In a block deal valued at INR 97.44 Cr, Elevation Capital, a VC firm previously known as SAIF Partners India, divested more than 53.98 lakh shares of the online travel aggregator ixigo yesterday.

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

According to the BSE data, the investment firm sold shares through Saif Partners India IV Limited at INR 180.50 each, compared to the stock’s last closing price of 180.65 on Wednesday (June 18).

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Schroder International Selection Fund Asian Total Return acquired 53.69 lakh shares from the market influx at the same price, with a total value of INR 96.9 crore.

Elevation Capital ranks among the largest shareholders of Le Travenues Technology Ltd., the parent company of the travel tech firm.  At the close of the March 2025 quarter, it held a 14.02% share in ixigo.

The OTA experienced a huge 127% increase in consolidated net profit on the financial front, reaching INR 16.8 Cr in Q4 FY25, up from INR 7.4 Cr in the same quarter of the previous year.  During the quarter under review, operating revenue surged by 72%, reaching INR 284.1 Cr compared to INR 164.9 Cr in Q4 FY24.

In the previous month, the travel tech giant, competing with brands like MakeMyTrip and EaseMyTrip, halted hotel and flight reservations to Turkey and Azerbaijan in support of Pakistan amid its recent conflict with India.  During the Q4 earnings call, executives from ixigo stated that the company would reassess its position later if circumstances changed.

On the BSE, ixigo shares closed out yesterday’s trading session at INR 176.05, marking a decrease of 2.55%.