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Elevation Capital nets 25X return from Ixigo stake sale
The venture capital firm has been strategically reducing its stake in the travel tech company since 2021.
Multi-stage venture capital firm Elevation Capital, formerly known as SAIF Partners, on Monday netted a 25X return from further trimming down its stake in travel tech company Ixigo.
According to BSE, the firm sold 21.5 lakh equity shares in Ixigo’s parent company, Le Travenues Technology, for Rs 178 apiece through block deals.
The firm had purchased shares of the company at Rs 7.14 apiece, Ixigo’s draft red herring prospectus (DRHP) showed.
Elevation has trimmed its stake in Ixigo multiple times after selling shares in a pre-IPO secondary transaction and during the company’s listing through an offer-for-sale.
The venture capital firm, which has backed companies like Paytm, Meesho, and Swiggy, among others, had sold shares worth Rs 100 crore in Ixigo during the pre-IPO secondary sale and shares worth Rs 181 crore through the IPO.
As of March 31, Elevation held a 14.02% stake in the company.
The stake sale comes after the company reported a 72% year-on-year rise in revenue from operations to Rs 284 crore in the fourth quarter.
It also managed to report a 128% rise in profit after tax at Rs 17 crore for the same period stemming from growth in categories such as flight and bus ticket bookings.
Shares of Le Travenues Technology closed at Rs 172.70, down 1.09% on Tuesday.
Edited by Megha Reddy
