Home > Online > Sequoia, Fosun set to pump more money into travel aggregator ixigo

Sequoia, Fosun set to pump more money into travel aggregator ixigo

11/19/2018| 9:21:31 AM|

Ixigo is also backed by online travel services provider MakeMyTrip and investment firm SAIF Partners.

Le Travenues Technology, which runs online travel marketplace ixigo, said on Friday that it was in talks to raise up to USD 75 million (Rs 539 crore at current exchange rates) in a Series C round of funding.

The Gurugram-headquartered company said in a statement that discussions were underway with a clutch of US and China-based investors it did not name. Existing investors Sequoia Capital and Fosun International will also contribute, it added.

Ixigo said the fresh funding was aimed at boosting product innovation, research & development, and brand marketing.

The platform is also looking to ramp up its trains app to drive growth in rail ticketing. Ixigo said it currently draws 20% of its revenue from the segment and hopes to take this number beyond 50% by 2020.

In March last year, the company had raised USD 15 million (about Rs 100 crore) in a Series B funding round led by venture capital firm Sequoia Capital. Chinese conglomerate Fosun also participated by investing through unit Fosun RZ Capital.

Ixigo is also backed by online travel services provider MakeMyTrip and investment firm SAIF Partners.

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TAGS: Ixigo | Fosun | financing
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