LE Travenues Technology, an AI-powered travel company backed by prominent investors including SAIF Partners India IV, Peak XV, and Micromax, has refiled draft papers with the Securities and Exchange Board of India (SEBI) for fundraising through an initial public offering (IPO). This move signifies the company’s intent to tap into the capital markets for expansion and growth opportunities.
IPO Structure and Offerings
The IPO comprises a combination of fresh issuance of shares worth Rs 120 crore and an offer-for-sale (OFS) of 6,66,77,674 equity shares by existing shareholders, according to preliminary papers filed on February 14. SAIF Partners India IV and Peak XV Partners Investments V, among others, are the major selling shareholders in the OFS, collectively offering significant equity shares in the professionally managed company.
Aloke Bajpai and Rajnish Kumar, the founders of LE Travenues Technology, along with Micromax Informatics and other stakeholders, are also part of the OFS, showcasing their commitment to unlocking value and providing liquidity to investors.
Company’s Journey and Previous IPO Attempt
LE Travenues Technology, headquartered in Gurugram, has previously attempted an IPO. In August 2021, the company filed a draft red herring prospectus to raise Rs 1,600 crore through a maiden public issue. However, the IPO, which received regulatory approval in June 2023, did not materialize at that time.
The Genesis of Ixigo: An AI-Powered Travel App
Ixigo, the AI-based travel app launched in 2007 by Aloke Bajpai and Rajnish Kumar, is the flagship product of LE Travenues Technology. Competing with established players like EaseMyTrip and Yatra Online, Ixigo stands out for its innovative approach to helping Indian travelers plan, book, and manage their trips across various modes of transportation and accommodations.
Leadership and Vision
Aloke Bajpai, the Chairman, Managing Director, and Group Chief Executive Officer of LE Travenues Technology, has been instrumental in shaping the company’s vision and strategic direction since its inception. Holding degrees from prestigious institutions like the Indian Institute of Technology, Kanpur, and INSEAD, Bajpai brings a wealth of expertise in technology and business management to the table.
Future Prospects and Market Dynamics
As LE Travenues Technology embarks on its IPO journey once again, the move underscores its confidence in the market’s appetite for technology-driven solutions in the travel sector. With the proliferation of digital platforms and increasing consumer demand for convenient travel services, the company is poised to leverage its AI capabilities and industry experience to capture a significant share of the burgeoning travel market in India and beyond.
LE Travenues Technology’s decision to refile IPO papers reflects its resilience and determination to navigate the complexities of the capital markets and seize growth opportunities in the evolving landscape of travel and technology. As investors and stakeholders await further developments, the company’s innovative spirit, coupled with strong leadership and strategic vision, positions it well for success in the dynamic and competitive travel industry.