DISRUPTEXCLUSIV Ixigo intends to boost Rs 1,500 crore to Rs 1,800 crore in forthcoming IPO
Focusing on the next billion users, Ixigo is the dominant number 1 in the train supplier and ticket category and a challenger in the flights and buses categories
Amid the speculation comes the confirmed update that the online travel portal Ixigo will soon go public. While the amount will not be disclosed, there has been talk of the firm naming ICICI Securities, Kotak Mahindra Bank, Nomura and Axis Capital Ltd as its investment bankers. The platform already has marquee investors on board, including Micromax Informatics, Elevation Capital, and Sequoia Capital, to name a few.
With the upcoming IPO in mind, Ixigo has appointed Ravi Shanker Gupta as the new CFO. Ravi Shanker has seamlessly supported the transition of several brands to public companies, including Jubilant FoodWorks Limited, the parent company of Dominos Pizza. Ixigo also appointed Suresh Kumar Bhutani as the company’s secretary. Among other things, he has worked in the legal affairs of IndiGo Airlines and Ciena India.
Focusing on the next billion users, ixigo is the dominant number 1 in the train supply and tickets category and a challenger in the flights and buses categories. ixigo has grown organically over the past decade through a relentless focus on product, technology, innovation and creative video marketing. ixigo performs over 5 million downloads every month. This is more than all other OTAs in India combined, making it the fastest growing travel platform with 230 million downloads to date. It has 37 million monthly unique users in all of its apps and on its website. ixigo currently has an annual gross booking value run rate in excess of Rs. 5000 crores.
Although the travel industry has taken a hit due to the pandemic, companies like Ixigo are trying to go public so they can generate enough funds for future expansion. Travel may not be the same as we know it to be, and this round of IPOs will add to greater post-cover adaptability. Taking the expansion into account, Ixigo had previously bought Comfirmtkt, an online platform for train travel.