Le Travenues Technology, which owns online travel platform Ixigo, has received approval from the Securities and Exchange Board of India to raise funds through an initial public offering.

The Gurugram-based firm filed its original IPO papers in February, proposing an issue of new shares worth Rs 120 crore and an offer for sale (OFS) of 66.67 million shares by existing shareholders. According to the draft red herring prospectus (DRHP), selling shareholders included Elevation Capital (formerly Saif Partners), Peak XV Partners, and founders Aloke Bajpai and Rajnish Kumar.

The net proceeds from the issuance of new shares will be used to cover working capital requirements and acquisitions, technological investments, other strategic initiatives, and general company reasons.

When Bajpai and Kumar founded Ixigo in 2007, their goal was to make it easier for Indian tourists to organize, plan, and schedule their travels using buses, trains, planes, and hotels.

It faces competition from listed online travel agencies including EaseMyTrip, MakeMyTrip, IRCTC, and Yatra Online.

The company declared a net profit of Rs 65.7 crore and operational revenue of Rs 491 crore for the nine months ending in December 2023.