Exclusive: India’s ixigo closes $15m Series B round led by Sequoia Capital

Online travel search portal ixigo has closed its $15 million Series B round led by venture capital firm Sequoia Capital, Aloke Bajpai, co-founder and chief executive at ixigo told DEALSTREETASIA.

Chinese investment firm Fosun Kinzon Capital Pte Ltd also participated in the round, Bajpai said. “We will use the money for product capability, expansion plans as well as for brand promotion,” he added.

The deal is a mix of compulsorily convertible preference shares and equity shares which was signed in January this year and closed last Friday.

It could not be immediately ascertained if existing investors like SAIF Partners, Makemytrip, Micromax also took part in the round.

SAIF Partners and Make MyTrip picked up a total 76.6 per cent in ixigo for $18.5 million in 2011, valuing the company at about $25 million. SAIF bought 56.7 per cent while MakeMyTrip picked up 19.9 per cent in that round. In June 2015, Micromax picked up a stake in the company by investing about $4 million.

Gurgaon-based ixigo was founded in 2007 by Aloke Bajpai and Rajnish Kumar. The company works as a price comparison engine aggregating deals from various online and offline travel portals. It aggregates and compares real-time travel information, prices and availability for flights, trains, buses, cabs, hotels, packages and destinations.

Early this year, ixigo acquired the team of mobile content-sharing application Reach for an undisclosed amount.

Law firm JSA advised ixigo on this deal.

According to a media report in January, Chinese investment group Fosun tied up with Iron Pillar Capital Management Ltd, a venture capital fund focused on mid-stage technology investments, for tech investments in India.

This is the first investment by Fosun in India market in tech space. The Chinese conglomerate has invested around $30 billion in the last 20 years outside China, according to a Reuters report in May.

In the past, the Chinese investment firm has made several investments in the travel industry. Some of its portfolio companies include France-based holiday group Club Med, India’s Thomas Cook and Makemytrip.

The sector saw lots of developments recently. These include Sequoia Capital China’s $30 million investment in series B round in Asia’s largest tours and attractions booking platform Klook. In Feb this year, it also joined hands with IDG Capital and China CYTS Tours and formed the fund to invest in travel innovative startups.

Last month, another Indian travel company TravelTriangle raised  $10 million in a series B round of funding led by RB Investments, a Singapore-based venture capital firm. Exisitng investors also participated in the round.

China-based VC firm Fortune Capital had also invested $17 million in OTA platform Meiya in January this year.

Also Read:

India: Travel portal Ixigo acquires mobile content-sharing app Reach
Fosun, VC fund Iron Pillar tie up for India tech investments

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.