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Deep Dive into Ixigo's Business Model

Ixigo is among the top 5 online travel booking platforms. Ixigo share price is currently between 100-120/sh leading to a P/S (Price to Sales Ratio) of 30X whereas the only other domestically listed EaseMyTrip is at a valuation of 35X its P/S ratio. With the travel industry coming out of the shadow of the pandemic, OTAs may see volumes reviving on their platforms.<br><br>In this post, we break down the online travel platform industry and take an in-depth look at ixigou2019s business model. Check out the blog by Altius Investech- https://altiusinvestech.com/blog/ixigo-share-price-pre-ipo-deep-dive/

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Deep Dive into Ixigo's Business Model

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  1. Ixigo (Le Travenues Technology Ltd) Industry: Travel and Hospitality Overview: About: Launched as a Metasearch Multi-app strategy Prioritize Railways (useful intercity railway information) Grew even during the pandemic More app downloads than all other apps combined ixigo is an online travel portal that allows Indian travelers to organize, book, and track their trips. It was founded in 2007 by IIT-K grad Aloke Bajpai. Financials: in Rs Cr. Particulars Q1 FY23 FY-22 FY-21 FY-20 CAGR 84.47% Net Revenue 118.42 379.58 135.57 111.60 Total Operating Cost 116.6 391.86 132.26 136.05 Profit Before Interest and Taxes 9.6 -14.76 4.26 -25.36 Profit for the Period 8.73 -21.06 7.53 -26.61 Valuation: Backed by Elevation Capital, Sequoia Capital and Fosun International among others FY22 figs IRCTC MMT EMT IXIGO M/Cap 48500 26000 7600 2900 July 2021 - Valuation ~Rs 3200 Cr (53M$ Fund Raise) Aug 2021 - Valuation - Rs 3500 Cr (Secondary Exit By MMT) Revenue 1876 2424 235 380 PBT 663 -360 105 -21 Compared to peers, IXIGO trades at a much lower Price/Sales mutliple. Leaving scope for significant upside Mcap/Rev 25x 11x 32x 7.5x

  2. Why you should invest in it? FY2023 is expected to have be a full cash positive year – If profitability is maintained, IXIGO may be re-rated to similar revenue multiples like EasyMyTrip (potential upside 200-300%) Share Price has rationalized from 120/sh (2020) to 80/sh – Might be attractive entry levels to enter Gross transacted value at almost 5 times of 2019 (pre covid levels) DRHP filed, IPO is expected to hit the markets in less than a year altiusinvestech.com Mob: 8240614850 support@altiusinvestech.com

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