We’re delighted to unveil an exciting new relationship for Chrome River, which we believe will have a major impact on our global capabilities and growth.
As you may have recently read, we just announced that Yatra will be a new reseller for Chrome River. Yatra is a leading online travel agency in India, and has more than 700 corporate customers. In addition to a sales relationship, Chrome River is also launching a new technical integration with Yatra, which will provide end-to-end, best-of-breed travel booking and expense solutions for Indian companies. This obviously represents an excellent opportunity for Chrome River to enter a new and very large market, and we are excited that, in Yatra, we are doing so with the support of one of India’s biggest names in business travel.
So why did we embark on this new venture? In short, there is a clear need for Chrome River's solution in this market. Indian organizations have sophisticated needs around expense management, particularly following the introduction of GST in 2017. We believe that Chrome River is a perfect fit to handle these requirements, with our deep global taxation capabilities and the unlimited configurability of Chrome River EXPENSE. In addition to the need for increased control and visibility into spend, companies are looking for expense reporting solutions which work across any mobile platform. With this partnership with Yatra, organizations can benefit from these best-of-breed technology solutions, combined with local expertise that understands the specific needs of Indian organizations.
To give you an understanding of the scale of the opportunity, India is the second-fastest-growing economy in the world. Business travel spend there is growing at 12% per year, compared to 5% in the U.S. and 2.5% in Europe. In addition, India is the second-fastest growing economy on the planet, and the fastest-growing large economy. This growth, combined with a need for many Indian companies to improve business processes in areas such as travel booking and expense management, offers an excellent opportunity for both Chrome River and Yatra, and clearly demonstrates the benefits of this move for us.
We look forward to a long and mutually-beneficial relationship with Yatra, and are excited about Indian business travelers being able to benefit from the most mobile and global expense management solution on the market today.
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.