Elevation Capital trims Ixigo stake, clocks 25X return

Elevation Capital (formerly known as SAIF Partners) has offloaded 21.5 lakh shares in Le Travenues Technology Ltd, the parent company of travel tech firm Ixigo, for Rs 38.27 crore (around $4.5 million). The partial exit marks a nearly 25X return on its investment.

According to a disclosure on the Bombay Stock Exchange (BSE), SAIF Partners sold 21.5 lakh equity shares at Rs 178 each through block deals.

This marks Elevation’s third partial exit from Ixigo. The VC firm had earlier sold shares worth Rs 100 crore ($12 million) in a pre-IPO secondary transaction, followed by a Rs 180 crore ($21 million) sell-off during the IPO (Initial Public Offering) via the offer-for-sale (OFS), where it made 13X return on investment (RoI).

As of March 31, 2025, Elevation held around 14.2% in Ixigo, down sharply from 23.4% in February 2024.

The sell-off comes at a time when Ixigo reported a 72% year-on-year jump in revenue to Rs 284 crore in Q4 FY25, while its profit rose 2.4X to Rs 17 crore. For the full fiscal year (FY25), the company posted 39% growth in revenue to Rs 914 crore while its net profit decreased by 18% to Rs 60.2 crore.

At the close of Tuesday’s (May 19) trading session, Ixigo’s shares were priced at Rs 174.6 each, with a total market capitalization of Rs 6,811 crore (approximately $800 million).