Indian co-founded iXiGO to raise new venture funding round

Bangalore: Gurgaon-based travel search engine iXiGO plans to raise a new round of venture funding and has started talks with venture capital players. Though the amount to be raised by the firm is not known, iXiGO plans to close the fund raising this year, reports VCCircle.

Aloke Bajpai, Co-Founder and CEO of iXiGO, confirmed this development. In 2008, the firm raised less than $1 million from BAF Spectrum, a Singapore-based seed-investment fund. Bajpai said that this round could be significantly larger. Founded in 2007 by Rajnish Kumar, Dharmendra Yashovardhan and Bajpai, iXiGO, unlike other travel portals which offer deals, searches for travel inventory across multiple websites to help choose the best deals.

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Bajpai says, iXiGO now gets around 1.5 million searches every month. Over the last year, the company has also diversified its offering from flights to areas like bus ticketing, railway booking, and hotels. "This year we also intend to get into tours and holiday packages," said Bajpai. He says, iXiGO's revenues have gone up by five times over the last 12 months for December this year.

iXiGO is also looking to become cash flow positive in the next few months. "Our costs are low since we have a team of only 20 people including the founders," said Bajpai.