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<ul><li><keyword id="6433699" type="UNKNOWN" weightage="20" keywordseo="Ixigo">ixigo</keyword>’s parent company <keyword id="735664" type="COMPANY" weightage="20" keywordseo="Le-Travenues-Technology">Le Travenues Technology</keyword> ⁠has filed preliminary papers for the IPO.</li><li>The company aims to raise ₹750 crore through fresh issue and ₹850 crore through secondary issue.</li><li>The issue would offer partial exits to investors such as Elevation Capital and Micromax.</li></ul>Gurugram-based online ticketing startup Le Travenues Technology ⁠— which operates the <keyword id="9276563" type="UNKNOWN" weightage="20" keywordseo="travel-app-ixigo">travel app ixigo</keyword> ⁠— has filed the draft red herring prospectus (DRHP) to raise ₹1,600 crore through its initial public offering (IPO). According to the preliminary prospectus submitted with the Securities and Exchange Board of India (SEBI), ixigo’s IPO would include a fresh issue of ₹750 crore and an offer for sale (OFS) component of ₹850 crore. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue size </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,600 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fresh issue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹750 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer for Sale (OFS) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹850 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OFS by </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elevation Capital, Micromax, and founders Aloke Bajpai and Rajnish Kumar </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment bankers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities, Axis Capital, Kotak Mahindra Capital &amp; Nomura </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Legal advisors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shardul Amarchand Mangaldas and Khaitan &amp; Co </td></tr></tbody></table> ixigo’s DRHP highlights that Elevation Capital (formerly known as SAIF) would be selling shares worth ₹550 crore. Meanwhile, Micromax would be selling shares worth ₹200 crore. Both Aloke Bajpai and Rajnish Kumar, who founded the company in 2007, will be selling shares worth ₹50 crore each. Earlier this week, MakeMyTrip, which invested about $5 million in ixigo back in 2011,<a href="https://www.businessinsider.in/business/startups/news/makemytrip-fully-exits-travel-aggregator-ixigo-deep-kalra-to-resign-from-the-board/articleshow/85240387.cms"> completely exited</a> Le Travenues Technology ahead of its IPO. With this, MakeMyTrip’s founder Deep Kalra also stepped down from ixigo’s board post this sell-off. The publicly listed company has made about 8-fold return on its initial investment in ixigo. It sold the shareholdings for $38.5 million, clocking $33.1 million as net returns. SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-may-dominate-the-foldable-smartphone-market-with-88-share-says-report/articleshow/85091203.cms">Samsung may dominate the foldable smartphone market with 88% share, says report</a>

Travel app ixigo files for a ₹1,600 crore IPO

<ul><li><keyword id="1884281" type="COMPANY" weightage="20" keywordseo="AbhiBus">Abhibus</keyword> is a bus ticketing and aggregation platform founded in 2008.</li><li><keyword id="6433699" type="UNKNOWN" weightage="20" keywordseo="Ixigo">Ixigo</keyword> would get access to Abhibus’ intellectual property and operations with this acquisition.</li><li>Ixigo is planning to file preliminary papers for its IPO by mid August, to raise ₹1,500 crore. </li></ul>Online ticketing startup Le Travenues — which operates ixigo — has acquired bus ticketing and aggregation platform AbhiBus on Thursday, August 5. The development comes only a week after ixigo raised $53 million in a round led by Singapore’s sovereign fund GIC. The acquisition will help ixigo expand its footprint in the online ticketing segment, as it gets ready to go public. According to sources within the company, ixigo is planning to file its preliminary paperwork draft red herring prospectus (DRHP) by mid August, to raise ₹1,200 crore to ₹1,5000 crore from the public market. Earlier this week, the Gurugram-based startup also converted itself into a<a href="https://www.businessinsider.in/business/startups/news/travel-portal-ixigo-moves-a-step-closer-to-ipo/articleshow/85006033.cms"> public limited company</a> to start off the initial public offering (IPO) process. The latest acquisition was done for a mix of cash and ixigo stock. Post this acquisition, AbhiBus team led by founder Sudhakar Reddy Chirra will join the ixigo team. Ixigo would also get access to AbhiBus’ intellectual property, brands, technology and operations with this acquisition. The duo claims to have a combined user base of 255 million, as of May 31, 2021. “By leveraging our combined user base, multi-modal transportation capabilities, tech resources and travel domain expertise we will be able to enhance the experience of millions of travellers in India every day,” Aloke Bajpai and Rajnish Kumar, cofounders of ixigo, said in a statement. Earlier this year, ixigo had <a href="https://www.businessinsider.in/business/startups/news/ixigo-acquires-train-discovery-and-booking-platform-confirmtxt-in-a-cash-and-stock-deal/articleshow/80685580.cms" data-type="tilCustomLink">acquired</a> train booking app Confirmtkt. AbhiBus was founded in 2008 by Chirra. It provides end-to-end software and bus-related services such as online ticketing system, fleet management solutions, vehicle tracking system, passenger information system and logistics management. The company provides its tech solutions to both private and state transportation corporations in India. It has also partnered with Indian Railway Catering and Tourism Corporation (IRCTC) to offer bus ticketing services. AbhiBus claims that they used to sell around 26,000 bus tickets per day in the financial year 2020, before pandemic hit India. SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">Flipkart and Tiger Global have a billion dollar notice to respond to in the next 90 days </a><a href="https://www.businessinsider.in/business/startups/news/whitehat-jrs-ceo-karan-bajaj-quits-exactly-a-year-after-byjus-acquisition/articleshow/85029450.cms">WhiteHat Jr’s CEO Karan Bajaj quits exactly a year after Byju’s acquired the company</a> <a href="https://www.businessinsider.in/business/startups/news/moengage-wants-an-office-in-new-york-and-hire-to-150-techies-in-india/articleshow/85057941.cms">INTERVIEW: MoEngage, which helps companies like Domino's engage with customers, wants an office in New York and 150 techies in India</a>

IPO-bound ixigo acquires bus ticketing platform AbhiBus to strengthen its footprint

<ul><li><keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> had made an investment of $5 million in <keyword id="6433699" type="UNKNOWN" weightage="20" keywordseo="Ixigo">ixigo</keyword>, and now sold its shares for $38.5 million.</li><li><keyword id="11838988" type="UNKNOWN" weightage="20" keywordseo="trifecta-leaders-fund-1">Trifecta Leaders Fund-1</keyword>, Bay Capital, Malabar Investments and <keyword id="4804542" type="PERSON" weightage="20" keywordseo="white-oak">White Oak</keyword> bought shares from MakeMyTrip.</li><li>Ixigo has already converted itself to a public entity and plans to file for IPO this month.</li></ul>Online travel aggregator (OTA) MakeMyTrip has sold its shares in initial public offering (IPO)-bound Le Travenues Technology, which operates travel app ixigo. MakeMyTrip’s founder Deep Kalra would be stepping down from ixigo’s board post this sell-off, the two decade old company has confirmed. MakeMyTrip announced its exit from ixigo on August 9 in its regulatory <a href="https://s22.q4cdn.com/244830719/files/doc_downloads/sec/2021/c267209d-e17d-4ace-8f6a-2ebe5dd16b69.pdf">filings</a>. “On August 9, 2021, we completed the sale of our entire equity investment in the securities of an unlisted entity (classified under “Other investments” in our statement of financial position), for a total cash consideration of $38.5 million and recorded a gain on sale of $33.1 million, net of transaction related costs, which will be reflected in our financial results for the six months ending September 30, 2021,” MakeMyTrip said in its filing with the US Securities and Exchange Commission (SEC). The publicly listed company had invested close to $5 million in ixigo in 2011 and got almost 8-fold return on its initial investment. The company sold its shareholdings for $38.5 million, clocking $33.1 million as returns. Gurugram-based ixigo is yet to respond to Business Insider’s query seeking comments on the development. However, sources aware of the development said that MakeMyTrip has sold its shares to Trifecta Leaders Fund-1, Bay Capital, Malabar Investments and White Oak. Ixigo raised $53 million in a pre-IPO round from Singapore-based GIC. The above-mentioned investors had also participated in the round, along with InfoEdge Ventures and Orios Venture Partners. Moneycontrol was the <a href="https://www.moneycontrol.com/news/business/makemytrip-exits-ipo-bound-ixigo-with-8x-returns-deep-kalra-steps-down-from-firms-board-7316731.html">first</a> to report development on MakeMyTrip’s exit. Ixigo is <a href="https://www.businessinsider.in/business/startups/news/travel-portal-ixigo-moves-a-step-closer-to-ipo/articleshow/85006033.cms">planning</a> to file a draft red herring prospectus (DRHP) with India’s market regulator Securities and Exchange Board of India (SEBI) this month. It plans to raise ₹1500 crore- ₹1800 crore through this issue, sources aware of the development told Business Insider. SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-may-dominate-the-foldable-smartphone-market-with-88-share-says-report/articleshow/85091203.cms">Samsung may dominate the foldable smartphone market with 88% share, says report</a>

MakeMyTrip fully exits travel aggregator ixigo, Deep Kalra to resign from the board

<ul><li>Ixigo’s parent Le Travenues is expected to file its preliminary papers for IPO by mid August.</li><li>The company recently appointed six independent board members.</li><li>It recently raised $53 million in a pre-IPO round from Singapore-based GIC.</li></ul>Gurugram-based online ticketing startup Le Travenues Technology ⁠— which operates the <keyword id="11782910" type="UNKNOWN" weightage="20" keywordseo="travel-portal-ixigo">travel portal ixigo</keyword> ⁠— has converted itself to a public limited company, before launchings its initial public offering (IPO) this year. The company ⁠— whose last reported valuation was $104 million, as per <a href="https://tracxn.com/d/companies/ixigo.com">Tracxn</a> ⁠— is expected to file its draft red herring prospectus (DRHP) with the market regulator <keyword id="63783" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>) by mid August. The conversion from a private limited company to a public limited company is the first step towards an IPO. A public limited structure allows companies to raise capital from the stock market. Indian laws do not allow a private company to invite the public to subscribe to its shares. The development comes a day after the 14-year old online travel agency (<keyword id="6607315" type="UNKNOWN" weightage="20" keywordseo="OTA">OTA</keyword>) appointed six independent board members, including former IRCTC chairperson and managing director Pratap Mall, former Nasscom foundation chairperson Arun Seth and GSF Accelerator founder Rajesh Sawhney. Banking and insurance sector veteran Shubha Rao Mayya, Hopper founder Frederic Lalonde, and Hamstede Living MD and chief executive officer (CEO) Rahul Pandit will also be joining the board as independent directors, ixigo’s CEO and cofounder Aloke Bajpai announced on <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword>. Ixigo raised $53 million in a pre-IPO round from Singapore-based GIC. White Oak, InfoEdge Ventures, Bay Capital, Orios Venture Partners, <keyword id="2694863" type="PERSON" weightage="20" keywordseo="Trifecta-Capital">Trifecta Capital</keyword> and Malabar Investment also participated in the round, according to regulatory filings. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/nykaa-will-spend-its-ipo-money-on-setting-up-retail-stores-and-repaying-loans/articleshow/84996894.cms">Nykaa will spend its IPO money on setting up retail stores and repaying loans</a> <a href="https://www.businessinsider.in/retail/news/britannia-marico-hindustan-unilever-nestle-india-products-can-be-costlier-as-inflation-is-eating-into-their-profits/articleshow/84977161.cms">From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials</a> <a href="https://www.businessinsider.in/business/startups/news/skill-lync-raises-17-5-million-to-offer-more-upskilling-courses-for-engineers/articleshow/84995007.cms">Three-year-old Skill-Lync gets $17.5 million funding from Flipkart founder Binny Bansal and others</a>

Travel portal Ixigo moves a step closer to IPO

<ul><li><keyword id="2779670" type="PERSON" weightage="20" keywordseo="Tracxn">Tracxn</keyword> is looking to sell 38.67 million shares in its IPO.</li><li>The issue will purely consist of an offer for sale to provide exits to existing investors.</li><li>It now tracks over 1.4 million private companies and works with 855 subscribers.</li></ul>Bengaluru-based private market intelligence platform Tracxn has filed the draft red herring prospectus (DRHP) to sell 38.67 million shares in its initial public offering (IPO). The eight-year-old company has not disclosed the amount it plans to raise with this public issue. The IPO would only consist of secondary share sale to provide exits to existing shareholders and promoters. Investors such as Flipkart’s Sachin Bansal and Binny Bansal, Elevation Capital, Accel India and Sequoia Capital India would be selling their shareholdings. IIFL Securities has been appointed as the book running lead manager to the issue. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shareholders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer for Sale (OFS) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tracxn’s founders Neha Singh and Abhishek Goyal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.66 million shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart’s Binny Bansal and Sachin Bansal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.26 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elevation Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.98 million shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accel India IV Mauritius </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.02 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sequoia Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.18 million shares </td></tr></tbody></table> Elevation Capital has 21.89% stake in Tracxn, whereas Sachin and Binny Bansal hold 1.26% stake each. Founders Goyal and Singh hold 25.46% stake in the company. Tracxn was founded in 2013 and launched in 2015. The firm offers private company data for deal sourcing, identifying mergers and acquisition (M&amp;A) targets, deal diligence, analysis and tracking emerging themes across industries and markets. It claims to track over 1.4 million private companies and works with 855 subscription customers across 50 countries. Its customer base would include venture capital (VC) firms, private equity funds and large corporates. Tracxn reported a revenue of ₹55.7 crore in the financial year that ended March 2021. The company claims that 70% of its revenue comes from outside India, primarily Europe, Middle East, and Africa (EMEA) and North American markets. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms" data-type="tilCustomLink" style="">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funds flowing in since 2020</a> <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms">Travel app ixigo files for a ₹1,600 crore IPO</a> <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a>

Private market intelligence firm Tracxn files for an IPO

<ul></ul><ul><li><keyword id="5325646" type="PERSON" weightage="20" keywordseo="Ashok-Kumar-Saxena">Ashok Kumar Saxena</keyword>, who served as a director in <keyword id="2205155" type="PERSON" weightage="20" keywordseo="One-97-Communication">One 97 Communication</keyword> between 2000-2004, alleged that he had invested in the company for a 55% shareholding. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> in its submission to police confirmed that such a ‘letter of intent’ was signed, but it never materialised into a ‘definitive agreement’ as Saxena ‘lost interest’. </li><li>The digital payments giant has also reportedly claimed that allegations against Paytm are attempts to harass the company. </li></ul>Ashok Kumar Saxena, a former director in Paytm’s parent company One 97 Communications, is now urging India’s market regulator to stall the digital payments giant’s $2.2 billion initial public offering (<keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword>). Saxena alleges that he is the co-founder of One 97 Communications and had invested about $27,500 in the company about two decades ago. However, the company never transferred his 55% shareholdings to him, as per Saxena. At the centre of the argument is a one-page document signed by Saxena and Paytm founder and chief executive Vijay Shekhar Sharma in 2001. The document reportedly highlights that Saxena would get a 55% equity stake in Paytm's parent company One 97 Communications. The remaining 45% equity shares would be owned by Sharma. As per a media report, the former director of the company had reached out to market regulator Securities and Exchange Board of India (SEBI). According to a media report, Saxena had also reached out to Delhi police to file a complaint against the company, but no case was registered. However, Saxena has now reportedly approached a New Delhi court, urging the judge to direct the local police to register a case on his complaint. The court had ordered the police to respond and the matter will be heard on August 23, as per the media report. Business Insider was not able to reach out to Saxena immediately. The development was first<a href="https://www.reuters.com/business/exclusive-ex-director-seeks-stall-2-bln-paytm-ipo-company-calls-it-harassment-2021-08-12/"> reported</a> by Reuters. Paytm, in a legal document submitted to the Delhi Police, claimed Saxena's allegations against Paytm are attempts to harass the company, as per the Reuters report. The company has listed the dispute under 'criminal proceedings' in its draft red herring prospectus (DRHP) for its IPO. Paytm in the documentation submitted to the Delhi Police, has reportedly agreed that Saxena was one of the first few directors in the company who served between 2000 and 2004. However, a company source has denied that Saxena was the co-founder of One 97 Communications. The document was accessed by Reuters. Business Insider has reached out to Paytm seeking comments. We will be updating the copy if and when we receive a response. The digital payments giant states that Saxena did extend funds to the company, however, he gradually “lost interest”. The company also emphasised that the letter being referred above was merely a “letter of Intent” and not a formal agreement. Paytm has also mentioned this in its legal statement to the police. Saxena had started disassociating himself from the company after the document was signed and stopped attending board meetings, Paytm said in the legal statement. Therefore, the intent never reached a full agreement. Paytm in the legal document also stated that Paytm and Saxena had reached a private understanding and transferred the shares to an Indian firm. Saxena said he had never received any shares and there was no misunderstanding. "The shares and money are one thing, but I also want to be recognised as the co-founder," Saxena told Reuters. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms" data-type="tilCustomLink">Travel app ixigo files for a ₹1,600 crore IPO</a> <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a>

You Searched For "ixigo DRHP" and got 6 results

Travel app ixigo files for a ₹1,600 crore IPO

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IPO-bound ixigo acquires bus ticketing platform AbhiBus to strengthen its footprint

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MakeMyTrip fully exits travel aggregator ixigo, Deep Kalra to resign from the board

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Travel portal Ixigo moves a step closer to IPO

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Private market intelligence firm Tracxn files for an IPO

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Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue

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