Fosun Kinzon Capital & Sequoia Capital India invest $15 Mn in ixigo
New Delhi, 21st March 2017 - ixigo, India’s leading travel search app has raised $15 Million (INR 100 crores) in its Series B round from Sequoia Capital India and Fosun Kinzon Capital, the investment arm of Chinese conglomerate Fosun International. ixigo will utilize the funds raised in this round towards strengthening its team, expanding its brand awareness, and reinforcing its technology leadership in mobile travel search & booking.
Announcing the fundraise, ixigo CEO & Co-Founder, Aloke Bajpai said - “The online travel market in India is on the cusp of breakout growth due to the smartphone revolution and strong expansion in the aviation and hospitality sectors. ixigo has been leading from the front on mobile with nearly 80% of our users and 68% of our transactions now originating on smartphones. Our vision is to empower every Indian traveller with trustworthy & personalized travel recommendations, and we are fortunate to partner with Sequoia Capital & Fosun Kinzon Capital to work towards that vision.”
This deal also marks the first VC investment by Chinese conglomerate Fosun International in India.
“We’re excited to be backing Aloke & Rajnish’s shared vision of leveraging the power of meta-search across data from hundreds of travel sellers such as airlines, hotels, tour operators & OTAs. There are a lot of choices when it comes to travel and a meta search platform like Ixigo helps consumer to make smart decisions and enables personalized discovery & planning for Indian travellers. Their team, technology and strong Tier 2 & 3 market presence makes ixigo unique.” - added Tej Kapoor, partner, Fosun Kinzon Capital.
In the last 12 months, ixigo has tripled its monthly user base to 9 million MAUs, and has grown its transactional revenue four-fold. Last year, ixigo launched ixibaba, the first AI-based personal travel assistant for Indians.
About ixigo:
Launched in 2007, ixigo is India’s leading travel search app, connecting over 80 million travelers with content & deals from over 25,000 online & offline travel & hospitality businesses. ixigo aggregates and compares real-time travel information, prices & availability for flights, trains, buses, cabs, hotels, packages & destinations. ixigo’s investors include Sequoia Capital India, Fosun International, SAIF Partners, MakeMyTrip & Micromax.
