Travel Planning app Ixigo secures $53 Mn led by GIC, ahead of its IPO


Leading travel app, Ixigo has raised $53 million through the combination of primary and secondary issuance of shares from the investors, led by the Singapore sovereign wealth fund GIC, ahead of its proposed initial public offering, according to the regulatory filing of the ministry of corporate affairs.

As per the filling of the Ministry of Corporate Affairs apart from GIC, some of the other investors including White Oak, Infoedge Venture Funds, Orios Venture Partners, Trifecta Capital, Bay Capital, and Malabar Investments, has also shown their significant presence in the investment round.

Infoedge has been the top investor in private companies, including Zomato that has recently completed a mega IPO and got listed last week with 68 per cent gains on debt, and the IPO-bound Policybazaar.

In the funding of $53 million, $36 million forms the part of the primary shares. AS GIC is the top long-term public market anchor investor and its investment strengthens ixigo’s positioning leading it up to the initial public offering (IPO); White Oak, Malabar, and Bay Capital are the active pre-IPO investors.

Gurugram based firm founded in the year 2007 by Rajnish Kumar and Aloke Bajpai, Ixigo focused on empowering travellers to plan, book and manage their travels by leveraging artificial intelligence, machine learning and data science-led innovations. The company has a user base of more than 250 million users.

It is an artificial intelligence-based travel app focused on empowering travellers to plan, book and manages their travels. In the month of February, ixigo had acquired the Bengaluru-based online train discovery and booking platform Confirmtkt, for an undisclosed amount of sum. It is backed by the marquee investors such as Fosun RZ, Sequoia Capital India, Elevation Capital, and Micromax Informatics.

Ixigo has faced the coronavirus pandemic very well and managed to grow despite many of the travel companies being at under half of FY20 revenues in FY21. It is further planning to do a public float of INR 1500-1800 crore and is expected to file the DRHP shortly. As per the sources, before the IPO filing, the Gurugram-based company undertook a capital restructuring and increased its authorised share capital to INR50 crore from INR30 lakh.

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