The company will use the sume, Rs 1,295 crore, to fund AI investments and its hotel vertical among others
ixigo
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Travel tech platform Ixigo’s parent Le Travenues Technology has notified exchanges about Prosus (MIH Investments One B.V) acquiring 10 percent of stakes in the company on October 10.
The company which has raised Rs 1,295 crore will be using the funds to invest in Artificial Intelligence (AI) and fuel its hotel vertical, among others.
The company had informed exchanges on October 7 about a possible stake sale of up to 16 percent.
On October 9, Le Travenues Technology stock ended 5.98 percent higher on Bombay Stock Exchange (BSE).
Where will Ixigo use the funds raised?
Up to 25 percent of the proceeds or up to Rs 323.89 crore is proposed to be utilised towards organic growth initiatives for the company’s business including new artificial Intelligence (AI) platforms, products, and services, including their research and development expenditure.
Ixigo will also use the funds to expand supply in the hotel business. ” There is a significantly large and under-penetrated market when it comes to first-time online hotel bookers in India. It has been just over a year and a half since we started working on our hotel business, and we have made some progress on product discovery by identifying several pain areas of hotel bookers in our country. We will ensure we continue enhancing our product to achieve stronger product-market fit, deepen our supply inventory,” company’s management said.
It will also use the proceeds for advertisement and branding initiatives for building top-of-mind brand recall.
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The timeline for the use of funds is by December 31, 2028.
Ixigo will also invest up to Rs 323.89 crore for inorganic growth opportunities including acquisitions.
Up to Rs 323.89 crore is proposed to be utilised towards meeting the working capital requirements of the company while the remaining Rs.323.89 crore will be used for general corporate purposes.
Why is Ixigo raising money?
The company’s management said that their early years were marked by limited capital and the multiple crises they had to overcome along the journey, gave them muscle and resilience to do more with less.
The management said that the company is at an inflection point in fulfilling its vision of building the best customer experience for travellers and the immediate opportunity is to invest deeply in emerging agentic AI capabilities, solidify our presence in hotels, build top-of-mind brand recall and
accelerate our growth through judicious investments in new AI platforms, products and services.
“The dawn of the AI era presents us with a once-in-a-lifetime opportunity to reimagine our company’s AI-native future. Companies that will succeed in the next decade will look very different from those that exist today, given the pace of technological change we are witnessing,” the management said.
There is a narrow window in which companies need to combine their deep tech DNA and proprietary data with disciplined investments in disrupting themselves, they added.
Why pick Prosus as an investor?
Prosus (MIH Investments One B.V.) is a leading global technology company that invests in
high-growth markets, with a significant focus on India, Latin America, and Europe.
Its portfolio spans sectors such as e-commerce, food delivery, travel, payments & fintech and classifieds. A long-term investor in India with over $8.6 billion capital deployed to date, Prosus was a major investor in Flipkart and Goibibo.
Today, it operates PayU in India, and its investment portfolio includes Swiggy, Meesho, Urban Company and Rapido. Its global portfolio includes Tencent, OLX, iFood, Despegar and DeliveryHero.
Prosus has been a pioneer in AI-led innovation globally, with a sharp focus on companies that
are reshaping industries. Its vision of unlocking an AI-first world for billions of people aligns with
ixigo’s vision of building the best AI-first customer experience for the next billion travellers of
Bharat.
“Prosus is well-known as a patient, long-term investor bringing deep domain expertise in
e-commerce marketplaces, a global perspective and an AI-first mindset to its portfolio, Ixigo management added.
How has ixigo grown since its IPO?
It has seen a significant growth in its market since its Initial Public Offering (IPO) in June last year.
Ixigo’s share price has zoomed by nearly 3.5 times a market cap of Rs 12,207 crore versus around Rs 6,420 crore market cap at the time of listing.
Its issue price was set at Rs 93 but listed at Rs 138.5 on the National Stock Exchange (NSE) while the firm’s share price on BSE opened at Rs 135.
The Gurugram-based company had launched its IPO with a price band of Rs 88–93 per share and a minimum bid size of 161 shares, raising Rs 740 crore from anchor and retail investors.
Ixigo’s IPO subscription was oversubscribed by 98.3 times while the portion of non-institutional investors (NIIs) oversubscribed by 110.5 times.