India: Travel portal ixigo raises $53m funding led by Singapore’s GIC

Photo: Reuters

Online travel portal ixigo has raised about $53 million (Rs 395 crore) through a combination of primary and secondary issuance of shares led by Singapore sovereign wealth fund GIC, per the company’s latest regulatory filings.

Other investors who participated in the funding round included Infoedge Venture Funds, White Oak, Bay Capital, Orios Venture Partners, Trifecta Capital, and Malabar Investments.

ixigo had so far raised close to $22 million as part of its primary fundraise. It also counts Sequoia Capital India, Fosun RZ, Elevation Capital and Micromax Informatics among its investors.

The latest round comes at a time when the company is preparing to launch its IPO later this year to raise Rs1,500-1,800 crore. It has appointed Kotak Mahindra Bank, ICICI Securities, Axis Capital Ltd and Nomura as its investment bankers, and was expected to file its draft red herring prospectus this month, per a Mint report in May.

With this, ixigo joins other startups that are looking to go public this year including logistics technology company Delhivery, digital payments startup Mobikwik, beauty products retailer Nykaa, online insurance aggregator Policybazaar, online pharmacy chain Pharmeasy, among others.

The travel & tourism industry in India has been severely hard due to the pandemic-induced movement restrictions. According to an NCAER report, 14.5 million jobs were lost during the first quarter, followed by 5.2 million jobs during the second quarter and another 1.8 million jobs during the third quarter of 20-21, after the lockdown was imposed.

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.