MakeMyTrip exits IPO-bound travel app ixigo with 8x returns

Mumbai: MakeMyTrip has exited IPO-bound travel app ixigo, the Nasdaq-listed company said in filings to the US Securities and Exchange Commission, clocking 8x returns on its initial investment.

The secondary transaction was worth $38.5 million with investors including Trifecta Leaders Fund-1, Bay Capital, Malabar Investments and White Oak buying out its stake, according to a source. In a secondary sale of shares, the money does not flow into the company’s coffers but goes to those who exit.