Prosus to invest Rs 1,296 Cr in ixigo for 10.1% stake
This marks one of the largest primary fundraises by a listed Indian tech company in recent times.
Global consumer internet group is set to invest Rs 1,296 crore ($146 million) in AI-powered travel platform (Le Travenues Technology Limited) through a preferential issue of equity shares.
The investment—subject to shareholder approval—values ixigo at around Rs 12,800 crore, with Prosus acquiring a 10.1% stake on a fully diluted basis at a price of Rs 280 per share, a slight premium over the 10-day VWAP.
This marks one of the largest primary fundraises by a listed Indian tech company in recent times.
Listed on the Indian bourses in June 2024 at an issue price of Rs 93 per share, ixigo has since emerged as the fastest-growing online travel agency (OTA) in the country, particularly strong among India’s next billion users segment, the company said in a statement.
The company plans to use the the capital on organic and inorganic growth opportunities, along with working capital and general corporate purposes.
Prosus, a major global investor with over $8.6 billion deployed in India, has a long history in the travel and internet ecosystem. It was an early backer of Goibibo and a key investor in Flipkart. Its current India portfolio includes PayU, Swiggy, Meesho, Urban Company, and Rapido; globally it has stakes in Tencent, OLX, iFood, Just Eat Takeaway, and Despegar.
The investment underscores Prosus’ growing focus on AI-led innovation—a space ixigo has been doubling down on, with products aimed at making travel search, booking, and post-booking experiences more convenient for digital travellers.
Edited by Swetha Kannan