Makemytrip Exits Ixigo Which Is Headed Towards IPO

• ByAyushi Ray     |    August 11, 2021

Deep Kalra-led Makemytrip exits ixigo which is headed towards IPO. After a year of backing up the AI – based travel app, they finally make an exit, taking with them 8 times return. “Makemytrip has recently sold its entire stake to a clutch of new investors in ixigo. They have made a return of 8x on their original investment,” said a close source. The buyers according to the source  include Trifecta Leaders Fund-1, Bay Capital, Malabar Investments and White Oak. The sale consideration was for $38.5 million.. Makemytrip had invested $4.8 million in ixigo in 2011. In a recent disclosure to the SEC, Nasdaq-listed Makemytrip said, “On August 9, 2021, we completed the sale of our entire equity investment in the securities of an unlisted entity (classified under “Other investments” in our statement of financial position), for a total cash consideration of $38.5 million and recorded a gain on sale of $33.1 million, net of transaction related costs, which will be reflected in our financial results for the six months ending September 30, 2021.”

Makemytrip has however confirmed that Deep Kalra had stepped down from the board of ixigo and directed us to the 6-k SEC disclosure above. Deep Kalra was not available for immediate comment.Ixigo has not been heard to make any new comments regarding this incident.  ixigo was launched in 2007 by Aloke Bajpai and Rajnish Kumar and its major investors include Sequoia Capital and Elevation Capital. ixigo had been planning for a long time now to go public in 2021 and was looking to raise Rs 1,500 crore to Rs 1,800 crore via the proposed IPO

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