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Elevation Capital trims Ixigo stake, clocks 25X return

EntrackrEntrackr · 3m 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).

Ixigo closes Rs 176 Cr pre-IPO secondary placement

EntrackrEntrackr · 1y ago
Ixigo closes Rs 176 Cr pre-IPO secondary placement
Medial

Le Travenues Technology Limited, which operates travel booking platform Ixigo, is all set to make its debut on stock exchanges on 10th June with the price band of Rs 88-93 per share. The firm announced its pre-IPO secondary placement of Rs 176.2 crore ($21 million) at the top-end price (Rs 93) a day before Anchor Book. The early backer SAIF Partners sold its 1,07,52,689 shares worth Rs 100 crore ($12 million) to Ashoka India (White Oak), Tata Digital Fund, and Bay Capital. On the other hand, PeakXV sold its 6,989,248 shares worth Rs 65 crore ($7.8 million) to Bay Capital and Steadview Holding. Micromax and Madison India also sold their 12,05,268 shares to Steadview Capital worth Rs 11.2 crore ($1.3 million) in a pre-IPO secondary round. According to the company, SAIF partners will hold 20.52% after this secondary transaction while Peak XV and Micromax will own 13.81% and 5.52% respectively. Ixigo’s co-founders Aloke Bajpai, and Rajnish Kumar cumulatively hold 16.65% of the company. As per the analysis, SAIF Partners and Peak XV will get a hefty 13X and 8.2X returns from Ixigo respectively. Micromax Limited will also enjoy a good 10.88X return from the Gurugram-based company. Ixigo’s public offering will be open from 10th June to June 12 with a minimum lot size of 161 for the retail investor. For the small non-institutional investors, the minimum lot size is 14 lots. Ixigo demonstrated decent growth during the first nine months of the last fiscal year (FY24). Its operating revenue stood at Rs 491 crore while the firm also made a sizable profit of Rs 65.7 crore in the same period.

Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS

EntrackrEntrackr · 3m ago
Urban Company DRHP: To raise Rs 1,900 Cr via primary issue and OFS
Medial

Home services marketplace Urban Company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. The IPO includes a fresh issue of equity shares worth Rs 429 crore (approximately $50 million) and an offer for sale (OFS) of equity shares amounting to Rs 1,471 crore, as per the DRHP. As part of the offer for sale, Accel India will offload shares worth Rs 433 crore, while Elevation Capital and Tiger Global will sell shares valued at Rs 346 crore and Rs 303 crore, respectively. VY Capital and Bessemer will divest shares worth Rs 216 crore and Rs 173 crore through the IPO. According to the DRHP, Elevation Capital is the largest external shareholder with 10.84%, followed by Accel India and VY Capital, which hold 10.5% and 9.18%, respectively. Steadview and Prosus each own 6.80%, while Bessemer and Tiger Global command 6.46% and 4.73% stakes, respectively. The firm’s co-founders — Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra — collectively own 20.01%, divided equally among the three. Urban Company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Kotak Mahindra, Morgan Stanley, Goldman Sachs, and JM Financial, who are acting as the book-running lead managers. Importantly, as an early-stage investor, Accel is set to secure a significantly larger exit than any other investor in Urban Company. Its exit value will be 16.6 times higher than Tiger Global’s, 5.6 times higher than VY Capital’s, and 97% higher than Bessemer India’s. Elevation Capital, which also invested in Urban Company during its early years, is expected to achieve a lucrative exit as well. According to the company, the net proceeds from the fresh issue will be utilized for the new technology, cloud infrastructure, lease payments, marketing, and other general corporate purposes. In the first nine months of FY25, the company posted revenue of Rs 846 crore and a restated profit of Rs 24.25 crore. For the full fiscal year ended March 2024, it reported revenue of Rs 828 crore and a loss of Rs 92.7 crore.

Kalaari, Iron Pillar offload Bluestone stakes worth Rs 443 Cr in 2024

EntrackrEntrackr · 10d ago
Kalaari, Iron Pillar offload Bluestone stakes worth Rs 443 Cr in 2024
Medial

Bluestone Jewellery and Lifestyle facilitated secondary share transactions worth Rs 443 crore between February and September 2024, allowing early investors to partially exit and late-stage institutional funds to enter ahead of its upcoming IPO, according to its Red Herring Prospectus (RHP). Iron Pillar Fund and Kalaari Capital offloaded part of their stake to 360 One, Peak XV, and Steadview Capital via off-market deals. In February 2024, Iron Pillar sold 3.26 lakh shares to 360 One Large Value Fund for Rs 103 crore, valuing Bluestone at Rs 3,149 per share. In September, Kalaari executed two back-to-back secondary sales, where on September 02, it transferred 4.07 lakh shares to Peak XV Partners for Rs 220 crore, and later on September 26, it sold 2.22 lakh shares to Steadview Capital for Rs 120 crore. Both deals were priced at Rs 5,403 per share. These secondary transactions were already disclosed in the company’s DRHP filed in December 2024. Bluestone is reportedly targeting a valuation of around Rs 7,800 crore in its upcoming initial public offering (IPO). In the updated RHP, Bluestone revised its IPO size, where it trimmed the fresh issue to Rs 820 crore from Rs 1,000 crore, and reduced the Offer for Sale to 1.39 crore shares from 2.4 crore shares. Investors including Accel, Saama Capital, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal (Hero Enterprise) are part-exiting via the public offer. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone operates 275 stores across over 80 cities and reported Rs 1,770 crore in revenue in FY25, a 40% YoY jump. At the same time, its losses widened 56% to Rs 218 crore. The IPO opens on August 11, with anchor bidding on August 8. Axis Capital, Kotak Mahindra Capital, and IIFL Capital are managing the issue.

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