Elevation Capital, formerly known as SAIF Partners, has sold 21.5 lakh shares in Le Travenues Technology Ltd, the parent company of travel tech firm Ixigo, for ₹38.27 crore (approximately $4.5 million). This partial exit marks a nearly 25X return on its investment.
📈 Investment Timeline and Returns
Elevation Capital’s journey with Ixigo began in 2011. This recent sale is the firm’s third partial exit:
- Pre-IPO Secondary Transaction: Sold shares worth ₹100 crore ($12 million).
- IPO Offer-for-Sale (OFS): Offloaded shares worth ₹180 crore ($21 million).
These earlier exits delivered estimated returns of 13X. As of March 31, 2025, Elevation held around 14.2% in Ixigo, down from 23.4% in February 2024.
💼 Ixigo’s Financial Performance
Ixigo reported strong financial results:
- Q4 FY25:
- Revenue: ₹284 crore, a 72% year-on-year increase.
- Net Profit: ₹17 crore, a 2.4X rise.
- FY25:
- Revenue: ₹914 crore.
- Net Profit: ₹60.2 crore, an 18% decrease.
At the close of trading on May 19, 2025, Ixigo’s shares were priced at ₹174.6 each, with a market capitalization of ₹6,811 crore (approximately $800 million).
🏢 About Ixigo
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo started as a travel search website and later evolved into an online travel agency (OTA). The platform allows users to book flights, trains, buses, hotels, and holiday packages. Inc42 Media
🔮 Future Outlook
Elevation Capital’s successful exits from Ixigo underscore the potential of long-term investments in India’s startup ecosystem. Ixigo’s robust financial performance and market presence position it well for future growth.