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Elevation Capital trims Ixigo stake, clocks 25X return

EntrackrEntrackr · 2m ago
Elevation Capital trims Ixigo stake, clocks 25X return
Medial

Elevation Capital trims Ixigo stake, clocks 25X return Elevation Capital (formerly 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 via the offer-for-sale (OFS) route, together delivering estimated returns of 13X. 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 Rs 914 crore in revenue. At the close of today’s trading session (Tuesday, May 19), Ixigo’s shares were priced at Rs 174.6 each, with a total market capitalization of Rs 6,811 crore (approximately $800 million).

Zerodha Capital clocks Rs 12.5 Cr profit in FY25

EntrackrEntrackr · 2m ago
Zerodha Capital clocks Rs 12.5 Cr profit in FY25
Medial

Zerodha Capital clocks Rs 12.5 Cr profit in FY25 Zerodha Capital, the lending arm of stockbroker Zerodha, posted a net profit of Rs 12.5 crore in the previous fiscal year ending March 2025 from Rs 7.2 crore in FY24. According to an ET report, the firm doubled its income to Rs 36 crore in FY25 from Rs 17 crore in FY24. As per ICRA, this rise in profit was driven by a 3.2X jump in its loan book, which grew to Rs 381 crore in the first nine months of the last fiscal year or 9M FY25. Zerodha Capital provides loans to retail investors by using their stocks or mutual funds as collateral. It runs with a small team and uses the strength of Zerodha’s broking business, which has 81 lakh (8.1 million) active clients on NSE—about 16% of the market. The platform uses this wide customer base to offer loans of up to Rs 1 crore by taking shares or mutual funds as security, lending up to 45% of their value. Most of this is done through digital platforms. Zerodha Capital’s net worth stood at Rs 170 crore with a gearing ratio of 1.4X as of December 2024, which means the company had Rs 1.40 in debt for every Rs 1.00 of its own equity, according to the ICRA. The promoter group is also planning to infuse Rs 125 crore via compulsorily convertible preference shares to support future growth. Notably, Zerodha Capital has nil NPAs since its inception. ICRA has kept Zerodha Capital’s credit rating steady at AA- (Stable)/A1+ and gave the same high rating to its new Rs 100 crore short-term borrowing plan. While ICRA pointed out that the company is still small and relies on a limited set of lenders, it was reassured by Zerodha Capital’s strong backing from the Zerodha Group and its careful approach to lending. Founded in 2021, Zerodha Capital aims to deepen its credit play within the securities ecosystem. However, its future performance remains tethered to market sentiment and regulatory shifts, especially as retail F&O activity—the group’s mainstay—faces tightening norms. Zerodha Capital’s parent company, Zerodha Broking Limited, has reported a net profit of Rs 5,496 crore in FY24, with a return on net worth of 56% during the same period.

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