Shares of Le Travenues Technologies Ltd. (Ixigo) rose 0.93% to ₹315.60 in Friday’s session after the company announced that its board approved a ₹1,296 crore fundraise through a preferential issue of shares to MIH Investments One B.V., a unit of Prosus.
Under the proposed issue, the company will allot 4.62 crore equity shares, representing 10.1% of its outstanding equity, at ₹280 per share — a 10% discount to the previous closing price.
The company stated that proceeds from the issue will be strategically allocated across four key areas — organic growth, inorganic expansion, working capital, and general corporate purposes.
For organic growth, Ixigo plans to invest in AI-driven platforms, R&D, product enhancement for its Hotels OTA business, and brand marketing initiatives. These investments are expected to be executed by December 31, 2028.
About 25% of the proceeds will be utilized for inorganic growth, including acquisitions, mergers, and takeovers by the company or its subsidiaries. Any unutilized funds in this category will later be redirected towards organic initiatives.
Prosus (MIH Investments One B.V.), a leading global technology investor, has a strong portfolio across e-commerce, fintech, food delivery, and travel sectors, with major investments in Swiggy, Meesho, Urban Company, PayU, and Tencent, among others.
At the time of writing, Ixigo shares were trading 0.93% higher at ₹315.60 on the NSE, extending their weekly uptrend following the fundraising announcement.
