Elevation Capital makes fourth partial exit from ixigo

Elevation Capital, the early-stage venture capital firm formerly known as SAIF Partners, has sold a fresh tranche of shares in Le Travenues Technology Ltd., the parent company of online travel aggregator Ixigo, netting an estimated 25-fold return on investment.

In a block deal executed on Thursday, Elevation sold approximately 53.9 lakh shares at Rs 180 apiece, totalling Rs 97.4 crore, according to filings with the Bombay Stock Exchange. Simultaneously, Schroder International Selection Fund, part of the $950-billion British asset manager Schroders, acquired 53.6 lakh shares for Rs 96.9 crore.

The latest sale comes just weeks after Elevation divested another 21.5 lakh shares in Ixigo for Rs 38.27 crore. As of the end of March 2025, the fund held a 14.02% stake, or 5.46 crore shares, in the company. Following the most recent transactions, Elevation’s ownership has decreased to approximately 12.08%.

The venture capital firm has invested ₹63.1 crore in Ixigo over multiple rounds. This exit marks its fourth partial sale. Previously, it offloaded shares worth Rs 100 crore in a pre-IPO secondary transaction and another ₹181 crore through the IPO’s offer-for-sale component.

Ixigo, which was founded in 2007 by Aloke Bajpai and Rajnish Kumar, offers travel booking services for trains, flights, and buses, along with utility tools like PNR status updates and seat availability predictions. The company reported a 128% year-on-year rise in quarterly net profit to Rs 16.7 crore for the March 2025 quarter. Operating revenue for the period surged 72% to Rs 284 crore from Rs 165 crore in the same quarter last year, reflecting robust growth across its verticals.

On an annual basis, Ixigo posted FY25 revenue of Rs 914 crore, up 39% from the previous year, while net profit fell 18% to Rs 60.2 crore. The company claims 544 million annual active users and 83 million monthly active users across its platforms.