Elevation Capital’s Strategic Exit from Ixigo

Elevation Capital, previously known as SAIF Partners, has successfully executed a sale of shares valued at Rs 135 crore ($15.7 million) in Le Travenues Technology, the parent company of Ixigo, through block deals on Thursday. This move is projected to yield a remarkable 25X return on investment for the venture capital firm.

Details of the Share Sale

A recent filing from the Bombay Stock Exchange (BSE) reveals that Elevation Capital has offloaded 75.48 lakh shares at an average price of Rs 179.25 each. In conjunction with this, global investor Schroder Fund has entered the Ixigo landscape by purchasing 53.68 lakh shares, amounting to Rs 96.8 crore.

About Schroder Fund

Schroder Fund is a renowned British multinational asset management firm operating in 37 locations across Europe, the Americas, the Middle East, and Africa. It currently manages assets estimated at approximately $950 billion.

This fund boasts substantial investments in various Indian companies, particularly in HDFC Bank and ICICI Bank, which collectively account for roughly 6–7% of its overall portfolio. In the startup ecosystem, Schroder has become one of the prominent investors in Bizongo, an e-commerce-focused packaging company, and participated in Agrostar’s $70 million Series D round. Furthermore, it has supported companies such as Lenskart, FirstCry, Cultfit, Peel Works, and Miko among others.

Elevation Capital’s Stake in Ixigo

As of FY25, Elevation Capital held 5.46 crore shares in Ixigo, representing 14.02% ownership. Following the recent partial sale, its stake will reduce to 12.08%.

This marks Elevation’s fourth partial exit from Ixigo. In its most recent transaction, it sold 21.5 lakh shares for Rs 38.27 crore (approximately $4.5 million). Previously, the firm had offloaded shares worth Rs 100 crore ($12 million) in a pre-IPO secondary deal and Rs 180 crore ($21 million) during the IPO.

Financial Performance of Ixigo

In the quarter ending March 2025, Ixigo reported a significant 72% year-on-year revenue increase, reaching Rs 284 crore, while profits surged 2.4X to Rs 17 crore. For the fiscal year 2025, revenue grew by 39% to Rs 914 crore, despite a 18% decline in net profit, amounting to Rs 60.2 crore.

Current Market Status

As trading concluded on Thursday (June 19), Ixigo’s shares were valued at Rs 175, resulting in a market capitalisation of Rs 6,885 crore.