Tech3 | Ixigo sees a bumper listing; Google's Gemini goes desi; and more

One quick thing:?Govt's 100-day plan prioritises chip production

In today’s newsletter:?

• Ixigo sees a bumper listing
• Google's Gemini goes desi
• Karnataka uses AI to fight exam cheating

Ixigo sees a bumper listing

One could say the market for tech listings is back in India.?

Online travel aggregator Ixigo saw its stock price close 74% higher than its initial public offer (IPO) price?on its market debut.

• This marks the second-highest listing day gain among its new-age peers. Only Nykaa, which debuted around 2.5 years back, saw a higher opening day surge

Early bird gets the worm: Ixigo’s listing day wasn’t just good news for the company, it was a bonanza for its early backers.?

• Elevation Capital (formerly SAIF Partners) is sitting on a bumper return of 22 times its investment of Rs 63 crore

• Peak XV Partners (formerly Sequoia Capital India) has a 13 times return on its initial investment of Rs 67 crore

• Micromax has a 17 times return on its initial investment of Rs 19 crore

These returns include not only the investors’ sales during the IPO but also the value of the remaining shares they still hold in the company.

Unsung heroes:?Ixigo’s stellar market debut has also led to an improbable win for its pandemic acquisitions.

• Two founders of Bengaluru-based online train ticketing platform Confirmtkt saw the value of their individual holdings in Ixigo cross the Rs 100-crore mark?

• Similarly, bus ticketing platform Abhibus, which was acquired in a cash swap, saw its Ixigo stake enter the Rs 100-crore club

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