India’s Yatra Online Inc said on Friday it was terminating a pending merger agreement with U.S. software firm Ebix Inc (EBIX.O), and had filed a litigation seeking “substantial” damages for Ebix’s alleged breach of deal terms.

Ebix had agreed here to buy Yatra in 2019 for an enterprise value of $337.8 million, aiming to beef up its portfolio of Indian travel companies, including Mumbai-based Mercury Travels and Delhi-based Leisure Corp.

Indian travel services company Yatra said it is seeking damages against Ebix for breaching terms of their merger agreement, including clauses on representations and covenants.

Horizontal e-commerce giants like Amazon and Flipkart have been trying to build a presence in tie-ups with existing OTAs.

Separately, Yatra said it has implemented certain cost-saving measures starting April, including cutting management salaries by half and freezing salary hikes to weather the impact of the COVID-19 pandemic on its business.

Yatra is among those like Cleartrip and EaseMyTrip that stand separate even as payment service providers and even hor

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