Schroder International Selection Fund has acquired a significant stake in India-based online travel platform Ixigo from Elevation Capital through a block deal.
The deal went through late last week, with Elevation Capital selling approximately 7.5 million shares (75.48 lakh shares) for $15.7 million, while Schroder acquired approximately 5.37 million shares (53.68 lakh shares) for a total of $11.2 million.
Elevation now has a 12.08% stake in Ixigo, down from 14.02% before the block deal.
Launched in 2007 as a metasearch site, Ixigo has since transitioned to an online travel agency model aimed at helping Indian travelers book flights, ground transportation and hotels.
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Ixigo opened its initial public offering in June last year, and the latest deal comes as India nears a travel boom alongside its expanding economy in 2025.
“If you look at the evolution of the Indian market in terms of where we are in GDP per capita or where we are in terms of online travel penetration [or] where we are in terms of discretionary spend—a lot of that starts to mirror where China was roughly, I would say about 12,14, years ago,” Aloke Bajpai, managing director and group CEO of Ixigo, told PhocusWire in January.
In its latest presentation for investors, Ixigo reported 72% growth in revenue and a 2.4-fold increase in net profit year-over-year.
Ixigo acquired train booking app Confirmtkt and bus operator Abhibus in 2021 and also raised $53 million. The company also invested $3.1 million in electric bus startup FreshBus in early 2023.