According to a stock exchange filing, Elevation Capital sold shares worth more than Rs 226 crore in Ixigo's parent company, Le Travenues Technology, in a bulk transaction.
The venture capital firm sold approximately 1.01 crore shares for an average price of Rs 226 per share. According to analysis, Elevation Capital earned a 31.6X return on this transaction.
Key Highlights
- Elevation Capital sold stakes worth ₹226 crore in Ixigo parent, marking a roughly 25X return on investments.
- Global fund Schroder acquired a large portion, entering Ixigo with a ₹97 crore share purchase.
Before the transaction, Elevation owned a 9.04% stake in the company. According to post-deal disclosures, the latest bulk deal involved the sale of approximately 2.59% of the company's stock, reducing its stake to 6.45%.
In the past three months, this is the third partial exit of this kind for the company. It sold 21.5 lakh shares for Rs 38.3 crore in May and 53.9 lakh shares for Rs 97.4 crore in June. The total proceeds from secondary sales, including the most recent round, now exceed Rs 361 crore.
Meanwhile, Schroder Investment Management has acquired an extra 16.6 lakh shares from the open market, per a different stock exchange disclosure. With this acquisition, Schroder now owns 5.176% of Ixigo, making him a significant shareholder in the business.
Also Read: Ixigo Announces Over 2 Lakh ESOPs Valued at Rs 3.78 Crore
In recent Elevation exits, Schroder has continuously shown itself to be a significant institutional buyer, and its increasing involvement indicates sustained faith in the business.
One of Ixigo's first institutional investors, Elevation (formerly SAIF Partners), has made multi-bagger returns from these stake sales.
Since its IPO, Ixigo has continued to report impressive performance. The company's net profit increased 26.7% to Rs 19 crore in Q1 FY26, while its revenue increased 72.5% year over year to Rs 314 crore. Ixigo's share price is currently trading at Rs 216.95 per share as of 12.50 PM, with a total market capitalization of Rs 8,467 crore, or approximately $1 billion.
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