Ixigo 2.0: From flight aggregator to full-stack mobility player

When Ixigo listed on the bourses in mid-2024 at Rs 93 a share, few imagined that within a year the Gurugram-based travel-tech firm would command nearly three times that value and catch the eye of one of the world’s most seasoned tech investors. Last week, Prosus NV, the Netherlands-based investment giant known for its big bets on India’s consumer internet space, announced a Rs 1,296 crore investment in Ixigo for a 10.1% stake through a preferential allotment. The deal, valuing Ixigo at over Rs 12,800 crore, marks Prosus’s first investment in a listed Indian company and signals a strong vote of confidence in the next phase of India’s online travel story.

For Ixigo, this capital infusion is set to accelerate what insiders call its “Ixigo 2.0” journey — from being a flight ticket aggregator to becoming a full-stack mobility player. Over the past few years, Ixigo has quietly built an integrated ecosystem that spans flights, trains, and bus bookings, powered by acquisitions such as ConfirmTkt and Abhibus. Unlike rivals that rely heavily on partnerships, Ixigo owns the underlying technology stack — enabling it to control pricing, user experience, and data analytics across travel modes.

“While MakeMyTrip remains the go-to platform for urban, premium customers, Ixigo has carved out a very different market segment,” says Aakash Agrawal, Head- Digital and New Age business, Anand Rathi IB. “Its operational execution has been phenomenal — the speed and method with which it has rolled out products across modes is exceptional. That’s what makes Ixigo a strong execution story, he added.

While MakeMyTrip continues to dominate in flights and hotels, Ixigo has deliberately steered clear of the hotel business — a capital-intensive segment that demands upfront inventory purchases. Instead, it has focused on scalable, asset-light ticketing in air and rail travel, where its execution strength delivers results.

Analysts believe the opportunity ahead is massive. “We’re just scratching the surface in travel and ticketing,” says another expert. “The market is expanding across categories — from trains to experiential travel with strong tailwinds and no major headwinds.”

For Prosus, the rationale is simple: a value-based bet on a growth story. With a strong track record, deep Bharat reach, and a sector poised for explosive growth, Ixigo 2.0 looks well placed to redefine India’s digital mobility map.