Elevation Capital, the venture capital powerhouse formerly known as SAIF Partners, has struck gold once again. In its fourth partial exit from online travel giant ixigo, the firm just pocketed a whopping ₹97.4 crore — and that’s not even the whole story.
With this latest sale, Elevation has reportedly earned an eye-watering 25x return on investment, proving once again why it’s considered one of the sharpest early-stage investors in India’s startup ecosystem.
The Deal That Made Headlines
On Thursday, Elevation Capital executed a block deal selling around 53.9 lakh shares of Le Travenues Technology Ltd., the parent company of ixigo, at ₹180 per share. The total? A cool ₹97.4 crore.
At the same time, Schroder International Selection Fund, part of the $950 billion UK asset management behemoth Schroders, snapped up 53.6 lakh shares for ₹96.9 crore.
Wait, Didn’t Elevation Just Sell Some ixigo Shares?
Yes — and that’s what makes this even more impressive. Just a few weeks ago, Elevation offloaded another 21.5 lakh shares for ₹38.27 crore. With this fresh exit, the firm continues to steadily reduce its stake — and profit handsomely along the way.
What’s Left of Elevation’s Stake?
As of March 2025, Elevation held a 14.02% stake in ixigo — about 5.46 crore shares. But after this latest offloading spree, its ownership has dropped to around 12.08%. Still a significant slice, but clearly part of a well-planned phased exit strategy.
How Big Is That 25x Return, Really?
Let’s put this into perspective:
- Elevation Capital was one of the earliest backers of ixigo.
- Over the years, it steadily supported the company through various rounds.
- Now, with each partial exit, it’s pulling in massive profits — and still holding a sizable equity stake.
This is what most VCs dream of: early entry, patient support, big exit.
What It Means for the Indian Startup Ecosystem
This story isn’t just about Elevation or ixigo — it’s a signal to the entire venture capital and startup ecosystem:
- Early bets in high-growth sectors like travel tech can still pay off — big.
- Foreign institutional interest (like Schroders stepping in) shows growing global confidence in Indian digital platforms.
- And for founders? A reminder that having long-term backers like Elevation can be game-changing.
Final Thoughts: Elevation’s Exit Shows the Power of Playing the Long Game
In a market where many investors are anxious for quick returns, Elevation Capital is showing how strategic patience can unlock massive value. With multiple successful partial exits and still more stake left to sell, this could go down as one of the most profitable VC journeys in recent Indian startup history.
