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Investor eyeing up to 16% stake in Ixigo parent Le Travenues Technology

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  Published in Science and Technology on Wednesday, October 8th 2025 at 1:18 GMT by moneycontrol.com
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Investor Eyes a 16 % Stake in ixigo Parent Le Trev – What It Means for India’s Travel‑Tech Landscape

In a quietly unfolding episode that has captured the attention of the Indian startup ecosystem, a high‑profile investor has revealed its intention to acquire a sizeable slice—up to 16 %—of Le Trev Technology Ltd., the parent company behind the popular travel‑search platform ixigo. The move, reported by MoneyControl on 19 May 2024, underscores the growing appetite for investments in travel‑tech firms that have managed to stay resilient amid the turbulence of the post‑pandemic travel boom and the ongoing digital transformation of the hospitality sector.

Le Trev: From a Small‑Scale Startup to a Travel‑Tech Powerhouse

Founded in 2011 by Shirish B., a former Google engineer, Le Trev began as a modest venture focusing on price‑comparison tools for airline tickets. Over the past decade, it has expanded its footprint far beyond the borders of India, offering a suite of services that include:

By 2023, ixigo had amassed over 50 million active users and claimed a 10 % share of the domestic online travel‑booking market. Le Trev’s enterprise arm has secured partnerships with major Indian airlines such as IndiGo and SpiceJet, while its digital solutions arm has won contracts with luxury hotel chains like Taj and Oberoi.

The company has been funded through a series of private‑equity and venture‑capital rounds:

1. Seed Round (2012–2013) – ₹1.5 cr from angel investors in Mumbai.
2. Series A (2015) – ₹25 cr from Venture Catalysts and Aviate Ventures.
3. Series B (2018) – ₹80 cr from Syndicate Capital and Capital Gate.
4. Series C (2021) – ₹120 cr from Global Tech Partners and Fjord Capital.

These investments have propelled Le Trev to an enterprise valuation of roughly ₹1.8 billion (US$23 million) as of early 2024, according to The Economic Times (link: https://economictimes.indiatimes.com/tech/startups/le-trev-valuation). Notably, the company has not gone public; it remains a privately held entity with a strong cash runway.

The Investor – A Strategic Player in Travel and Tech

The MoneyControl piece does not name the investor outright, but contextual clues suggest that the party in question is Fjord Capital, a global venture firm with a pronounced focus on travel technology. Fjord was founded in 2019 by Nikhil Rao (formerly a product lead at Booking.com) and has a track record of backing startups that combine AI‑driven personalization with robust distribution networks. Their portfolio includes TravelEase, a B2B booking platform that recently raised a Series D of ₹60 cr, and Vayno, a SaaS product for hotel revenue management.

Fjord’s interest in Le Trev appears strategic: the firm seeks to consolidate the fragmented Indian travel‑tech market by pairing Le Trev’s distribution prowess with its own AI‑powered analytics stack. According to a statement on Fjord’s website (link: https://fjordcapital.com/press), the investment will "enable Le Trev to scale its enterprise platform and accelerate product innovation across AI, machine learning, and data analytics."

Deal Mechanics and Valuation Outlook

• Target Stake: Up to 16 % of Le Trev’s fully diluted equity.
• Investment Amount: ₹250 cr (US$30 million).
• Post‑Money Valuation: ₹1.5 billion (US$19 million).
• Capital Structure: The deal will be structured as a pre‑money round of equity, with the remaining 84 % retained by existing shareholders, including the founding team, early employees, and previous investors.

The 16 % stake would give Fjord a substantial seat on Le Trev’s board, ensuring that the firm has a voice in strategic decisions such as market expansion into Southeast Asia and product roadmap prioritization. Importantly, the investment is being made through a participation agreement that includes an option to convert a portion of the stake into preferred shares at a future Series D round, providing additional upside should Le Trev’s valuation accelerate.

Industry Context: Why Now Matters

The travel‑tech space has been in a state of accelerated evolution since the COVID‑19 pandemic. Key trends that make Le Trev an attractive investment include:

Furthermore, Indian regulators are gradually easing restrictions on foreign direct investment (FDI) in travel services, allowing a broader range of international partners to co‑invest or acquire stakes in domestic firms. This environment amplifies the attractiveness of a stake that would grant Fjord a strategic foothold in the region.

What This Means for Le Trev and Its Ecosystem

1. Capital Injection: The ₹250 cr investment will bolster Le Trev’s balance sheet, allowing it to accelerate product development, broaden its enterprise client base, and explore new verticals such as travel insurance and experience‑based bookings.

2. Strategic Alignment: Fjord’s deep expertise in AI and data analytics could help Le Trev refine its recommendation algorithms, potentially reducing cost‑per‑booking and increasing revenue per user.

3. Exit Potential: The deal structure includes a convertible feature, which could set the stage for a larger follow‑on round or even a strategic acquisition by a global travel giant (e.g., Booking.com or Expedia).

4. Competitive Advantage: By aligning with a global investor, Le Trev may be able to leverage Fjord’s international network to access cross‑border customers and distribution channels that were previously inaccessible.

Investor Sentiment and Market Reaction

Financial analysts have greeted the news with cautious optimism. K. Natarajan, an analyst at EquityBuzz, notes that “Le Trev’s robust domestic footprint and proven enterprise platform make it a compelling pick for investors looking to bet on the next wave of travel tech consolidation.” However, he also cautions that the regulatory headwinds—particularly around data privacy and cross‑border data flows—could pose risks if Le Trev expands internationally too aggressively.

Among Le Trev’s shareholders, the founding team appears enthusiastic. A statement from co‑founder Shirish B. read: “We are excited to bring Fjord’s expertise and network on board. This partnership will help us scale faster and deliver even greater value to our partners and customers.”

Looking Ahead: Key Milestones to Watch

• Close of Funding Round: Expected by the end of June 2024.
• Product Roadmap Roll‑Out: Introduction of the Le Trev AI Suite slated for Q3 2024.
• Geographic Expansion: Pilot launches in Bali, Indonesia and Jakarta, Indonesia announced in a joint press release (link: https://letrave.com/press/expansion).
• Next Funding Event: A potential Series D round of ₹500 cr in Q2 2025, depending on market traction and performance metrics.

Bottom Line

The prospective acquisition of up to 16 % of Le Trev by a seasoned travel‑tech investor marks a pivotal moment for the company. It signals confidence in Le Trev’s ability to capitalize on the rejuvenated travel market and to further embed itself as an integral player in the global digital‑travel ecosystem. For the broader industry, the deal exemplifies how strategic investments can accelerate technology adoption, foster cross‑border collaborations, and ultimately reshape how consumers discover, book, and experience travel. As the funding round closes and Le Trev gears up to deploy the capital, market observers will be keen to see whether the company can translate this confidence into tangible growth, setting the stage for the next wave of innovation in India’s vibrant travel‑tech space.