Elevation Capital makes fourth partial exit from ixigo
- Elevation Capital nets Rs 97.4 crore in latest Ixigo share sale, marking its fourth partial exit.
- Schroder Fund acquires 53.6 lakh shares, signaling continued investor interest.
- Ixigo posts 128% YoY profit jump in Q4 FY25 with Rs 284 crore in revenue.
Early-stage venture capital firm Elevation Capital, previously known as SAIF Partners, has offloaded a new tranche of shares in Le Travenues Technology Ltd., parent of online travel aggregator Ixigo, and has pocketed an estimated 25 times return on investment.
In a block deal on Thursday, Elevation offloaded about 53.9 lakh shares for Rs 180 per share, aggregating to Rs 97.4 crore, as per Bombay Stock Exchange filings. Meanwhile, Schroder International Selection Fund, which is a part of the $950-billion British asset manager Schroders, bought 53.6 lakh shares for Rs 96.9 crore.
The latest sale follows just weeks after Elevation sold another 21.5 lakh shares in Ixigo for Rs 38.27 crore. At the end of March 2025, the fund still had a holding of 14.02%, or 5.46 crore shares, in the company. After the recent transactions, Elevation's holding has gone down to around 12.08%.
The venture capital firm has invested Rs 63.1 crore across several rounds in Ixigo. This exit is its fourth partial sale. Earlier, it sold shares worth Rs 100 crore in a pre-IPO secondary sale and another Rs 181 crore under the offer-for-sale component of the IPO.
Ixigo, started by Aloke Bajpai and Rajnish Kumar in 2007, provides train, flight, and bus booking services, as well as utility features such as PNR status and seat availability forecasts. The company posted a year-on-year increase of 128% in quarterly net profit to Rs 16.7 crore for the March 2025 quarter. Revenues from operations during the quarter grew 72% to Rs 284 crore from Rs 165 crore in the previous year's same quarter, indicating strong growth across its verticals.
On a yearly basis, Ixigo registered FY25 revenue of Rs 914 crore, growing 39% year-on-year, while net profit dipped 18% to Rs 60.2 crore. It has 544 million annual and 83 million monthly active users on its platforms, the company boasts.
