MakeMyTrip fully exits travel aggregator ixigo, Deep Kalra to resign from the board

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MakeMyTrip fully exits travel aggregator ixigo, Deep Kalra to resign from the board
Rajnish Kumar and Aloke Bajpai, cofounders of ixigo; Deep Kalra, founder of MakeMyTripixigo/BCCL
  • MakeMyTrip had made an investment of $5 million in ixigo, and now sold its shares for $38.5 million.
  • Trifecta Leaders Fund-1, Bay Capital, Malabar Investments and White Oak bought shares from MakeMyTrip.
  • Ixigo has already converted itself to a public entity and plans to file for IPO this month.
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Online travel aggregator (OTA) MakeMyTrip has sold its shares in initial public offering (IPO)-bound Le Travenues Technology, which operates travel app ixigo. MakeMyTrip’s founder Deep Kalra would be stepping down from ixigo’s board post this sell-off, the two decade old company has confirmed.

MakeMyTrip announced its exit from ixigo on August 9 in its regulatory filings.

“On August 9, 2021, we completed the sale of our entire equity investment in the securities of an unlisted entity (classified under “Other investments” in our statement of financial position), for a total cash consideration of $38.5 million and recorded a gain on sale of $33.1 million, net of transaction related costs, which will be reflected in our financial results for the six months ending September 30, 2021,” MakeMyTrip said in its filing with the US Securities and Exchange Commission (SEC).

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The publicly listed company had invested close to $5 million in ixigo in 2011 and got almost 8-fold return on its initial investment. The company sold its shareholdings for $38.5 million, clocking $33.1 million as returns.

Gurugram-based ixigo is yet to respond to Business Insider’s query seeking comments on the development. However, sources aware of the development said that MakeMyTrip has sold its shares to Trifecta Leaders Fund-1, Bay Capital, Malabar Investments and White Oak.

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Ixigo raised $53 million in a pre-IPO round from Singapore-based GIC. The above-mentioned investors had also participated in the round, along with InfoEdge Ventures and Orios Venture Partners.

Moneycontrol was the first to report development on MakeMyTrip’s exit.

Ixigo is planning to file a draft red herring prospectus (DRHP) with India’s market regulator Securities and Exchange Board of India (SEBI) this month. It plans to raise ₹1500 crore- ₹1800 crore through this issue, sources aware of the development told Business Insider.

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