Ixigo Lands $11 Million From Schroder Fund, Elevation Capital Trims Stake
Ixigo's focus on the next billion users in India, along with diversification and bet on profitable acquisitions has driven it to profitability in an already lucrative Indian market.
Asset management company Schroder International Selection Fund has made an investment in online travel agency Ixigo. Through the block deal investment, the financial institution acquired a 1.38% stake in Ixigo, the online travel agency said in a statement.
On Thursday, Ixigo shareholder Elevation capital sold 7.5 million shares in a block deal for about INR 1.35 billion ($15.7 million). Schroder acquired nearly 5.37 million shares for INR 969 million ($11.2 million).
Last month, Elevation offloaded over 21.5 lakh shares for INR 382 million ($4.4 million). Even with the block deal, Elevation Capital still holds 12.08% in Ixigo.
According to Ixigo, Elevation got a 2500% return on its latest partial
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