ixigo Files DRHP To Raise INR 1,600 Cr Through IPO

Gurugram-based online travel ticket aggregator Le Travenues Technology, which operates travel platform ixigo, has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise INR 1,600 Cr through an initial public offering. 

The IPO will consist of a primary component which will include an issue of fresh shares worth INR 750 Cr and an offer-for-sale, meaning allowing existing investors to offload their shares, amounting to INR 850 Cr. The issue is expected to give an exit opportunity to early investors like Elevation Capital (earlier called SAIF Partners) and Indian smartphone manufacturer Micromax. 

Inc42 had earlier reported that online travel aggregator MakeMyTrip scored an 8X return on its investment in ixigo recently. The Nasdaq-listed company exited ixigo when it closed a pre-IPO funding round worth $53 Mn led by Singapore-based sovereign fund GIC along with participation from other investors.  Earlier this month,  Le Travenues Technology Private Limited converted into a public company, and hence is now registered as Le Travenues Technology Limited. 

According to the company’s MCA filings, it posted  revenue from operation of INR 135.5 Cr in FY 21, up 21.5% from INR 111.5 Cr in FY20. The platform’s total expenses narrowed to INR 135.6 Cr in FY 21 from INR 139.5 Cr in FY 20. ixigo posted a profit of INR 7.53 Cr in FY 21, compared to a loss of INR 26.6 Cr in FY 20, the filings showed. 

 Launched in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo aggregates and compares real-time travel information, prices, and the availability of flights, trains, buses, cabs, hotels, packages, and destinations. The company has divided its apps based on user-interest— ixigo Train app and ixigo Flight app. The platform boasts of having 37.48 Mn monthly users and 2.44 Bn monthly screenviews. 

ixigo joins a number of Indian tech companies, like Zomato, Paytm, Nykaa, Mobikwik, CarTrade and Fino Payments Bank, in going for an IPO this year in a bull market. While Zomato raised a staggering INR 8,250 Cr earlier and CarTrade’s IPO subscription closed on Wednesday (August 11), rest of the IPO-bound companies have all filed their DRHPs as yet.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.