Travel aggregator ixigo revenue crosses Rs 500 Cr in FY23, targets 40% growth
The Gurugram-based company aims to scale its business to a projected Rs 700 crore revenue in FY24.
Thursday May 25, 2023,
2 min Read
Online travel aggregator has recorded a nearly 5X growth in operating revenue from the pre-pandemic levels, generating over Rs 500 crore, and is targeting 40% revenue growth in FY24.
The Le Traveneus Technology Ltd-owned company clocked Rs 111.6 crore in revenue in FY20.
The Gurugram-based company aims to scale its business to a projected Rs 700 crore in FY24. It claimed to be cash flow positive and said it has achieved an EBITDA margin of more than 7% in FY23.
ixigo said its gross transaction value run rate is currently Rs 10,000 crore a year and it intends to grow this by 2X over the next two years.
It also noted that it continues to be profitable. As per an addendum filed with the Securities and Exchange Board of India (SEBI) in October last year, it posted a net profit of Rs 8.2 crore in the April-June 2022 quarter.
"Our strategy of focusing on the next billion users has resulted in not just rapid growth in the last three years but also an expansion in our EBITDA margin and strong operating cash-flows," said Aloke Bajpai, Group CEO and Co-founder of ixigo, in a statement.
"With the government’s focus on infrastructure and capacity creation across airports, trains, and roads in India, we are confident of maintaining strong growth across transportation segments and solidifying our position as the leader in the next billion user travel segment," he added.
Travel portal ixigo, founded by Aloke Bajpai and Rajnish Kumar in 2007, helps in tracking trips, making travel bookings, and searching for transportation. The platform leverages artificial intelligence, machine learning, and data science-led innovations to assist in making travel decisions.
As of March 2023, the ixigo group had crossed 66 million monthly active users across its platforms, , and AbhiBus. The travel platform has over six million daily active users and said it is growing at a rate of more than 8 million downloads a month, with the running rate being 50 million bookings yearly.
It now intends to add new segments such as hotels and packages in the near future.
Edited by Kanishk Singh