Elevation Sells Ixigo Shares for the Second Time

On Tuesday, July 22, the venture capital firm Elevation Capital divested a 2.59% stake (more than 1.01 crore shares) in the online travel aggregator ixigo through open market transactions.

Established in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo began as a travel search engine aimed at assisting users in comparing flight offers.  In FY20, it transformed into an OTA that allows users to book flights, train and bus tickets, hotels, and vacation packages.

Ixigo stated in a filing with the exchanges that Elevation Capital divested its stake in the company through its subsidiary, Saif Partners India IV Limited.  The deal was valued at almost INR 224 crore, based on the stock’s closing price of INR 221.2 on the BSE on July 21.

Following the deal, Elevation Capital’s ownership stake in the company has changed from 9.04% to 6.45%.

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According to sources cited by the Economic Times, investment firm Schroder International Selection Fund acquired the shares, and it now holds approximately a 5% stake in the publicly traded travel tech company.

In the last three months, Elevation Capital has sold its stake in the OTA for the third time.  In May, the venture capital firm executed a block deal worth INR 38.27 Cr, selling over 21.5 Lakh shares of the OTA.  In the previous month, the investment behemoth disposed of more than 53.98 lakh shares of the listed entity in a block transaction valued at ₹97.44 crore.

The most recent transaction occurred during a period when ixigo’s shares have been climbing for several months, even amid market fluctuations.  Over the past month, company shares have skyrocketed by 30.45%, and over the past three months, the stock has risen by more than 40%.

Ixigo, which went public last year, is currently trading approximately 130% above its listing price of INR 93.

The company’s stock has increased due to its growing profitability and rising revenues.  In the first quarter (Q1) of the fiscal year 2025-26 (FY26), the OTA’s consolidated net profit increased by 27% to INR 18.9 Cr, up from INR 14.9 Cr in the same quarter of the previous year.  In the quarter being examined, operating revenue skyrocketed by 73% to reach INR 314.5 Cr, in contrast to INR 181.9 Cr in Q1 FY25.

Also fueling the company’s stock price was ixigo’s recent acquisition of an additional 11% stake in the train food delivery platform Zoop and its subsidiary through a secondary share purchase valued at INR 3.25 Cr.

On the BSE, ixigo shares closed yesterday’s trading session down 3.59% at INR 213.80.