Le Travenues Technology, the parent entity behind ixigo, is gearing up for its IPO with impressive financial figures, reporting a notable surge in profits. Within the first nine months of the financial year 2024, the company recorded a substantial profit of INR 65.7 Cr, marking a significant increase from the INR 23.3 Cr profit posted for the entire FY23. Notably, the company had previously incurred a loss of INR 21 Cr in FY22.

During the initial nine months of FY24, the Delhi NCR-based startup witnessed robust operating revenue, amounting to INR 491 Cr. This follows a successful FY23, where ixigo's sales totaled INR 501.2 Cr, reflecting an impressive 32% growth from the INR 379.5 Cr reported in FY22.

As a key player in the travel aggregation sector, ixigo primarily generates revenue through various travel and related services. This includes earning income from convenience fees associated with the reservation of rail, airline, and bus tickets, as well as revenue from advertising services.
Ixigo's expenditure for the first nine months of FY24 totaled INR 475.4 Cr, a slight decrease compared to the entirety of FY23, where the startup's expenditure amounted to INR 484.2 Cr. Ixigo's advertising expenses witnessed an increase, with the company allocating INR 117.7 Cr for advertising in the initial nine months of FY24, up from the INR 93.1 Cr spent in FY23.

Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo has carved a niche for itself by aggregating and comparing real-time travel information, prices, and availability across flights, trains, buses, cabs, hotels, packages, and destinations.

In a recent development, ixigo has refiled its draft red herring prospectus (DRHP) with SEBI, signaling its intent to go public. The IPO will include a fresh issue of INR 120 Cr and an offer for sale component of 6.66 Cr equity shares.

Shareholders, including SAIF Partners India (now Elevation Capital), Peak XV Partners, Micromax Informatics, and cofounders Aloke Bajpai and Rajnish Kumar, will divest their shares in the IPO.

While the company had previously filed a DRHP for an INR 1,600 Cr IPO in 2021, the plans were deferred due to adverse market conditions characterized by volatility and a funding slowdown, impacting capital availability and affecting new-age tech stocks.