Dutch technology investor Prosus is set to acquire a 10.1 per cent stake in Indian online travel platform Ixigo for Rs 12.96 billion ($146 million), according to a leading news wire Reuters. The Gurgaon-based company, officially known as Le Travenues Technology, will issue shares to Prosus on a preferential basis at Rs 280 per share, about a 10.5 per cent discount to its Thursday closing price.
The proceeds from the transaction will be partly deployed towards developing new artificial intelligence platforms, expanding Ixigo’s hotel business, and bolstering its branding and acquisition plans, according to media reports. Around 25 per cent of the funds, or up to Rs 3.24 billion, will specifically be channelled into growth initiatives.
India remains a key market for Prosus, which has built a USD 6.5 billion portfolio in the country through investments in major ventures such as Swiggy and fintech firm PayU, according to media reports. |
