Elevation Capital sells Rs 226 crore worth shares in Ixigo parent Le Travenues Technology
Global investor Schroder International Selection Fund is said to have acquired these shares, with the fund now having around a 5% stake in the company, as per sources. Earlier it had acquired 53.6 lakh shares in the company worth Rs 96.9 crore.
The venture firm has been reducing its shareholding in the company. Last month, it sold 53.9 lakh shares in Ixigo for Rs 97.4 crore. Prior to this, Elevation Capital sold 21.5 lakh shares in Ixigo in May for Rs 38.27 crore.
According to a stock exchange filing, Elevation had around a 9.04% stake in the company, holding around 3.53 crore shares. The early-stage venture capital firm continues to hold a 6.45% stake in the company. Elevation Capital had invested Rs 63.1 crore in Ixigo through various tranches. Prior to this, the venture capital firm had sold shares worth Rs 100 crore through a pre-IPO secondary sale and sold shares worth around Rs 181 crore from the offer for sale (OFS) component of the company's IPO. The company saw its operating revenue increase by 73% year-on-year (YoY) to Rs 314 crore for the quarter ended June on account of growth across all lines of business, effective cross-selling and up-selling to its user base, and artificial intelligence (AI)-driven efficiency. The company posted a net profit of Rs 19 crore for the quarter, marking a 27% rise from Rs 15 crore in the same period last year.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 on 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.
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