India’s best online travel search portal ixigo closed a funding of $15 million in Series B round led by Venture Capital firm Sequoia Capital. The same was confirmed by Aloke Bajpai, co-founder and chief executive officer at ixigo.
Another China-based venture capital firm Fosun Kinzon Capital Pte Ltd also participated in the funding round. The money surplus will be used for brand promotion, product capability, and expansion. The deal was a combination of compulsorily convertible preference shares and equity shares which were signed in January this year and closed last Friday.
SAIF Partners and Make MyTrip held up a total 76.6 percent in ixigo for $18.5 million in 2011, valuing the company at about $25 million. SAIF Partners garnered 56.7 percent while MakeMyTrip bought up 19.9 per cent in that very round. Micromax also holds up a stake in the company by investing about $4 million in June 2015.
The startup was founded back in 2007 by Aloke Bajpai and Rajnish Kumar, the office being based in Gurgaon. The USP are travel search engine including but not limited to price comparison engine aggregating deals from various online and offline travel portals.
Ixigo does not handle the booking of tickets but instead redirect the user to book directly from the travel provider’s page. ixigo.com was founded by Le Travenues Technology Pvt Ltd. ixigo’s revenue model is based on pay per click advertising, tie-ups with prominent airlines and hotels in India and selling advertising space on their website. They have been voted as India’s fastest growing travel search engine.