Prosus to Pick Up 10.1% Stake in ixigo Parent for INR 1,296 Cr The newly raised capital will be used to support organic growth, fund acquisitions, and strengthen working capital and general corporate activities.

By Entrepreneur Staff

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[L-R] Rajnish Kumar and Aloke Bajpai, Founders of Ixigo

Le Travenues Technology Limited, the parent company of travel tech platform ixigo, has announced that its board has approved a primary investment from Prosus through its affiliate, MIH Investments One B.V., via a preferential issue of equity shares.

Prosus will invest INR 1,295.56 crore (around USD 146 million) to acquire a 10.1 percent stake in ixigo on a fully diluted basis. The investment has been made at a share price of INR 280 per share, which is slightly above the 10-day volume-weighted average price.

Listed on the stock exchanges in June 2024 at INR 93 per share, ixigo has emerged as one of India's fastest-growing online travel agencies, catering especially to next-billion-user travelers.

The company stated that the newly raised capital will be used to support organic growth, fund acquisitions, and strengthen working capital and general corporate activities.

The fresh funding is expected to enhance ixigo's market position and bolster its long-term strategy in the competitive online travel segment.

The investment comes at a time when ixigo's financial performance has shown strong momentum. In the first quarter of FY26, the company reported a 72.5 percent rise in revenue from operations to INR 314 crore, compared to INR 182 crore in the same period of the previous year. Net profit grew 27 percent year-on-year to INR 19 crore from INR 15 crore in Q1 FY25.

Global asset manager Schroder Investment Management recently increased its stake in the company, while early investor Elevation Capital has made partial exits.

Prosus, which has invested over USD 8.6 billion in India, holds stakes in companies including Flipkart, Goibibo, Swiggy, Meesho, and Urban Company. It recently acquired an INR 1,968 crore stake in Rapido from Swiggy.
Entrepreneur Staff

Entrepreneur Staff

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