New Delhi, Oct. 8 -- Travel-tech platform ixigo, which counts marquee venture capital firms such as Peak XV Partners and Elevation Capital among its backers, has received interest from one investor even as the company's share price soars.

The brand, operated by Le Travenues Technology Ltd that listed on domestic bourses last year, informed the exchanges on Tuesday (October 7) that it has received an intimation from a potential investor to purchase up to 16% stake in the travel aggregator. However, the company did not specify the name of the investor.

The company's exchange filing quoted a disclosure made by the potential investor:

"We wish to inform you that we propose to acquire, either by ourselves or through our affiliates, certain shares in Le Travenues Technology Limited by way of secondary acquisitions. As on the date hereof, no definitive agreements or binding arrangements for such proposed acquisitions have been executed by us," according to the disclosure.

"Our aggregate shareholding, including that of our affiliates, pursuant to the proposed fundraise by the Company and the aforementioned secondary acquisitions, will not exceed 16% shareholding in the Company," the disclosure added.

Doubling of price

The share price of ixigo's parent has more than doubled in the last six months; from trading at Rs 141 on April 1 on the Bombay Stock Exchange to Rs 310 on October 7, when the exchange filing about the investor interest was made.

The company is currently trading at Rs 296.7 per share at the exchange.

Co-founded by Aloke Bajpai and Rajnish Kumar, ixigo also has Bay Capital, Steadview Capital, Peak XV Partners (formerly Sequoia Capital India), Singapore wealth fund GIC, and venture debt and equity investor Trifecta on its cap table.

The stock is up nearly 76% from its initial public offering (IPO) last year in June.

The travel-tech platform had received strong investor interest for its IPO which was oversubscribed by more than 98 times.

The IPO comprised a fresh issue of shares worth Rs 120 crore and an offer for sale by existing shareholders worth Rs 620 crore. The offering of about 43.77 million shares, excluding the anchor investors' portion, received bids for more than 4.3 billion shares.

Ahead of its IPO, ixigo allotted 35.81 million shares to a bunch of anchor investors including three existing backers-Singapore sovereign wealth fund GIC, private investment firms Bay Capital and Malabar Investments. GIC bought shares worth Rs 18.76 crore while Bay Capital and Malabar invested about Rs 5 crore each.

Recently, British asset management firm Schroders, also bought shares of ixigo through secondary market transactions, and owns nearly 7.18% stake in the company, according to disclosures.

Bonanza for Elevation

The company has proven to be a bonanza for Elevation. The VC firm, one of the most active investors in Indian technology startups over the last decade, had first invested in ixigo in 2011.

Across multiple tranches, including a pre-IPO transaction, an offer for sale transaction in the IPO, and some secondary share sales in the open market, Elevation has generated more than Rs 1,300 crore on its investment from ixigo, which is already 10 times of its total investment, according to VCCircle estimates.

Le Travenues Technology Ltd revenue from operations jumped 39% year-on-year to Rs 314 crore in FY25. It reported a net profit of Rs 61 crore during the year, compared to Rs 73 crore in FY24.

Published by HT Digital Content Services with permission from VC Circle.