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China's Fosun reportedly invests in India's ixigo

01/26/2017| 6:28:36 PM|

India's online travel search engine ixigo may have raised investment from Chinese conglomerate Fosun International, media reports said.

The Times of India reported on January 24, citing sources it didn’t name, that Fosun invested in ixigo in a USD 15 million financing round led by Sequoia Capital. In another report, The Economic Times said that Fosun “is in the final stages of investing” in ixigo.

Fosun has been looking to make private equity investments in India. It also struck a large takeover deal in July last year when it acquired Gland Pharma Ltd in a USD 1.26 billion transaction.

Ixigo was founded in 2007. It has evolved from being a meta-search engine for travel to a travel marketplace where a customer can find hotel deals, fares, book cabs, train or flight across multiple sites.

Ixigo had raised USD 18.5 million in 2011 from SAIF Partners and online travel services firm MakeMyTrip. In June 2015, handset maker Micromax made an undisclosed investment in ixigo.

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TAGS: Fosun | ixigo | India
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