Amidst the speculation comes the confirmed update that online travel portal Ixigo is set to launch its IPO soon. While the amount remains undisclosed, the talks were on that with the company having appointed ICICI Securities, Kotak Mahindra Bank, Nomura, and Axis Capital Ltd as its investment bankers. The platform already has marquee investors on board, namely, Micromax Informatics, Elevation Capital, and Sequoia Capital, to name a few.
Keeping in mind the upcoming IPO, Ixigo has appointed Ravi Shanker Gupta as its new CFO. Ravi Shanker has aided several brands transition seamlessly to publicly owned companies including Jubilant FoodWorks Limited, the parent company of Dominos Pizza. In addition, Ixigo also appointed Suresh Kumar Bhutani to serve as the company’s secretary. He has worked on the legal affairs of IndiGo Airlines and Ciena India among others.
ixigo is focused on the next billion users and is the dominant number 1 player in the train utility and ticketing category and a challenger in the flights and buses categories. ixigo has grown organically over the last decade through a relentless focus on product, technology, innovation, and creative video marketing. ixigo does over 5 Million downloads every month, which is higher than all other OTAs in India combined and hence is the fastest-growing travel platform with 230 Mn downloads to date. It has 37 Mn monthly unique users across all its apps and website. ixigo is currently at an annualized gross booking value run rate of over Rs. 5000 crores.
Though the travel industry has taken a hit due to the pandemic, companies like Ixigo working seek to issue IPO so that they can generate enough funds for future expansion. Travel may not be the same as we know it, and this round of IPO will help better adaptability in post covid times. Keeping expansion in mind, Ixigo had earlier bought Comfirmtkt, an online train-travel platform.