The board of Le Travenues Technology Limited, the parent company of the travel tech platform ixigo, has authorized Prosus's (MIH Investments One B.V.) primary investment through a preferential issuance of equity shares.
Key Highlights
- Prosus acquires 10.1% stake in ixigo for ₹1,296 crore, valuing the deal at $146 million.
- The investment emphasizes Prosus’s continuing bet on India’s tech and travel-platform space.
Prosus will purchase a fully diluted 10.1% stake in Ixigo for Rs 1,295.56 crore, or roughly $146 million. The investment is equivalent to a share price of Rs 280 per share, which is marginally higher than the volume-weighted average price over the last ten days.
Ixigo is one of India's fastest-growing online travel agencies, especially among travelers with next-billion users. It went public on the stock exchange in June 2024 at a price of Rs 93 per share.
The money will be used for working capital, acquisitions, organic growth, and other business needs. It is anticipated that the collaboration will bolster Ixigo's long-term growth strategy and solidify its position in the online travel industry.
While early investor Elevation has made multiple partial exits in recent months, global asset manager Schroder Investment Management recently increased its stake in Le Travenues Technology Limited.
Also Read: Ixigo Announces Over 2 Lakh ESOPs Valued at Rs 3.78 Crore
In terms of finances, Ixigo's operating revenue increased by 72.5% to Rs 314 crore in Q1 FY26 from Rs 182 crore in Q1 FY25. The company's net profit increased by 27% year over year during that time, from Rs 15 crore in Q1 FY25 to Rs 19 crore in Q1 FY26.
Prosus is a multinational operator and investor that specializes in technology-driven companies in Europe, Latin America, and India. Through businesses like Flipkart, Goibibo, Swiggy, Meesho, Urban, and Company, it has invested over $8.6 billion in India. Through its affiliate MIH Investments, Prosus recently purchased a Rs 1,968 crore stake in Rapido from Swiggy.
