Elevation Capital, through its affiliate SAIF Partners India IV Ltd, has reduced its stake in Le Travenues Technology Ltd., the parent company of Ixigo, by Rs 226 crore in a significant open market transaction executed on Tuesday, July 22, 2025. The move marks a notable change in the shareholding structure of the travel tech company and underscores Elevation’s ongoing strategy of partial exits from its portfolio.
The Transaction in Focus
SAIF Partners India IV sold 1.01 crore shares, representing 2.59% of Ixigo’s total equity, in a single-day open market trade. This transaction cut Elevation Capital’s total holding in Ixigo from 9.04% to 6.45%, as per the latest stock exchange disclosure filed after the trade.
With Ixigo’s stock witnessing increased interest in recent months following its public listing and improved quarterly performance, Elevation Capital seized the opportunity to monetize part of its investment. The value of the deal, at Rs 226 crore, reflects the prevailing bullish sentiment around the stock and broader travel-tech sector optimism.
Historical Stake and Previous Moves
Elevation Capital emerged as one of Ixigo’s early backers and had built a substantial stake in the company through multiple funding rounds over the past decade. Prior to Ixigo’s initial public offering (IPO), Elevation held a higher stake, which it began paring gradually following the listing.
The latest transaction comes on the heels of similar stake sales executed earlier this year. Each of these moves aligns with Elevation’s strategy of partial exits through public markets, a common practice among venture capital firms following the listing of portfolio companies. By liquidating some of its holdings, Elevation continues to generate returns for its limited partners while maintaining a strategic minority position in the business.
Ixigo’s Market Journey
Ixigo, headquartered in Gurugram, operates as a full-stack travel aggregator offering services across flight, train, bus, and hotel bookings. The company went public in June 2024 after deferring its IPO in 2021 due to volatile market conditions. When market sentiment improved in 2024, Ixigo capitalized on the opportunity and executed a successful listing, which saw enthusiastic participation from institutional and retail investors alike.
Since its listing, Ixigo has posted steady growth numbers. Its asset-light model and deep penetration in India’s tier 2 and tier 3 markets have helped it differentiate itself from larger players such as MakeMyTrip and Yatra. With a strong foothold in the train and bus ticketing verticals—segments underserved by traditional OTAs—Ixigo has built a user base that prioritizes affordability and convenience.
In recent quarters, Ixigo reported growth in revenue and profitability, driven by post-pandemic travel resurgence, improved monetization, and cross-selling across its platforms. The company has also rolled out product innovations powered by artificial intelligence and machine learning to improve travel recommendations and dynamic pricing.
Elevation Capital’s Exit Strategy
Elevation Capital has followed a methodical approach to exiting its position in Ixigo. Rather than an immediate full exit post-IPO, the firm adopted a gradual offloading strategy through open market transactions. This approach ensures better price realization, minimizes market disruption, and allows Elevation to benefit from long-term price appreciation.
The firm continues to hold a 6.45% stake in Ixigo, signaling continued confidence in the company’s long-term potential. By retaining a significant minority shareholding, Elevation remains aligned with Ixigo’s future trajectory and may still benefit from any upside as the company expands its market presence and product offerings.
This reduction, however, fits into a broader theme of venture capital recalibration in India’s public markets. Many VC firms, including Elevation, have begun trimming their stakes in newly listed startups across sectors—from fintech to SaaS and e-commerce—as they seek to reallocate capital, return funds to investors, and rebalance their portfolios.
Market Reaction and Share Performance
The stock market responded calmly to the transaction. Ixigo’s share price held steady following the announcement, suggesting that market participants had anticipated such stake sales as part of Elevation’s planned exit roadmap. The stable response also reflects investor confidence in Ixigo’s fundamentals and long-term vision.
As of July 24, 2025, Ixigo’s stock trades at a valuation that reflects both strong user metrics and expanding revenues. Market analysts continue to track the stock for signs of growth in its non-air verticals, where the company has made aggressive inroads. Recent partnerships with Indian Railways and several bus aggregators have further reinforced Ixigo’s positioning in price-sensitive markets.
Ixigo’s Growth Outlook
The company’s management has set an ambitious path forward, focusing on four strategic pillars:
- Deepening penetration in non-metro markets: Ixigo plans to double down on underserved cities and towns where it enjoys strong brand recall, especially among train and bus travelers.
- Strengthening AI-based features: With the integration of advanced machine learning models, Ixigo aims to offer personalized travel suggestions and predictive fare alerts.
- Expanding international travel bookings: Though a relatively small segment for the company now, international bookings offer a lucrative growth avenue, particularly in the low-cost carrier segment.
- Building ancillary revenue streams: Ixigo has started monetizing through in-app advertisements, affiliate partnerships, and loyalty programs, providing new revenue drivers beyond commissions.
As India’s travel sector continues to recover and evolve, Ixigo appears well-positioned to capture incremental market share. The company’s mobile-first design and focus on affordability resonate strongly with price-conscious Indian travelers.
VC Trends: Broader Implications
Elevation Capital’s sale also mirrors a wider trend across Indian venture-backed companies. Over the last 12 months, several VC funds have pursued selective exits from publicly listed startups. This trend reflects a shift in strategy as funds close older vintages and reallocate capital to newer, early-stage bets.
With global capital markets tightening and interest rates rising, venture firms are under pressure to demonstrate liquidity and exit performance. Strategic stake reductions, like the one executed by Elevation in Ixigo, help meet these expectations while allowing firms to stay engaged in high-performing companies.
Furthermore, successful exits build investor trust and improve a VC firm’s track record—critical for raising new funds. Elevation Capital, which has backed some of India’s biggest startup names across fintech, edtech, and consumer tech, continues to optimize its exit timelines while participating in fresh rounds for emerging companies.
Conclusion
Elevation Capital’s Rs 226 crore stake sale in Ixigo marks a strategic and calibrated exit by a seasoned venture capital firm. The move reflects a maturing Indian startup ecosystem, where successful IPOs now pave the way for structured public market exits.
Ixigo, meanwhile, continues to gain traction as a travel-tech leader with a robust business model, growing revenues, and loyal user base. As the company scales further and eyes new market opportunities, investors—both old and new—will watch closely to see how Ixigo delivers on its promise in India’s dynamic travel landscape.
By maintaining a significant stake post-sale, Elevation Capital shows that while it books returns today, it hasn’t shut the door on tomorrow’s potential.
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