Makemytrip has collected a kitty 8 times of it's initial investment as it checks out from IPO bound travel app ixigo. The stake was sold for $38.5 million as per regulatory filings, Makemytrip had invested $4.8 million in ixigo in 2011.
“On August 9, 2021, we completed the sale of our entire equity investment in the securities of an unlisted entity 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,” MakeMyTrip said on Monday
ixigo was launched in 2007 by Aloke Bajpai and Rajnish Kumar and its major investors include Sequoia Capital and Elevation Capital (formerly Saif Partners). ixigo is eyeing an IPO this ear which would value it close to $800 million as per reports.