Elevation Capital sells Ixigo shares worth Rs 97.4 crore; Schroder buys stake
Elevation Capital (formerly Saif Partners India) has sold 53.9 lakh shares in Le Travenues Technology, the parent company of online travel aggregator Ixigo, for Rs 97.4 crore. The fund has made a 25x return in this sale.
According to disclosures filed with the BSE, Elevation sold the shares at Rs 180 each on Thursday. At the same time, global investor Schroder International Selection Fund has acquired 53.6 lakh shares in the company worth Rs 96.9 crore.
This comes right after Elevation Capital sold 21.5 lakh shares in Ixigo last month for Rs 38.27 crore. As of the quarter ended March 31, Elevation held a stake of around 14% in the company, holding 5.46 crore shares. It continues to hold a 12% stake in the company.
Elevation Capital had invested Rs 63.1 crore in Ixigo through various tranches. Prior to this, the early-stage venture capital firm had sold shares worth Rs 100 crore through a pre-IPO secondary sale and sold shares worth around Rs 181 crore from the offer for sale (OFS) component of the company's IPO.
Ixigo saw its net profit surge 128% year-on-year (YoY) to Rs 16.7 crore for the quarter ended March. The company had reported operating revenue of Rs 284 crore for the quarter, up 72% from Rs 165 crore a year ago, on account of growth across all lines of business.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo allows users to book train, flight, and bus tickets while offering various utility tools and services such as train PNR status and confirmation predictions and updates for train seat availability.
It also provides personalised recommendations and automated customer support. According to the company, it has 544 million annual active users with 83 million monthly active users.Ixigo listed on the exchanges on June 18 last year at Rs 138, a premium of 48.5% over its issue price of Rs 93. It closed on Thursday at Rs 176.05 on the BSE.
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