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IPO-Bound ixigo Loses Money, Reports INR 21 Cr in the FY22
The COVID-19 pandemic's negative effects on travel demand caused the IPO-bound online travel aggregator ixigo to post a consolidated loss of INR 21 Cr in the fiscal year 2021–2022 (FY22) as opposed to a profit of INR 7.5 Cr in FY21. Although ixigo's operational income increased 180 % year over year (YoY) to INR 379.6 Cr from INR 135.5 Cr in FY21, a sharp increase in costs impacted the startup's financial results. Total costs for ixigo increased by almost thrice to INR 402.5 Cr in FY22 from INR 135.7 Cr in FY21. The launch of a free cancellation product for commercial flights beginning in August 2021 and an increase in free cancellation transactions across all business categories were major factors in the category's expenditure growth.