Latest news with #Ixigo
Mint
2 days ago
- Business
- Mint
How is ‘Boycott Maldives' faring?
As the 'Boycott Turkey' and 'Boycott Azerbaijan' chorus grows amidst the two countries supporting Pakistan and Pakistan's position on Kashmir, along with arms support from Turkey to Pakistan, a similar situation developed with Maldives in early 2024, when Mohamed Muizzu, the current president of Maldives and then presidential candidate appeared with 'India OUT' T-shirts. The trend was strong, with a few online travel agencies announcing that they had stopped accepting bookings to Maldives, similar to the current stance by Cox & Kings and Ixigo to stop bookings to Turkey. Within weeks of this online outrage, the Prime Minister visited Lakshadweep, which became a new go-to place with investments coming in from multiple hospitality chains, along with additional flights being launched by airlines. A year and more down the line, it turns out that 'Boycott Maldives' has had its effect with Indian nationals visiting Maldives dropping by a staggering 37% in 2024 over 2023. Only 1,30,805 Indians visited Maldives in 2024, compared to 2,09,193 Indians who visited in 2023, shows data released by the Ministry of Tourism, Maldives. In the first quarter of 2025, the traffic from India has further shrunk by 7.9% over the same period in 2024. This comes amidst multiple new hotels being launched in Maldives over the last few years and overall tourism growing by 20% in 2024 for the island country. India now drops to the sixth largest source market for Maldives, with China, Russia and the United Kingdom being the top three. Chinese tourists to Maldives increased by 40% to reach 2,63,340 tourists in 2024. While China was the top source market in 2019, the last full year pre-COVID, India was the second largest back then. Data shared by Cirium, an aviation analytics company, exclusively for this article, shows that the connectivity between India and Maldives saw a drop of 17.6% in departures in December 2024, compared to December 2023. This resulted in a 17% reduction in seats. With China, Russia, the United Kingdom, Italy and Germany the top five source markets for Maldives, there remains an opportunity for Indian carriers for transit traffic to the Indian Ocean island. For carriers from India, this has had no impact as they have merely redeployed the capacity on other routes where there is more demand. Indian carriers have been reeling under the supply chain pressures and have not been able to induct as many planes as they would have wanted to, even after taking in a sizable number of aircraft last year. The loss of Maldives has been a gain for Thailand and Malaysia primarily. Both countries started offering free visas on arrival for Indians, similar to Maldives and started attracting Indians in droves. The flights between India and Thailand went up by nearly 40% in both capacity and departures in December 2024 compared to the same month in 2023. Flights between Malaysia and India were up by 21% and included the launch of flights to Penang and Langkawi by India, the two islands in Malaysia known for tourism but offering distinctly different experiences. The sheer size of the population, along with an ever-expanding middle class in India with the affordability to fly, is what is attractive for neighbouring countries to attract tourists from India. Most countries in ASEAN have traditionally been dependent on tourism from China for similar reasons, but were jolted due to China's continued closure of tourist activities, including restrictions on travel outside the country. This led to most countries turning to India to offer attractive packages and offers which could attract tourists from the most populous country. With Maldives, there are already signs of thaw in the relationship between the two countries. The ties between India and Maldives go beyond tourism. The drop in tourists saw airlines cutting down on flights. When it comes to Turkey, IndiGo has already made it clear that their commercial agreements are in line with the Bilateral Air Services Agreement, and there is no violation of any rules. Over five lakh passengers flew each way between India and Turkey in 2024 on non-stop flights, many of them connecting onwards to multiple destinations. Istanbul has always been at the crossroads and has always been an attraction for Indians. Will this change this time around? The airlines will eventually have to either discount the pricing or look for other options if the trend to Boycott Turkey or flying via Turkey continues to be strong.
Time of India
6 days ago
- Time of India
Planning your next vacation in Delhi? Here's your ready reckoner for your upcoming holidays
The beautiful national capital along the Yamuna river includes satellite cities like Gurugram, Faridabad and Noida. Among the largest metropolitan areas in the world, it also has the biggest metro network in the country. Dotted with Mughal era monuments, heritage sites and historical buildings with stunning architecture, beautiful temples, vibrant markets and finger-licking cuisine make it a popular destination for tourists. The best time to visit India's capital-the National Capital Territory of Delhi is between October to March. HOW TO REACH FROM MUMBAI There are several ways to reach Delhi from across the country via road, trains and flights, or a combination of these, as the capital city is very well connected. The fastest route from Mumbai is by flight, which takes around two hours, while the train is not overly cheap compared to the flight, but can take anywhere from 15 to 26 hours. The one-way flight for July costs Rs.3,610, while the train fare starts from Rs.2,260 for Class 2A on Ixigo. Cost by air Rs.3,610 (Mumbai-Delhi flight, 2 hrs 15 mts) Cost by train Rs.2,260 (Mumbai-Delhi Class 2A, 26 hrs). *One way, per person. Flight cost on Skyscanner. Train cost on Ixigo. Live Events WHERE TO STAY There is a variety of stay options, ranging from budget-friendly government accommodation, guest houses, bread & breakfasts and hostels to five-star hotels. Also check out the Delhi tourism websites, html and for all categories of accommodation choices. COST: Rs.24,000 for 6 nights WHAT TO EAT Delhi cuisine is a mix of Mughlai and north Indian culinary influences, and old Delhi is a favoured haunt for non-vegetarian delicacies and street food. Popular dishes include nihari (mutton or beef stew), mutton burra (mutton chops or ribs), butter chicken, kebabs (marinated, grilled or roasted meat) and tikkas (marinated tandoori dish), kathi rolls (vegetarian or non-vegetarian wrap), biryani (meat & rice dish), chole-bhathure (chick pea & fried bread), snacks like chaat, dahi-bhalla, samosas, aloo tikki, and parathas (stuffed flatbread). Desserts include jalebi, kulfi, faluda and rabri, among many others. While roadside stalls offer cheap food costing Rs.50-100 per meal, mid-range restaurants can cost Rs.500-1,000, while expensive restaurants will charge upwards of Rs.1,200 per person. COST: Rs.1,500-2,000 per person, per day WHAT TO DO HISTORICAL MONUMENTS India Gate, Red Fort, Qutub Minar, Humayun's tomb, Purana Quila, Jantar Mantar, Agrasen ki baoli, Safdarjung tomb, Siri Fort, Lodhi tomb, Haus Khas fort, Tughlakabad fort, Rashtrapati Bhawan, Lodhi Gardens. PLACES OF WORSHIP Akshardham temple, Jama Masjid, Lotus temple, Ahinsa Sthal, Hazrat Nizamuddin dargah, Gurdwara Bangla Sahib, Moti Masjid, Sri Digambar Jain Lal Mandir, Chhattarpur temple, Jhandewala temple. MARKETS Connaught Place, Janpath, Dilli Haat, Khan market, Lajpat Nagar, Sarojini Nagar, Chandni Chowk, Meena Bazaar, Ghaffar market, Karol Bagh, Chor Bazaar. SUGGESTED ITINERARY New Delhi DAY 1-2 Visit historical monuments and UNESCO World Heritage sites like Qutub Minar, Humayun's tomb and Red Fort, besides others like India Gate, Jantar Mantar and Purana Quila. Don't miss the sumptuous street food and old Delhi non-vegetarian fare like kebabs,tikkas and burras. DAY 3-4 Next on your itinerary should be places of worship like the Akshardham temple, Jama Masjid, Lotus temple, Gurdwara Bangla Sahib, among several others. DAY 5-6 Spend time shopping at popular markets like Janpath, Connaught Place, Khan market and Chandni Chowk for traditional handicraft, jewellery, artifacts and cheap or designer clothes. If you have time, you can also take day trips to Neemrana, Jaipur and Agra from Delhi. DAY 7 Fly back to Mumbai.
Entrepreneur
21-05-2025
- Business
- Entrepreneur
Elevation Capital Nets 25X Return From Ixigo Stake Sale
Despite the continued stake dilution, Elevation Capital still held a 14.02% stake in Ixigo as of March 31, 2024. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Multi-stage venture capital firm Elevation Capital has earned a 25X return by further paring its stake in travel tech platform Ixigo (Le Travenues Technology), underscoring the firm's track record in backing high-growth consumer tech ventures. According to stock exchange data, Elevation sold 21.5 lakh equity shares in a block deal on Monday at INR 178 per share, reducing its holding in the company. The firm had originally acquired the shares at a mere INR 7.14 apiece, as disclosed in Ixigo's draft red herring prospectus (DRHP), marking a significant exit milestone. The sale is the latest in a series of stake reductions by Elevation in Ixigo. Previously, the VC firm offloaded shares worth INR 100 crore during a pre-IPO secondary transaction, followed by another INR 181 crore via the IPO offer-for-sale. Despite the continued stake dilution, Elevation Capital still held a 14.02% stake in Ixigo as of March 31, 2024. Ixigo's strong financial performance has likely buoyed investor confidence. For the fourth quarter, the company reported a 72% year-on-year surge in operational revenue to INR 284 crore, driven by growth in its core travel booking verticals. Profit after tax soared 128% year-on-year to INR 17 crore, reflecting efficiencies across its flight and bus ticketing segments. Ixigo's parent, Le Travenues Technology, saw its shares close at INR 172.70 on Tuesday, down 1.09% on the day. Elevation Capital, formerly known as SAIF Partners, has been an early and prominent backer of some of India's top startups, including Paytm, Meesho, and Swiggy. Its successful exit from Ixigo adds to a growing list of profitable ventures, reaffirming its role as one of the country's most consistent startup investors. The latest development highlights a broader trend of VC firms capitalising on strong public markets to lock in returns on long-term bets, especially in sectors like travel tech that are rebounding sharply post-pandemic.
Time of India
20-05-2025
- Business
- Time of India
Elevation Partners offloads 21.5 lakh shares in Ixigo parent for Rs 38.3 crore
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. Live Events 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. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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.
Economic Times
20-05-2025
- Business
- Economic Times
Elevation Partners offloads 21.5 lakh shares in Ixigo parent for Rs 38.3 crore
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 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.
