Fresh from Aloke Bajpai’s appearance at WiT Singapore this week speaking about the massive opportunity in the Indian travel market where under 5% of Indians fly, inbound arrivals are only at 11-12 million visitors, and out of 800 million internet users, only 150 million buy travel online, ixigo is making news again.
This morning, India’s leading AI-powered travel platform, ixigo (“Le Travenues Technology Limited”), has informed the exchanges that its board has approved a primary investment from leading global technology investor and operator Prosus (“MIH Investments One B.V.”) through a preferential issue of equity shares.
The investment, subject to shareholder approval, will be a sum of Rs. 1295.56 Crores (US $146 million) for a 10.1% stake in ixigo on a fully diluted basis, corresponding to a share price of Rs. 280 per share, a slight premium over the 10-day VWAP of ixigo as on the relevant date for the transaction. In June 2024, ixigo had listed at an issue price of Rs. 93 per share and has since been the fastest growing OTA business in India, with market leadership in the next billion users segment.
The company intends to utilise the proceeds for organic growth opportunities, inorganic growth opportunities, working capital needs and general corporate purposes.
Prosus (MIH Investments One B.V.) invests in high-growth markets, with a significant focus on India, Latin America, and Europe. Its portfolio spans sectors such as e-commerce, food delivery, travel, payments & fin-tech, and classifieds. A long-term investor in India with over $8.6 Bn capital deployed to date, Prosus was a major investor in Flipkart and Goibibo. Today, it operates PayU in India and its investment portfolio includes Swiggy, Meesho, UrbanCompany and Rapido. Its global portfolio includes Tencent, OLX, iFood, JustEatTakeaway and Despegar.
Prosus has been a pioneer in AI-led innovation globally, with a sharp focus on companies that are reshaping industries. Its vision of unlocking an AI-first world for billions of people aligns with ixigo’s vision of building the best AI-first customer experience for the next billion travelers of Bharat.
Prosus is well-known as a patient, long-term investor bringing deep domain expertise in e-commerce marketplaces, a global perspective and an AI-first mindset to its portfolio.
For more details please refer to our stock exchange filing : https://www.bseindia.com/xml-data/corpfiling/AttachLive/56e8d1ff-5aa9-4d71-a6bf-93f7c7eabfce.pdf
