Elevation Capital sold 2.15 million shares of Ixigo’s parent company, Le Travenues Technology, at 178 rupees (US$2.08) each, earning a 25x return on its initial investment of 7.14 rupees (US$0.083) per share.

The sale was done through block deals.

The firm had earlier reduced its stake in Ixigo via pre-IPO secondary sales and an offer-for-sale during the IPO.

Elevation Capital sold shares worth 100 crore rupees (US$11.6 million) before the IPO and another 181 crore rupees (US$21.1 million) during the IPO.

As of March 31, 2025, it still held 14.02% of the company.

Elevation Capital’s stake sale highlights investor confidence amid Ixigo’s robust business growth and market activity.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Travel tech investments yield exceptional returns amid industry digitalization

Elevation Capital’s 25X return from Ixigo exemplifies the substantial value creation possible in the travel tech sector, which is experiencing rapid digitalization.

The online travel market was estimated at over $640 billion in 2024, with online transactions now accounting for more than two-thirds of total travel and tourism revenue, highlighting the sector’s digital transformation 1.

This context helps explain why Ixigo’s revenue grew 72% year-on-year to Rs 284 crore, as digitally-native travel platforms continue capturing market share from traditional booking channels.

Elevation’s gradual exit strategy, selling shares in pre-IPO secondaries, during the IPO, and now in post-IPO block deals, demonstrates a disciplined approach to liquidity management that maximizes returns while maintaining significant influence through their remaining 14.02% stake.

The travel tech market’s projected growth from $15.50 billion in 2025 to $23.91 billion by 2034 (CAGR of 5.28%) suggests continued opportunities for investors in this space 2.

2️⃣ Mobile-first travel platforms capitalizing on consumer behavior shifts

Ixigo’s strong financial performance, with 128% profit growth, reflects broader industry trends where smartphone penetration and internet connectivity are fundamentally changing how consumers book travel.