Ixigo, the Travel Aggregator, Achieves FY23 Revenue of Over Rs 500 Cr and Aims for 40% Growth
- ByStartupStory | May 25, 2023
Ixigo, the online travel aggregator, witnesses nearly 5X surge in operating revenue surpassing pre-pandemic levels, crossing Rs 500 crore. The company, owned by Le Traveneus Technology Ltd, sets its sights on a 40% revenue growth in FY24, following its impressive performance with revenue of Rs 111.6 crore in FY20.
With aspirations to expand its operations, the Gurugram-based company sets a target of reaching a projected Rs 700 crore in FY24. Highlighting its financial stability, the company asserts its positive cash flow status and proudly announces an EBITDA margin exceeding 7% in FY23.
Ixigo reveals a robust gross transaction value run rate of Rs 10,000 crore annually, with plans to double this figure within the next two years. The company emphasizes its consistent profitability, maintaining a positive financial outlook. According to an addendum submitted to the Securities and Exchange Board of India (SEBI) in October of the previous year, Ixigo reported a net profit of Rs 8.2 crore during the April-June 2022 quarter.
“Our strategy of focusing on the next billion users has resulted in not just rapid growth in the last three years but also an expansion in our EBITDA margin and strong operating cash-flows,” said Aloke Bajpai, Group CEO and Co-founder of ixigo, in a statement.
“With the government’s focus on infrastructure and capacity creation across airports, trains, and roads in India, we are confident of maintaining strong growth across transportation segments and solidifying our position as the leader in the next billion user travel segment,” he added.
Ixigo, established by Aloke Bajpai and Rajnish Kumar in 2007, is a travel portal that offers trip tracking, travel bookings, and transportation search services. This innovative platform harnesses the power of artificial intelligence, machine learning, and data science to facilitate informed travel choices. By March 2023, the ixigo group had amassed an impressive user base of over 66 million monthly active users, spanning across its platforms, namely ConfirmTkt and AbhiBus. With over six million daily active users, the platform experiences remarkable growth, with a monthly download rate exceeding 8 million. It currently boasts a running rate of 50 million bookings per year and has plans to expand into new segments, including hotels and packages, in the near future.
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