ixigo Posts INR 68 Cr PAT In Nine Months Of FY24, Nearly 3X Of FY23 Profit

IPO-bound Le Travenues Technology, the parent company of ixigo, has logged INR 65.7 Cr in profit, just within nine months of the financial year 2023-24 (FY24). This is almost a 3X of INR 23.3 Cr it had posted in profit during the entire FY23. It is further pertinent to note that the startup had incurred a loss of INR 21 Cr in FY22. 

In the first nine months of FY24, the Delhi NCR-based startup reported an operating revenue of INR 491 Cr. In FY23, ixigo’s sales stood at INR 501.2 Cr, a 32% increase from INR 379.5 Cr it had reported in FY22.

As a travel aggregator, Ixigo primarily earns from the sale of various travel and related services. The sources of its revenue include the income it generates from convenience fees from the reservation of rail tickets, airline tickets, and bus tickets, as well as income from advertising services.

Where Did ixigo Spend?

ixigo’s total expenditure in the nine months of FY24 was at INR 475.4 Cr. To give a comparison, in the whole FY23, the startup’s expenditure stood at INR 484.2 Cr

Employee Benefit Expense: ixigo’s employee cost stood at INR 106.4 Cr between April and December of 2023. In FY23, this number stood at INR 126.2 Cr

Advertising Expenses: Being a travel aggregator, to attract more customers, ixigo spent INR 117.7 Cr for advertising in the first nine months of FY24. Interestingly, this is an increase from INR 93.1 Cr it spent in the whole of FY23.

Founded 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. 

Earlier this week, ixigo refiled its draft red herring prospectus (DRHP) with the market regulator SEBI. As per the DRHP, the startup’s initial public offering (IPO) will comprise a fresh issue of INR 120 Cr and an offer for sale (OFS) component of 6.66 Cr equity shares. 

Shareholders including SAIF Partners India (now Elevation Capital) Peak XV Partners, Micromax Informatics and cofounders Aloke Bajpai and Rajnish Kumar will be selling their shares during the IPO. 

Earlier in 2021, the startup had first filed DRHP for an INR 1,600 Cr IPO. However, the startup shelved its public listing plans due to a negative macroeconomic environment as market volatility and funding winter dried up capital and battered new-age tech stocks.