Le Travenues Technology Ltd., which operates under the trade name “Ixigo,” is a prominent online travel agency (OTA) that was founded in 2006. Aloke Bajpai and Rajnish Kumar started the company so that people in India could easily book hotels, trains, buses, and flights. The Bangalore-based company has a massive consumer base all over India.
Ixigo has proven its operational prowess in a very competitive market. In FY23, marketing and promotional costs were for just 18.6% of revenue, well below the 35.8% average for the industry. With 25 million users active every month, Ixigo has made great strides in acquiring new customers. Also, with an expense-to-revenue ratio of 0.97, the corporation has kept its costs modest. The strategic expertise and market agility demonstrated by Ixigo in the online travel business can be seen in these figures.
The company runs on a strong commission-based business model. It runs a meta-search business that enables travelers to get all the necessary services required under one roof.
The creative combination of technology and solutions focused on the consumer is key to Ixigo’s success. By utilizing AI, ML, and data analytics, Ixigo has created customized vacation packages that are highly popular among tech-savvy millennials. AbhiBus and Confirmtkt are just two examples of the strategic partnerships and acquisitions that have helped Ixigo grow its business, enhance its products, and attract more customers.
There aren’t many profitable Indian tech businesses in the tourism industry, but Ixigo is among them. Impressive financial gains were achieved by the company while facing challenges like the COVID-19 pandemic and a very competitive OTA market.
Ixigo Business Model Canvas
Ixigo, a leading online travel platform in India, has built a resilient and scalable business model focused on affordability, innovation, and deep market penetration.
Ixigo Business Model Canvas
Below is a concise Business Model Canvas outlining how Ixigo operates and creates value:
Ixigo generates revenue from various sources, including:
Commission from Train, Bus, Flight ticketing, and Cab booking: Indians rely on trains for their daily commutes, with a higher proportion opting for long-distance rail travel. This is particularly true for a developing nation like India, where flying is still out of reach for the majority of the population. The train booking process on Ixigo is quite straightforward to use. However, Ixigo is only allowed to charge commissions between INR 20 and INR 35 per booking, and the Indian Railways do not permit surge pricing. Similarly, the company charges various commissions on bus, flight, and cab booking too, charges vary depending on the distance traveled.
Hotel Reservation Commission: For hotel reservations, Ixigo collects some extra fees in addition to the booking prices for its services offered on the site. These fees are called “Additional Fees” and are meant to cover the cost of providing convenient services to clients.
Revenue through Advertisement: As the website and app of Ixigo have a massive viewership and downloads, the company is utilizing this development to generate revenue. Now several brands have been putting their promotional advertisement on Ixigo’s website. Brands associated to travel and leisure industry are constantly opting for Ixigo’s website for their promotional activities.
E-bus ticketing via FreshBus: In preparation for the introduction of electric bus services between cities in India, Ixigo put INR 26 crore (about $3.1 million) into the Bengaluru-based startup FreshBus.Now company charges a hefty commission through its e-ticketing service on every booking of FreshBus.
Ixigo Financials FY24
Particulars
FY24
FY23
Total Revenue
INR 665.1 crore
INR 517.6 crore
Total Expenses
INR 627.8 crore
INR 484.3 crore
Profit/Loss
INR 73.1 crore
INR 23.4 crore
Ixigo Revenue 2024
Over the past five fiscal years, Ixigo has demonstrated significant growth in revenue and profitability, reflecting its expanding presence in the travel industry.
In FY24, Ixigo reported a total revenue of INR 665.1 crore, marking a 28% increase from INR 517.6 crore in FY23. Expenses also rose to INR 627.8 crore in FY24, up from INR 484.3 crore in FY23. Despite the increase in costs, the company’s net profit surged to INR 73.1 crore, more than tripling from INR 23.4 crore in FY23.
Ixigo Key Features
With Ixigo, customers can search and book flights, hotels, trains, taxis, and destinations from over 120 different suppliers and OTAs. Initially, the company’s focus was on serving customers in tier-I cities with its primary product, an app that allowed users to book flights and hotels. Ixigo gradually recognized the necessity of concentrating on tier II and III cities. A separate rail app was developed as a result, aimed at low-cost travelers hailing from those cities. The company’s commitment to innovation and its goal of resolving even the most minor consumer pain points constitute its greatest competitive advantage. Ixigo has introduced new features such as live running status, Siri shortcuts, and an augmented reality tool that lets users find their coach positions at over 7,000 railway stations in India.
Ixigo IPO
In the wake of its initial public offering (IPO), Ixigo is well-positioned to shake up the industry. With an estimated valuation of over INR 6,000 crore, the initial public offering (IPO) represents more than simply a chance to invest; it reflects faith in Ixigo’s lucrative and cutting-edge business strategy. Investors’ faith in Ixigo’s future growth is evident in the IPO’s target valuation of around INR 120 crore, which establishes the firm as a strong contender among IT IPOs.
Just one day before the anchor book opening, the company finalized a pre-IPO secondary placement of over Rs 176.2 crore. Madison India, Elevation Capital, Micromax Informatics, and Peak XV Partners sold 18.9 million shares at the upper end of the IPO price band of Rs 93 apiece during this secondary sale. Ashoka India Equity Investment Trust, Bay Capital, Tata Mutual Fund, and Steadview Capital are among the new investors who bought shares. Shares of the company debuted strongly on June 18, 2024.
The internet travel industry has its share of hurdles, but Ixigo is up for the challenge. New services and products from the company include Ixigo Money, a loyalty program that gives customers discounts and cash back, and Ixigo Assured, a premium travel product that gives customers priority support, free ticket modifications, and guaranteed refunds. For a more tailored and satisfying experience for its customers, the business has also put money into cutting-edge tech like data analytics, AI, and machine learning. Through these efforts, Ixigo has been able to grow its user base, market share, and income while tackling all the business operations’ difficulties.
Le Travenues Technology Ltd., which operates under the trade name Ixigo, is a prominent online travel agency (OTA). With Ixigo, customers can search and book flights, hotels, trains, taxis, and destinations from over 120 different suppliers and OTAs.
When was Ixigo founded?
Aloke Bajpai and Rajnish Kumar founded the company in the year 2006.
Is Ixigo profitable?
Yes, Ixigo is profitable, with a net profit of ₹73.1 crore in FY24 and ₹23.4 crore in FY23.
What is Ixigo net worth?
As of July 2025, Ixigo has a market capitalization of around INR 6,700 crore (approximately $770 million). The company is profitable, with a net income of about INR 60 crore on trailing 12-month revenue of INR 932 crore, reflecting strong financial performance and investor confidence.
What is business of Ixigo?
Ixigo is an online travel platform that aggregates and lets users search, compare, and book flights, trains, buses, hotels, and cabs using AI‑powered meta‑search.
People who wanted to travel to a different city earlier had to go through a rigorous and cumbersome process of ticket booking and sorting out accommodations through offline mediums. What the country really needed was a portal that could shorten the worries of travelers through innovative travel planning products. This was when Aloke Bajpai and Rajnish Kumar founded Ixigo in 2007.
Ixigo, through its website and numerous mobile apps, wipes out the need for tourists to go through loads of information plus online travel contracts and facilitates curating a travel plan for satisfying and enjoyable experiences. It basically aggregates and then compares variants like real-time travel information in terms of prices and the availability of flights, trains, buses, cabs, hotels, packages, and destinations.
With Ixigo travel solutions, railway bookings, flight bookings, and the bookings of bus tickets, hotels, and more have been a cakewalk.
Read more about the Ixigo Founders and Team, it’s Story, History, Business Model, Revenue Model, Funding, Growth, etc in the article ahead.
Ixigo is India’s leading online plus mobile travel search plus planning website. A one-stop solution for travelers, it aggregates as well as compares the finest deals on hotels, flights, buses, trains, plus packages, and reviews the best travel facts from around 100+ travel websites to extend the most reliable travel information for the users.
Ixigo – How it Works?
Ixigo company stands out as a premier travel platform, boasting a stellar 4.6-star rating from the Google Play Store. It, a well-known exploration app with an easy-to-use UI and objective findings, has had two sister apps before. While the other helped consumers find relevant apps and discounts across e-commerce, hyperlocal services, online travel, and food delivery through advertisers, the former enabled contextual brand outreach to train passengers.
Notably, users could easily schedule interstate ride-sharing through BlaBlaCar with the Ixigo Trains app. This was especially helpful when there were limited train options or waitlists for tickets. Using this diverse strategy as a foundation, Ixigo has combined all of its services into one main app.
Rajnish Kumar and Aloke Bajpai are the Co-Founders of Ixigo.
Rajnish Kumar (Group CEO, Managing Director and C0-Founder) and Aloke Bajpai (Group CPTO and Co-Founder), Co-Founders of Ixigo
Aloke Bajpai
Aloke Bajpai is the Group CEO, Managing Director, and Co-Founder of Ixigo. An IIT Kanpur BTech Electrical Engineering alumnus, Aloke Bajpai, obtained an MBA, General Management from INSEAD and then an MBA, Exchange from The Wharton School. Bajpai started his career as a Software Engineer at Amadeus SAS, who was eventually promoted to the post of Sr Systems and Network Engineer.
He then served as the Vice President at Final Quadrant Solutions before launching Ixigo in 2007. He is also serving as the Director in Freshbus and Director in Confirmtkt.
Rajnish Kumar is known as the Group CPTO & Co-Founder of Ixigo. Like Aloke, Rajnish is also an IIT Kanpur alumnus from the Computer Science & Engineering department. He also interned at ETH Zurich in Data Modelling/Warehousing and Database Administration.
Rajnish also worked at Amadeus SAS as a Software Engineer and was then promoted to Sr. Software Engineer and Technical Lead. He then joined as a Director of Development at Isango! Kumar finally decided to found Travenues or Ixigo in 2006.
Ixigo was last reported to have close to 51-200 employees as per LinkedIn.
Ixigo – Startup Story
The entrepreneurial bug was always there inside the IIT Kanpur wingmates-cum-colleagues, Aloke and Rajnish. However, they were somewhere trapped in the 35-hour per week work rule at the French corporate Amadeus. To disentangle themselves from the clutches of the work life, both of them decided to leave their high-paying jobs in Europe and returned to India in 2006, fully geared up to follow their dreams. They rented a studio apartment in Gurgaon and set up their workplace.
In the initial phase, the Ixigo founders didn’t have a clue of what they were going to do with the entrepreneurial itch that they nurtured, but soon they found out how painful was making travel bookings for several destinations in India was. This gave them the impetus to start up with a travel meta search website for flights in India in 2007. For a year, they worked with no salaries. Over their persistence, ixigo was born.
The only passion behind the company was the vision to build a product to help Indian travelers search and compare hotel information at the same place online and make their lives relatively easier. It was launched in a nascent online travel segment that has since thrived to become one of India’s most viable companies.
“At ixigo, corporate social responsibility lies at the center of our vision and mission”, says the ixigo website.
The Gurgaon-based traveltech startup mainly focuses on empowering the Indian travelers to plan, book and manage their trips effortlessly whether it is the railways, airways, roadways or hotel stays.
Ixigo – Name and Logo
Ixigo Logo
Ixigo – Services
Ixigo Flight Booking Services enables the users to easily book, and monitor flights through the Ixigo app or its website.
Ixigo Flight Booking Services – Ixigo App
Ixigo has already acquired Confirmtkt, and with this app and its inherent app, Ixigo enables fast, easy, and guaranteed booking of train tickets.
Ixigo Train Booking Services – Ixigo App
Ixigo helps the users book buses in an instant via its bus booking services, which is now available on its app itself.
Ixigo Bus Booking Services – Ixigo App
For Ixigo Hotel Bookings, Ixigo has partnered with Booking.com. Though Ixigo doesn’t directly handle the hotel bookings, it facilitates easy and affordable booking of hotels via its partner Booking.com, where the users are redirected as soon as they click on Ixigo Hotels option.
Ixigo Hotels Booking Services – Ixigo App
Ixigo – Products and Features
Ixigo has various products and features. Some of the prominent products and features are:
PLAN
On July 10, 2023, Ixigo unveiled PLAN, an intelligent travel planner powered by OpenAI, a startup that conducts AI research and deployment. Through the utilization of OpenAI’s ChatGPT API, the platform is able to effectively process and comprehend customer preferences, providing them with customized suggestions, itineraries, and recommendations. Additionally, Ixigo is now the only travel agency in India to offer the Ixigo ChatGPT plugin.
bhAI
On April 1, 2023, the travel app introduced bhAI, a new AI-powered headset. This “first-of-its-kind” Bluetooth headset with AI, according to the manufacturer, is intended to help travelers.
Ixigo – Business Model
Ixigo’s business model is compatible with an airport’s requirements since it allows an unbiased comparison of all the available choices, aiding the travelers in deciding which website they should book through, rather than hanging midway in the deal. It mainly serves as an intermediary between the user and a travel booking website and earns commission on each booking.
Besides, the innovative features, for example, the 180-day fare viewpoint, direct booking of airline tickets through the website, and the feature-rich hotel exploration mechanism make this portal tremendously user-friendly. Ixigo’s meta-search business model associates travel contracts from 100+ travel sites and have aided millions of explorers to save time and money on their trip.
In April 2016, it also launched a meta-search application for cabs, which was initiated to generate revenue for the company. As an extension to revenue generation, the company also has an in-app booking alternative that permits the users to book on their website itself using a third-party power-driven app.
Ixigo – Revenue Model
Ixigo makes revenue from different resources; some of the prominent ones are:
Reservation Fees: By charging customers for the reservation of different transport services, such as bus, train, and airline tickets, Ixigo makes money.
Revenue from Rail Tickets: Ixigo offers consumers a convenient platform for making rail travel reservations, with a substantial percentage of its revenue coming from fees associated with reserving train tickets.
Revenue from Airline Tickets: By charging customers a fee to buy airline tickets, the platform meets the varied travel demands of its user base and generates revenue.
Revenue from Advertising: Through partnerships with advertisers, Ixigo expands its revenue stream by showcasing bargains and pertinent material to its user base.
Ixigo faced a number of obstacles with its user engagement approach, especially with regard to concentrating on the instant activity that happens after downloading an app. The business noticed a drop in user activity at this critical juncture and set out to redesign the onboarding process to guarantee both a strong initial impression for new users and long-term retention.
Ixigo also attempted to employ technology to evaluate the influence of complex design and personalization on email and push notification conversions, realizing that a careful balance was necessary to properly increase user engagement.
The decline in first-time consumers’ repeat transactions was another major obstacle for Ixigo. The difficulty was figuring out how to enhance the initial experience before, during, and after the booking process, since this was crucial in getting customers to do additional transactions.
In order to overcome the obstacles encountered and guarantee a smooth, user-centered experience, Ixigo had to proactively manage these digital touchpoints in the world of online contacts, where emails functioned as the starting point for user conversations and conversions.
Ixigo – Funding and Investors
Ixigo has raised a total of $72 million in funding over 7 rounds.The last round that Ixigo had seen came on October 20, 2021.
Ixigo’s shareholding pattern as of May 2024, sourced from Tracxn:
Ixigo Shareholders
Percentage
Rajnish Kumar
8.4%
Aloke Bajpai
8.0%
Elevation Capital
22.9%
Sequoia Capital
15.4%
Gamnat
9.5%
Trifecta Capital
3.2%
Malabar Investments
2.6%
Invesco
3.1%
India Acorn Fund
1.5%
Orios Venture Partners
0.7%
Madison India Capital
0.8%
Info Edge Ventures
0.5%
Fosun Kinzon Capital
0.5%
Planify
< 0.1%
IndigoEdge
< 0.1%
BAF Spectrum
–
RAJ Family Foundation
–
3ADeal
–
Angel
–
Total
77.1%
Ixigo Shareholding
Ixigo – Investments
Ixigo made two key investments: on November 1, 2022, it contributed to FreshBus during a seed round, and on March 3, 2020, it participated in the capital round for gogoBus. These expenditures demonstrate Ixigo’s dedication to promoting innovation and expansion in the travel and associated industries.
Has 400 million annual active users as of October 2024
Has 76.78 million monthly active users as of 2024
Connects over 80 million travelers as of May 2023
It had over 6 million daily active users as of May 2023
It is growing at a velocity of over 8 million downloads as of May 2023
It has a run-rating 50 million bookings on a yearly basis
Ixigo – Financials
Over the past five fiscal years, Ixigo has demonstrated significant growth in revenue and profitability, reflecting its expanding presence in the travel industry.
Particulars
FY24
FY23
FY22
FY21
FY20
Total Revenue
INR 665.1 crore
INR 517.6 crore
INR 384.9 crore
INR 138.4 crore
INR 113 crore
Total Expenses
INR 627.8 crore
INR 484.3 crore
INR 402.5 crore
INR 135.7 crore
INR 139.6 crore
Profit/Loss
INR 73.1 crore
INR 23.4 crore
INR -21.1 crore
INR 7.5 crore
INR -26.6 crore
Ixigo Financials FY24
In FY24, Ixigo reported a total revenue of INR 665.1 crore, marking a 28% increase from INR 517.6 crore in FY23. Expenses also rose to INR 627.8 crore in FY24, up from INR 484.3 crore in FY23. Despite the increase in costs, the company’s net profit surged to INR 73.1 crore, more than tripling from INR 23.4 crore in FY23. This marks a significant turnaround from losses of INR 21.1 crore in FY22 and INR 26.6 crore in FY20, showing strong financial growth and improved profitability over the years.
Ixigo Revenue Breakdown
Revenue Source
FY24
FY23
Revenue from Operations
INR 655.91 crore
INR 501.3 crore
Other Income
INR 9.2 crore
INR 16.3 crore
Total Revenue
INR 665.1 crore
INR 517.6 crore
The revenue from operations grew by approximately 31% from INR 501.3 crore in FY23 to INR 655.9 crore in FY24, indicating a strong performance in Ixigo’s core business activities.
Ixigo Expense Breakdown
Expense Type
FY24
FY23
Employee Benefit Expense
INR 141 crore
INR 126.3 crore
Finance Costs
INR 2.9 crore
INR 0.9 crore
Depreciation and Amortization
INR 12.9 crore
INR 10.8 crore
Other Expenses
INR 471 crore
INR 346.3 crore
Total Expenses
INR 627.8 crore
INR 484.3 crore
Total expenses increased by approximately 30% from INR 484.3 crore in FY23 to INR 627.8 crore in FY24, with significant rises in employee benefits and other expenses.
Ixigo Profit/Loss:
Profit Metrics
FY24
FY23
Gross Profit
INR 38.1 crore
INR 33.3 crore
Operating Profit
INR 61.1 crore
INR 20.7 crore
Net Profit
INR 73.1 crore
INR 23.4 crore
Ixigo’s net profit saw a substantial increase, more than tripling from INR 23.4 crore in FY23 to INR 73.1 crore in FY24, highlighting improved operational efficiency and profitability.
Quick Summary
Revenue Growth: Ixigo’s total revenue grew by approximately 28% in FY24 compared to FY23, driven by a 31% increase in revenue from operations.
Expense Increase: Total expenses rose by about 30% in FY24, with notable increases in employee benefits and other expenses.
Profit Surge: Net profit more than tripled, reaching INR 73.1 crore in FY24, indicating enhanced profitability and operational efficiency.
These financial trends suggest that Ixigo is effectively scaling its operations while maintaining profitability, positioning itself strongly in the competitive travel industry.
Ixigo – IPO
Shares of Le Travenues Technology, the parent company of Ixigo, had a robust debut on the stock exchanges on June 18. The stock listed at Rs 138.10 on the NSE, reflecting a 48.5% premium over its issue price of Rs 93. Similarly, on the BSE mainboard segment, the stock listed at Rs 135.00 per share, marking a 45.16% premium over the IPO issue price of Rs 93. The Mainboard Le Travenues Technology IPO (Ixigo) was a book-built IPO priced at the upper end of the band at Rs 93 per share.
Ixigo – Partnerships
Ixigo has partnered with a number of organizations to date. Some of its partnerships/collaborations include:
Partnership with Flipkart to enhance the Flipkart flight bookings
Partnership with Indira Gandhi International Airport to help the passengers with the airport’s website.
Ixigo partnered with Andhra Pradesh State Road Transport Corporation (APSRTC) to help set up, design, configure, and maintain a ‘Unified Ticketing Solution’ (UTS) on the Cloud Platform of APSRTC.
Ixigo – Sponsorship
On August 21, 2023, India’s travel booking platform revealed that it would be the Men’s Asia Cup 2023’s “official sponsor.” Ixigo has never before been connected to a significant athletic event of this kind.
From August 30 to September 17, 2023, Pakistan and Sri Lanka will jointly host the Men’s Asia Cup.
Ixigo – Marketing Campaign
Ixigo – Marketing Campaign
This campaign brings back memories of the train era when we witness an astronaut outside the spacecraft waving a tea kettle, floating, and exclaiming “Chai Chai” after a tea vendor, just as we frequently do on buses or trains.
Ixigo – Awards and Achievements
Here are some highlights of the awards and recognition that Ixigo has gained thus far:
Won the Bronze Abby at the Goa Fest 2014 for its famous ‘don’t travel Patti bandh ke’ television commercial.
Felicitated with a gold at the Indian Digital Media Awards (IDMA) 2014 for its PNR status app
Received a silver Echo award in 2014 by the Direct Marketing Association International (DMAI) for the brand’s efforts in content marketing
Has been recognized as the fastest-growing travel company in India in the Economic Times’ 2020 growth champions report
Featured in the Discover Channel’s ‘India Startup Stories’ as a leading startup
Declared as the winner of the New code of Work Awards in the mid-size business category
The media company, Skift, recognized Ixigo among the 6 best homegrown online travel players in the Indian travel sector
Ixigo – Competitors
Ixigo has a whole lot of competitors in the market. Starting from a private applications like MakeMyTrip, GoIbiboto government applications like IRCTC train booking, the market is filled with online booking and transaction-facilitating portals. With it, indulging in both conveyance and accommodation, the range of competitors it faces gets doubled.
Ixigo – Future Plans
Ixigo, a prominent online travel aggregator in India, has re-filed its Draft Red Herring Prospectus (DRHP) with SEBI on February 14, 2024, indicating its intention to go public through an Initial Public Offering (IPO), marking a key step toward its ambitious goals for the future.
The IPO is set up to comprise a new offering of 120 crore rupees, highlighting Ixigo’s calculated decision to raise money for more growth and development. In addition to the new offering, 6,66,77,674 equity shares are part of an Offer for Sale (OFS) component that gives current shareholders, such as SAIF Partners, Peak XV Partners, Micromax, and others, the chance to sell their shares.
Notably, with a 26% increase in Ixigo’s revenue from INR 206.47 crore in Q2 FY25 from Q2 FY24, Ixigo stands out as a unique and successful company in the Indian online travel tech startup scene. Ixigo’s strong financial results set the company up for growth, innovation, and sustained profitability as it prepares to go public and establish itself as a major player in the travel technology industry.
FAQs
What is Ixigo?
If you are wondering about the Ixigo app, then this app will help you find your travel solutions. The Ixigo app will help you monitor and book flights, trains, buses, hotels, and more.
How to create account on Ixigo?
Creating an Ixigo account is really easy. For this, one just need to Sign up on the Ixigo website or via the Ixigo app, and then register themselves on Ixigo. After this is done, followed by some other verifications, he/she would be able to login to the Ixigo portal and go about their bookings.
What does Ixigo do?
Ixigo is a travel tech company that helps users book flights, trains, buses, and hotels through its platform.
What is Ixigo net worth?
Ixigo’s overall market cap stands at INR 6,420 crore as of 2024.
Who owns Ixigo?
Rajnish Kumar and Aloke Bajpai are known as the Ixigo owners.
How does Ixigo make money?
Ixigo mainly serves as an intermediary between the user and a travel booking website and earns a commission per booking. Ixigo’s meta-search business model associates travel contracts from 100+ travel site.
How much Funding has Ixigo raised?
Ixigo has raised a total of $72 million in funding over 7 rounds. Their latest funding was on October 20, 2021, from a Debt Financing round.
Is Ixigo government or private company?
Ixigo is a public company, it went public on Jun 18, 2024.
Rishabh Rathi
