Prosus raises Ixigo stake to 15.16% as Peak XV, Elevation trim holdings

Peak XV Partners and Elevation Capital reduced their stakes in Ixigo parent Le Travenues Technology through off-market transactions as Prosus increased its holding to 15.16%

MIH Investments One B.V, a venture capital fund managed by Dutch investment firm Prosus Ventures, has increased its holding in travel technology firm Le Travenues Technology to 15.16 per cent, according to disclosures filed with the BSE on Wednesday.

 

MIH acquired an additional 5.06 per cent stake from existing investors Peak XV Partners Investments V and Elevation Capital, formerly known as SAIF Partners India Ltd, through off-market transactions.

 

Stake reductions by Peak XV and Elevation 

According to the disclosures, Peak XV Partners, a venture capital and growth investing firm, reduced its shareholding in Le Travenues to 6.71 per cent from 10.04 per cent. Elevation Capital’s stake declined by 1.9 per cent. 

 

 

“Peak XV Partners Investments V has sold 13,000,000 equity shares of face value ₹1 each held in Le Travenues Technology, pursuant to an off-market transaction,” Ixigo’s parent company said in the filing. The sale reduced Peak XV’s stake by about 3.33 per cent of total share capital, or 3.16 per cent on a fully diluted basis. The value of the transaction is estimated at ₹400 crore.

 

Elevation Capital sold 7.8 million shares, or about 1.9 per cent on a fully diluted basis, in a deal estimated at over ₹240 crore. The total stake sale of 5.06 per cent is valued between ₹600 crore and ₹630 crore.

 

Follows Prosus’ first investment in a listed Indian entity 

The secondary transaction follows Ixigo’s announcement on October 10 that its board had approved a primary investment by MIH Investments One B.V. through a preferential issue of equity shares priced at ₹280 per share.

 

With an investment of ₹1,295.56 crore, the move marked the first such investment by Prosus in a listed Indian company, strengthening its presence in India’s fast-growing travel and technology sector.