We are discussing Traveltech Startup Ixigo Reported Rs 656 Crore Revenue in FY24 with a PAT of Rs 73 Crore:
Ixigo is a travel tech startup that offers an online booking platform under Le Travenues Technology. The startup showed a 31 percent year-over-year increase in revenue and a threefold increase in profit in the same period. According to the National Stock Exchange, the firm’s operating revenue increased by 31 percent to Rs 656 crore in FY24.
Entrackr mentioned in its report that the firm had a sizable profit in FY24 compared to the previous financial year. The startup has a 3.3 percent decline in revenue for the fourth quarter to Rs 164.8 crore in FY24. The company has secured Rs 740 crore through its retail and anchor investor’s IPO. This travel tech company offers various services, including hotel bookings, comparing and predicting flight delays and transportation, and providing flexible flight bookings. The convenience fees and commissions raised from airline, train, and bus booking or reservations are the primary sources of income for Ixigo.
The startup generates 56.4% income through train reservations, which increased by 24.2% to Rs 370 crore in FY24. The reservations of buses contributed to Rs 132 crore of the total revenue, followed by airlines with Rs 146 crore in FY24. After securing Rs 9.2 crore through interest and financial assets, the firm had a total income of Rs 665 crore. The company claims to have around 480 million active users yearly. The travel tech startup focuses on improving its business model while offering more innovative solutions, situating it well in the traveling market. The company strives to become the most customer-centric OTA startup, empowering Indian travelers with better travel services and choices.
This Gurugram-based company saw a 77 percent Y-O-Y growth in passengers, with the total booking numbers exceeding 95.9 million in the last fiscal year. The manufacturing, refund, share to clients, legal, and other expenses increase the overall expenditure by 29.8 percent to Rs 628 crore in FY24. At the same time, 22.4 percent of the total expenditure goes to employee benefits. Ixigo went public last month, and its portion of non-institutional investors oversubscribed by 110.5 times, while the IPO subscription got oversubscribed by 98.3X. The travel company noticed an 80 percent increase in its valuation compared to the pre-IPO round.
Conclusion
Le Travenues Technology is the parent company of this travel tech startup, Ixigo. Ixigo provides a seamless experience to its users by predicting flight delays and transportation, making hotel reservations, and providing flexible flight bookings. The startup showed a 31 percent y-o-y increase in its revenue to Rs 656 crore in FY24.
The convenience fees and commissions raised through airline, train, and bus booking or reservations are the major sources of income for Ixigo. The startup generates 56.4% income of the total revenue through train reservations. The company claims to have around 480 million active users per year. The manufacturing, refund, share to clients, legal, and other expenses increase the overall expenditure of the firm by 29.8 percent to Rs 628 crore in FY24.
