Ixigo confirms $15 million Series B, Paytm partners with booking.com
Indian travel search engine Ixigo has completed its USD 15 million Series B round, with Sequoia Capital and Fosun Kinzon backing the raise.
Indian travel search engine Ixigo.com has completed its USD 15 million Series B round after months of negotiation and rumour, with Sequoia Capital and Fosun Kinzon backing the raise.
The participation of Fosun Kinzon, which is part of Chinese conglomerate Fosun, is of note as it brings more Chinese money into the Indian travel market. Ctrip’s investment in MakeMyTrip started the trend, and when MakeMyTrip merged with Ibibo Group, Chinese internet giant Tencent entered the fray via its stake in Ibibo.
Ixigo plans to use the cash for the product development, expansion and marketing. Earlier this year it bought mobile content sharing app Reach for an undisclosed sum.
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