November 16, 2023

ixigo back In the black as travel rebounds, crosses INR 500 Cr revenue milestone

Traveltech major ixigo’s parent entity Le Travenues Technology Limited turned profitable in the financial year 2022-23 (FY23) with a consolidated net profit of INR 23.4 Cr as travel demand bounced back. The startup reported a net loss of INR 21.1 Cr in FY22 as against a profit of INR 7.5 Cr in FY21.
ixigo’s operating revenue jumped 32% to INR 501.2 Cr in FY23 from INR 379.6 Cr in the prior fiscal.
 As a travel aggregator, ixigo earns a majority of its revenue from the sale of various travel and related services. The sources of its revenue include the income it generates from convenience fees from the reservation of rail tickets, airline tickets, and bus tickets, as well as income from advertising services.
In FY23, ixigo’s domestic revenue increased to INR 487.9 Cr from INR 369.3 Cr in FY22. Meanwhile, its ‘export revenue services’ grew almost 30% year-on-year (YoY) to INR 13.3 Cr in the reported year.       
Overall, including its interest income, excess provisions written back, and other non-operating income, ixigo’s total revenue stood at INR 517.6 Cr in FY23 as against INR 384.9 Cr a year ago.
Speaking about its improving earnings, ixigo had said in a statement earlier this year that it achieved an EBITDA margin of over 7% in FY23. The gross transaction value run rate of ixigo stood at INR 10,000 Cr in May 2023, which the company intends to double in the next two years.
Founded by Aloke Bajpai and Rajnish Kumar, the ixigo group claimed to have crossed 66 Mn monthly active users across ixigo, ConfirmTkt, and AbhiBus platforms, as of March 2023.