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HomeNewsTechnologyIndian travel-tech app ixigo looks to raise Rs 1,600-crore via IPO

Indian travel-tech app ixigo looks to raise Rs 1,600-crore via IPO

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The AI-backed app, ixigo looks to raise as much as Rs 750 crore in primary fundraise and Rs 850 crore via an offer for sale from existing investors as part of its initial public offering

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Indian app ixigo, which runs its operations on the , looks to raise as much as Rs 750 crore in primary fundraise and Rs 850 crore via an offer for sale from existing investors as part of its initial public offering. According to the company's draft red herring prospectus (DRHP) filed late with the markets regulator, the company looks to raise Rs 1,600 crore.

According to the travel platform, while Le Travenues Technology Ltd, the company that operates the online ticketing platform, will see existing investors Micromax and Elevation Capital (formerly Saif Partners) exit partially through the offer for sale, its other older investor MakeMyTrip has already moved out via secondary sale clocking 8x returns on its $4.8 million investment.

The company promoters, Aloke Bajpai and Rajnish Kumar are also looking to pare stakes through the IPO, the draft prospectus showed. Last month, as part of its pre-IPO round, the company raised $53 million (395 crores) from investors led by Singapore's sovereign wealth fund GIC with participation from investors such as InfoEdge Venture Funds, White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital, and Malabar Investments.

The company launched in 2007 with a user base of more than 250 million is valued at around $850 million and is likely to launch its IPO later this year. Earlier this year, the company acquired Bengaluru-based online train discovery and booking platform Confirmtkt for an undisclosed amount.

Last week, the company said it has acquired AbhiBus, a Hyderabad-based bus ticketing and aggregation platform on a slump sale basis for a consideration of a mix of cash and ixigo equity.

Investment banks Securities, Axis Capital, , and Nomura are the book managers of the issue while law firms such as Shardul Amarchand Mangaldas and Khaitan & Co are advising the company on legal matters.

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Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
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