India’s Ixigo Raises $146 Million from Prosus to Push AI-Led Growth
Photo Credit: Ixigo Co-founders Aloke Bajpai (right) and Rajnish Kumar. Ixigo
Skift Take
Ixigo is betting big on AI, believing travel apps will soon act like personal assistants. Whether the travel company will be the one to lead that change is still an open question, but it now has the financial muscle to try.
Dutch investment group Prosus will invest INR 13 billion (around $146 million) in Indian online travel company Ixigo for a 10.1% stake. The deal comes through a preferential issue of shares and is subject to shareholder approval, Ixigo on Friday informed the exchanges. This is one of the largest single investments in India’s online travel sector this year.
Ixigo has grown fast since its public listing last year. It has positioned itself as a travel platform for what the company calls the “next billion users” in India. Unlike earlier years when funding was scarce, the company is now raising capital to expand faster.
Earlier this year, Schroder International Selection Fund also bought a small stake in Ixigo. Meanwhile, early backer Elevation Capital has been trimming its stake while booking significant returns.
The timing matters. Travel demand in India has picked up sharply after the pandemic, and competition among travel platforms is heating up.
