Yatra Unveils AI-Powered Tool to Help Smes, Large Enterprises Manage Expenses Efficiently
SUMMARY
- As per the company, the tool will streamline expense management processes and integrate travel bookings with expense tracking for improved efficiency and accuracy
- The tool will manage booking flights, hotels, and cars to recording incurred expenses during travel within a single platform
- The expense management solution will use LLMs for receipt analysis, to ensure accurate and expense tracking
Online travel aggregator Yatra Online has rolled out an expense management solution to help international and domestic enterprises manage their business expenditures efficiently.
As per the company, the tool will streamline expense management processes and integrate travel bookings with expense tracking for improved efficiency and accuracy.
The expense management solution will use GenAI Large Language Models (LLMs) for receipt analysis, to ensure accurate and expense tracking.
This technology will help reduce errors and save time compared to traditional OCR methods. Additionally, it includes an integrated chatbot based on GenAI and RAG models, the company said.
The tool will manage everything from booking flights, hotels and cars to recording incurred expenses during travel within a single platform.
It will offer a range of features like a multi-level approval process, integration with ERP systems, advanced analytics via Power BI dashboard, and a mobile app for Android and iOS. Additional capabilities will include expense auditing, mileage tracking and split expense functionalities, ensuring flexibility and efficiency, the company added.
Dhruv Shringi, CEO of Yatra Online, said, “We believe this innovation will transform the way businesses handle travel and non-travel expenses, making the process more efficient and accurate.”
The company aims to onboard more than 800 corporates to utilise its expense management solution.
This development comes months after Yatra Online returned to profitability in the December quarter (Q3) of the financial year 2023-24 (FY24), recording a consolidated net profit of INR 1.1 Cr compared to a loss of INR 5.6 Cr in the year-ago quarter.
Yatra posted a net loss of INR 17.1 Cr in the preceding September quarter of 2023. However, its net profit in Q3 FY24 was lower than the INR 6 Cr profit reported in Q1 FY24.
Yatra’s operating revenue jumped almost 23% year-on-year (YoY) to INR 110.3 Cr in Q3 FY24. It rose 17.2% from INR 94.1 Cr in the previous quarter – Q2 FY24.
Yatra competes with MakeMyTrip and EaseMyTrip but stands out by focusing more on servicing B2E and B2B2C customers, distinguishing itself from its peers.
It is pertinent to note that Yatra got listed on the US stock exchange in 2016. The company saw a muted listing on the Indian bourses last year in September.
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