Elevation Partners offloads 21.5 lakh shares in Ixigo parent for Rs 38.3 crore
ETMarkets.com
Rajnish Kumar and Aloke Bajpai, cofounders, Ixigo
Elevation Capital (formerly Saif Partners India) has sold 21.5 lakh shares in Le Travenues Technology, the parent company of online travel aggregator Ixigo, for Rs 38.27 crore (around $4.5 million). According to disclosures filed with the BSE on Monday, Elevation sold 21.5 lakh shares at Rs 178 each. It continues to hold a 13% stake in the company. Elevation Capital had invested Rs 63.1 crore in Ixigo through various tranches. As of the quarter ending March 31, Elevation had around a 14% stake in the company, holding 5.46 crore shares.
Prior to this, the early-stage venture capital firm had sold shares worth Rs 100 crore through the pre-IPO secondary sale and sold shares worth around Rs 181 crore from the offer for sale (OFS) component of the IPO.
This comes at a time when Ixigo saw its net profit increase significantly by 128% year-on-year (YoY) to Rs 16.7 crore for the quarter ended March. The company reported operating revenue of Rs 284 crore for the quarter, up 72% from Rs 165 crore a year ago, on account of growth across all lines of business.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo allows users to book train, flight, and bus tickets while offering various utility tools and services such as train PNR status and confirmation predictions and updates for train seat availability.
It also provides personalised recommendations and automated customer support. According to the company, it has 544 million annual active users with 83 million monthly active users.Ixigo was listed on the exchanges on June 18 last year at Rs 138, a premium of 48.5% over its issue price of Rs 93. It closed on Monday at Rs 174.60 on the BSE.
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