Dutch investment group Prosus will invest INR 13 billion (around $146 million) in Indian online travel company Ixigo for a 10.1% stake. The deal comes through a preferential issue of shares and is subject to shareholder approval, Ixigo on Friday informed the exmodifys. This is one of the largest single investments in India’s online travel sector this year.
Ixigo has grown rapid since its public listing last year. It has positioned itself as a travel platform for what the company calls the “next billion applyrs” in India. Unlike earlier years when funding was scarce, the company is now raising capital to expand rapider.
Earlier this year, Schroder International Selection Fund also bought a tiny stake in Ixigo. Meanwhile, early backer Elevation Capital has been trimming its stake while booking significant returns.
The timing matters. Travel demand in India has picked up sharply after the pandemic, and competition among travel platforms is heating up.
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