Elevation Capital Sells Stake in Ixigo Worth INR 97.4 Cr
Previously, Elevation had also sold INR 100 crore worth of shares in a pre-IPO deal, and another INR 181 crore during the IPO through an offer-for-sale.
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Venture capital firm Elevation Capital, formerly known as SAIF Partners, sold 5.4 million shares in online travel platform Ixigo for INR 97.4 crore, marking another significant stake reduction in the company. The shares were offloaded at INR 180.50 per share via its SAIF Partners India IV Limited investment vehicle.
On the same day, global fund manager Schroder stepped in as a buyer. Its Asian Total Return Fund purchased 5.37 million shares in Ixigo for INR 96.9 crore, also at INR 180.50 per share, showing continued investor confidence in the travel-tech platform.
This marks Elevation's second major sale in recent months. In May, the firm sold 2.15 million shares at INR 178 each, earning INR 38.27 crore. Combined, these transactions total INR 135.7 crore in returns.
Elevation Capital, known for early bets on Paytm, Meesho, and Swiggy, originally bought Ixigo shares at just INR 7.14 each, according to the company's draft red herring prospectus (DRHP). This gives the firm an impressive 25X return on its Ixigo investment.
Previously, Elevation had also sold INR 100 crore worth of shares in a pre-IPO deal, and another INR 181 crore during the IPO through an offer-for-sale. As of February 2025, it was still the largest institutional shareholder, holding 14% of Ixigo.
Ixigo, officially known as Le Travenues Technology Limited, is seeing strong business growth. In Q4 FY25, its revenue from operations jumped 72% year-on-year to INR 284.1 crore, and Gross Transaction Volume (GTV) rose 65% YoY to INR 4,418.4 crore. Flight and bus bookings drove much of this growth with a 92% surge, while train bookings grew by 41%.
The company also posted a Profit After Tax of INR 16.8 crore, more than double the INR 7.3 crore in the same quarter last year—an impressive 128% rise, signaling strong financial health and investor interest in the growing travel platform.
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