GIC, Info Edge VC fund bet on ixigo in pre-IPO round

Le Travenues Technology Pvt. Ltd, which runs online and mobile travel search engines under the brand ixigo, has raised $53 million (about Rs 390-400 crore) from a bunch of investors ahead of its planned initial public offering.

The latest round, what is touted as a pre-IPO exercise, was a mix of fresh and secondary share sales and valued the firm around $750-800 million post-money. The company is targeting around Rs 1,500-2,000 crore through an IPO later this year.

Of the total $53 million, ixigo raised $36 million by selling new shares while some existing shareholders partially exited their shares to pre-IPO investors such as PIPE and hedge funds, as per regulatory disclosures.

The funding round was led by Singapore state investment firm GIC Pte Ltd. The round also saw participation from Info Edge Venture Fund, the early-stage investment fund of Info Edge (India) Ltd. Prashant Khemka-led White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital and Malabar Investments were among the other investors.

The company said it will use the funds for growth capital and M&A activity.

Incorporated in June 2006 and launched the following year, Gurugram-based ixigo provides international airlines, domestic flights, luxury hotels, bus tickets, and Indian railways travel reservations online for ticket booking services.

The company also counts Sequoia Capital India, Fosun RZ Capital, Elevation Capital and Micromax Informatics as its early backers. It had raised $15 million in a Series B round from Sequoia and Fosun.