Leading travel app Ixigo has raised USD 53 million, through a combination of primary and secondary issuance of shares, from investors, led by the Singapore sovereign wealth fund GIC, ahead of its proposed initial public offering, according to a regulatory filing. Apart from GIC, other investors include Infoedge Venture Funds, White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital, and Malabar Investments, as per the filing to the Ministry of Corporate Affairs.
Infoedge has been a top investor in private companies, including Zomato that just completed a mega IPO and got listed last week with 68 per cent gains on debt, and the IPO-bound Policybazaar. Of the USD 53 million latest investment, USD 36 million is against primary shares.
While GIC is the top long-term public market anchor investor and its investment strengthens Ixigo’s positioning leading up to the initial public offering (IPO); Malabar, White Oak and Bay Capital are active pre-IPO investors.
The OTA has weathered the coronavirus pandemic well and managed to grow despite most travel companies being at under half of FY20 revenues in FY21. It is planning a INR 1,500-1,800-crore public float and expected to file the DRHP shortly. Ahead of the IPO, the Gurugram-based company undertook a capital restructuring and increased its authorised share capital to INR 50 crore from INR 30 lakh, sources said. Ixigo is backed by marquee investors such as Sequoia Capital India, Fosun RZ, Elevation Capital and Micromax Informatics.
Launched in 2007 by Aloke Bajpai, Ixigo is focused on empowering travellers to plan, book and manage their travels by leveraging artificial intelligence, machine learning and data science-led innovations. Founded in 2007 and headquartered in Gurugram, the company has a user base of over 250 million.
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