Gurgaon, India, August 12, 2011 --(PR.com
)-- iXiGO.com, India's leading travel search engine, has announced an equity infusion from SAIF Partners, a leading Asian private equity & venture capital fund, and MakeMyTrip Limited, India’s leading online travel company, for a total cash consideration of $18.5 million across investment into the company and purchase of shares from existing shareholders. Immediately post this transaction, SAIF Partners and MakeMyTrip Limited would own 56.7% and 19.9% respectively of the company, Le Travenues Technology Private Limited.
Speaking on the occasion, Mr. Aloke Bajpai, Founder-CEO of iXiGO.com said, "We are excited about this development. We believe that with the backing of SAIF Partners & MakeMyTrip, we will be able to further enhance our product offering and expand our market penetration among internet & mobile users, both in India and abroad."
Mr. Ravi Adusumalli, Managing Partner & Head of India Operations for SAIF Partners said, “Online travel remains the leading growth driver of e-commerce & online advertising in India. We’re glad to be backing a passionate team with a proven track record of innovation & product-led growth in this space.” Mr. Deep Kalra, Group Chairman & CEO, MakeMyTrip Limited added, “We believe there are synergies in the two business models and both the consumers and the travel industry in India have a lot to benefit from this partnership.”
Commenting on what this means for the future of iXiGO, Aloke said, "Our core purpose of simplifying the lives of travelers through comprehensive and unbiased information remains unchanged. We are looking forward to grow our team and innovate further in expanding our product offerings for online travel research & trip-planning. We also aim to strengthen our existing relationships with suppliers, online travel agencies, hotel aggregators, advertisers and content partners, and remain committed to maintaining win-win partnerships with our ecosystem."
iXiGO.com (Le Travenues Technology Pvt Ltd), is a leading online & mobile travel search engine based out of Gurgaon, India. iXiGO.com searches across multiple airlines, hotels, trains, bus booking sites & online travel portals to find the best travel deals. Launched in June 2007 by IIT, INSEAD and Amadeus alumni Aloke Bajpai, Rajnish Kumar and Dharmendra Yashovardhan, the company raised seed investment from BAF Spectrum, Singapore in 2008. iXiGO.com has been recognized by NASSCOM as a Top-100 Innovator & India’s Top-10 Emerging Company and also won the TiE-Lumis Entrepreneurial Excellence Awards, 2010.
About SAIF Partners
SAIF Partners is a venture capital firm that is sector and stage agnostic. SAIF is extremely active in early stage technology-enabled businesses. SAIF was the first institutional investor in companies such as MakeMyTrip (Consumer Internet), One97 (Mobile VAS), JustDial (Local Search), and HomeShop18 (eCommerce). The fund has strong experience of investing in companies at an early stage and helping them through multiple rounds of financings and eventually an IPO. In addition, SAIF is an active growth investor in companies like Catmoss (Apparel Retail), Speciality Restaurants (Restaurants), Network18 (Media & Broadcasting), TV9 (Media & Broadcasting), SIFY (Consumer Internet) IL&FS Investmart (Financial Services) and the National Stock Exchange (Financial Services). SAIF currently manages $4.0 billion across funds and is actively seeking investment opportunities in early stage and growth stage businesses.
MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited, India’s largest online travel company, MakeMyTrip.com Inc. and Luxury Tours & Travel Pte Ltd, Singapore. The Company’s services and products include air tickets, customized holiday packages, hotel bookings, railway tickets, bus tickets, car hire and facilitating access to travel insurance. Through its primary website, www.makemytrip.com, and other technology-enhanced platforms, the company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, over 4,700 hotels in India and a wide selection of hotels outside India, Indian Railways and several major Indian bus operators.
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