ixigo posts strong H1 results, plans $155m capital raise

Le Travenues Technology Limited, operating as ixigo, announced strong financial results for the first half of FY26, with cash flows reaching INR91.5 crores. Revenue from operations grew by nearly 54% year-over-year, and Gross Transaction Value (GTV) increased by 38%. For Q2 FY26 alone, revenue from operations was INR282.7 crores, a 37% year-over-year increase, with GTV at INR4347.5 crores, up 23%. Adjusted EBITDA for the quarter stood at INR28.5 crores, maintaining a 10% margin.

The company is undertaking a fundraiser of approximately INR1,296 crores through preferential issuance, with INR320 crores allocated for acquisitions and a similar amount for working capital. This capital aims to strengthen the balance sheet, accelerate AI-led growth, fuel investments in the hotel OTA space, and provide flexibility for inorganic opportunities. ixigo clarified it does not intend to initiate price wars or significant cash burn.

Despite a 2% year-over-year contraction in the domestic flight market during Q2, ixigo's flight GTV grew by 29% and flight revenue by 60%. The bus business saw significant growth with passenger segments up 46% year-over-year and GTV increasing by 51% to INR571.9 crores. Train segments grew 10% year-over-year to 27.2 million, with GTV at INR2,125.9 crores.