Elevation Again Dumps ixigo Shares In INR 97 Cr Block Deal

SUMMARY

Elevation Capital, via Saif Partners India IV Limited, sold over over 53.98 Lakh shares at INR 180.5 apiece

Of the shares that flooded the market, 53.69 Lakh shares were lapped up by Schroder International Selection Fund for a sum of INR 96.9 Cr

Last month, Elevation Capital sold more than 21.5 Lakh shares of ixigo for INR 38.27 Cr

VC firm Elevation Capital, formerly SAIF Partners India, offloaded over 53.98 Lakh shares of online travel aggregator (OTA) ixigo in a block deal worth INR 97.44 Cr yesterday.

As per the BSE data, the investment firm, via Saif Partners India IV Limited, sold the shares at INR 180.50 apiece as against the stock’s last closing price of 180.65 on the BSE on Wednesday (June 18).

Of the shares that flooded the market, 53.69 Lakh shares were lapped up by Schroder International Selection Fund Asian Total Return at the same price for a total sum of INR 96.9 Cr.

Elevation Capital is one of the biggest shareholders in the travel tech company’s parent Le Travenues Technology Ltd. It owned 14.02% stake in ixigo at the end of March quarter of 2025.

This is the second time that Elevation Capital has offloaded its stake in the company over the past month. In May, the VC firm sold more than 21.5 Lakh shares of ixigo for INR 38.27 Cr.

The block deal comes at a time when the shares of ixigo have been on an upward swing on the back of improving profitability and rising top line. Shares of the company have shot up 31.56% in the last three months, while the stock is up 5.19% on a year-to-date (YTD) basis.

The stock, which made its public market debut last year, is up over 89% from its listing price of INR 93.

On the financial front, the OTA’s consolidated net profit skyrocketed 127% to INR 16.8 Cr in Q4 FY25 from INR 7.4 Cr in the year-ago quarter. Operating revenue zoomed 72% to INR 284.1 Cr during the quarter under review from INR 164.9 Cr in Q4 FY24.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo initially started as a travel search website to help users compare flight deals. Later, it pivoted to become an OTA which lets users book flight, train and bus tickets, hotels, and holiday packages.

Last month, the travel tech major, which competes with the likes of MakeMyTrip and EaseMyTrip, suspended hotel and flight bookings to Turkey and Azerbaijan for supporting Pakistan during its recent conflict with India. In its Q4 earnings call, ixigo executives said that the company would review its stance later if the situation changes.

Shares of ixigo ended yesterday’s trading session 2.55% lower at INR 176.05 on the BSE.