pay Over $350 Million In Civil Fraud Case As Judge Finds Ex-President Knowingly Committed Fraud By Alison Durkee
