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VC firm Elevation Capital on Tuesday (July 22) sold 2.59% stake, or over 1.01 Cr shares, in online travel aggregator (OTA) ixigo via open market transactions.
In a filing with the exchanges, ixigo said that Elevation Capital sold its stake in the company via its subsidiary called Saif Partners India IV Limited. As per the stock’s closing price of INR 221.2 on the BSE on July 21, the deal was worth nearly INR 224 Cr.
Post the deal, Elevation Capital now owns 6.45% stake in the company compared to 9.04% previously.
Sources told Economic Times that investment firm Schroder International Selection Fund lapped up the shares, adding that the fund now owns around 5% stake in the listed travel tech company.
This is the third time that Elevation Capital sold its stake in the OTA in the past three months. In May, the VC firm sold more than 21.5 Lakh shares of the OTA in a block deal worth INR 38.27 Cr. Last month, the investment giant once again offloaded over 53.98 Lakh shares of the listed company in an INR 97.44 Cr block deal.
The latest transaction comes at a time when the shares of ixigo have been on an upward spree for the past few months despite ongoing market volatility. Shares of the company have shot up 30.45% in the last one month, while the stock has gained more than 40% in the last three months.
ixigo, which listed on the stock exchanges last year, is currently trading up at about 130% from their listing price of INR 93.
The company’s stock has been on the rise on the back of its growing profitability and rising revenues. The OTA’s consolidated net profit rose 27% to INR 18.9 Cr in the first quarter (Q1) of the fiscal year 2025-26 (FY26) from INR 14.9 Cr in the year-ago quarter. Meanwhile, operating revenue surged 73% to INR 314.5 Cr during the quarter under review compared to INR 181.9 Cr in Q1 FY25.
What also powered the company’s stock price was ixigo’s recent acquisition of an additional 11% stake in train food delivery platform Zoop, and its subsidiary, via a secondary share purchase worth INR 3.25 Cr.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo initially started as a travel search website to help users compare flight deals. In FY20, it pivoted to become an OTA which lets users book flight, train and bus tickets, hotels, and holiday packages.
Shares of ixigo ended yesterday’s trading session 3.59% lower at INR 213.80 on the BSE.
The post Elevation Sells Stake In ixigo Again appeared first on Inc42 Media.
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