AI-based travel app ixigo has raised $53 million through a combination of primary and secondary issuance of shares from investors, PTI reported citing regulatory filings. The round was led by Singapore-based sovereign wealth fund GIC and saw participation from Info Edge Ventures, White Oak, Bay Capital and others. ixigo is reportedly planning to go public in 2021 and looking to raise Rs 1,500 crores to Rs 1,800 crores via the proposed IPO.
While GIC is the top long-term public market anchor investor and its investment strengthens ixigo's positioning leading up to the initial public offering (IPO); Malabar, White Oak and Bay Capital are active pre-IPO investors.
ixigo has weathered the coronavirus pandemic well and managed to grow despite most travel companies being at under half of FY20 revenues in FY21.
It is planning a Rs 1,500-1,800-crore public float and is expected to file the DRHP shortly. Ahead of the IPO, the company undertook a capital restructuring and increased its authorized share capital to Rs 50 crore from Rs 30 lakh.
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