- Ixigo hotel business grows 159 percent.
- Hotel revenue reached $0.85 million.
- Room night bookings rose 295 percent.
The hotel business recorded gross transaction value of $11.74 million, 2.6 times higher than a year earlier, including Brevistay. Hotel revenue grew more than six times to $0.85 million. It more than 12 percent of booking value as revenue, ixigo said in a statement.
Guests booked more than 470,000 room nights during the quarter, after cancellations, up 295 percent year on year. Daily bookings exceeded 5,000 room nights, nearly four times the level a year earlier. More than 86 percent of hotel bookings came from ixigo’s own users.
Ixigo listed more than 70,000 hotels and other properties in India, including more than 12,000 properties contracted directly by the company across 1,100 towns.
“From this quarter onwards, we are disclosing a new line of business of hotels, which grew GTV 2.6 times year on year to $11.7 million with a gross take rate of more than 12 percent,” said Aloke Bajpai, ixigo group CEO. “We continue to invest in hotels and AI as key drivers of our long-term growth.”
Rajnish Kumar is ixigo group co-CEO and Saurabh Devendra Singh is group chief financial officer.
The company’s total gross transaction value rose 22 percent to $559.32 million in the second quarter, from $458.41 million a year earlier. Revenue from operations grew 13 percent to $33.84 million, while contribution margin rose 14 percent to $13.17 million.
Profit after tax reached a record $6.69 million, partly due to the sale of some of ixigo’s stake in Freshbus. Profit before tax grew 37 percent year on year, excluding the $2.84 million employee stock option expense recorded in the second quarter. Adjusted EBITDA fell 17 percent to $2.49 million from $3 million a year earlier.
In June, ixigo agreed to acquire a 54.66 percent stake in Brevistay Hospitality for $6.9 million, adding hourly hotel bookings to its travel platform.
