Gurugram-based online travel agency Ixigo saw revenues grow sharply to touch ₹69.19 crore in FY18, witnessing a 209% growth over previous fiscal, according to company filings with the Ministry of Corporate Affairs (MCA).
The revenues from the sale of services, constituted the major part of the overall revenues, standing at ₹67.73 crore in the current fiscal, from ₹21.91 crore in FY17.
While the revenues grew, so did the losses, as Ixigo saw its net loss double to ₹41.33 crore in FY18, from ₹19.78 crore in FY17.
The loss can be attributed to the rising expenses, as the total expenses for Ixigo stood at ₹110.53 crore in FY18, up around 150% from ₹43.85 crore in the previous fiscal. Also, the major part of overall expenses saw was due to advertisement and promotion, which touched ₹73.85 crore in the current fiscal.
Founded by Aloke Bajpai and Rajnish Kumar in 2006, Ixigo enables customers to efficiently plan their travels by providing a platform that aggregates information from numerous travel websites to provide a wide range of offers and deals across travels, flights, buses, cabs, trains and hotels.
Aloke Bajpai, Founder and CEO, Ixigo, said, “Ixigo continues to improve upon its financial performance and build operating efficiencies to maintain a healthy growth. Our EBITDA margin has improved by 42% YoY driven by improved marketing efficiencies.”
In March 2017, Ixigo raised $15 million in a series B funding round from Sequoia Capital India and Fosun RZ Capital.
Other players competing with Ixigo in the travel domain include MakeMyTrip, Cleartrip, and Yatra.com, among others.
Recently, it was reported that Cleartrip posted ₹319 crore in revenue, while shrinking losses to ₹62.35 crore.
Earlier this month, it was reported that MakeMyTrip registered a 25% growth in revenue, while cutting losses.