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Indian tech firm Ixigo issues IPO, raises $53 million from GIC
Ixigo goes public raising $53 million in IPO's headed by a Singapore sovereign wealth fund

Fresh IPO’s issued by Ixigo

Ixigo looks for a valuation of about $750-800 million for the IPO’s which are expected to be issued by the last quarter with the intention to raise Rs 1200-1500 crore through IPO’s. The company Ixigo is said to have raised $53 million from a GIC (Singapore sovereign wealth fund)

“GIC is investing from its new public markets fund that it has created to invest in Indian equities and to back IPO-bound companies,”

The latest round of shares issued involved the sale of some new shares as well as a secondary sale by investors. Some investors who joined are Infoedge Venture Funds, White Oak, Bay Capital, Orios VenturePartners, Trifecta Capital, and Malabar Investments. The new shares issued are $36 million, initial backers Sequoia Capital, Elevation Capital, Fosun, and Micromax Informatics were given an exit which results in the rest of the shares sold. Read more about the story here.

About the Company, Ixigo

Ixigo is the latest in a long list of Indian companies to have taken their dealings public. The Company was founded in 2007 in Gurugram, Haryana by Aloke Bajpai and Rajnish Kumar and currently has an active user base of over 250 million. Ixigo is a technology company that eases Indian travelers to plan, book, and manage their trips supported by artificial intelligence (AI), machine learning, and data science-led innovations. “The platform allows travelers to book train, flight & bus tickets, hotels, cabs, while providing travel utility tools and services developed using in-house proprietary algorithms and crowd-sourced information, including train PNR status and confirmation predictions, train running status updates and predictions, flight status updates, bus running status, pricing and availability alerts, deal discovery, destination content, personalized recommendations, instant fare alerts, and automated customer support services.”

The Company is said to be the 10th most downloaded app for train travelers globally, the app is provided in English, Hindi, Marathi, Gujarati, Bengali, Tamil, Telugu, and Kannada.

Aloke Bajpai, CEO & Rajnish Kumar, CTO, ixigo said, “We are happy to be featured as the 10th most downloaded travel and navigation apps on iOS app store and Google Play store in Q1 2021. We owe this growth and recognition to the love of our users and this further reiterates our commitment to innovate and offer value added customer-centric led solutions for travel related issues.”

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