The Economic Times
 
Le Travenues Technology, which operates the travel tech platform Ixigo, has filed its draft red herring prospectus (DRHP) with markets regulator Sebi to raise funds through an IPO.
 
The issue comprises a fresh equity sale worth Rs 120 crore and an offer for sale (OFS) of 6.66 crore shares. Under the OFS, SAIF Partners, Peak XV Partners, Aloke Bajpai, Rajnish Kumar among others will offload shares.
 
The offer is being made through the book-building process wherein 75% of the IPO is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 10% for retail investors.
 
Net proceeds from the public offer are proposed to be utilised for funding working capital requirements, investments in tech, funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.
 
Ixigo is a technology company focused on empowering Indian travelers to plan, book and manage their trips across rail, air, buses and hotels. It assists travelers in making smarter travel decisions by leveraging artificial intelligence, machine learning and data science led innovations on its OTA platforms.
 
Travelers can book train, flight and bus tickets and hotels, while accessing utility tools and services including train PNR status and confirmation predictions, train seat availability alerts, train running status updates and delay predictions, bus running status, personalized recommendations, instant fare alerts and automated customer support services.
 
The ancillary attachment rate for the company's value-added services was 15.43% in fiscal 2021 and increased to 26.41% in fiscal 2022 and increased to 28.87% in fiscal 2023.
 
The total Indian travel market as represented by modes of air, rail, road and hotel is estimated at around Rs 3.8 lakh crore in FY23 and expected to grow at a CAGR of around 9% to reach Rs 5.8 lakh crore by FY28.
 
For the nine months ended December 2023, revenue from operations increased 31% year-on-year to Rs 497 crore, while net profit jumped multifold to Rs 65.7 crore.