iXiGO, India`s Fastest Growing Travel Search Engine Receives First Round Of Financing From BAF Spectrum, Singapore

Released on: February 20, 2008, 3:52 am

Press Release Author: ixigo

Industry: Software

Press Release Summary: NASSCOM Top-100 Innovator to fund marketing, content scale-up

Press Release Body: New Delhi / Singapore, February 20, 2008: iXiGO.com, India's
most awarded travel search engine, announces it has received an undisclosed sum of
first-round financing from BAF Spectrum Pte Ltd, a leading Singapore-based
investment firm. The investment will fund iXiGO's aggressive marketing plans and its
innovative strategy to scale-up searchable travel content. Mr. William Klippgen,
Executive Director at BAF Spectrum, considered one of the most successful internet
pioneers in Europe, is joining iXiGO's board of directors.

iXiGO's rapid growth is a direct result of its disruptive model that allows
travelers to search and book directly on airline sites, saving them time and money
while reducing distribution costs for airlines. A comprehensive study conducted by
the firm discovered that more than 80% of the time, big online travel portals sell
tickets at a higher price than the airline's own website. The study also confirmed
iXiGO's ability to discover more route combinations between smaller towns like
Guwahati - Hyderabad or Bangalore - Ranchi.

"Online travel purchases are driving the expansion of e-commerce in India. With an
increasing number of online travel vendors, a comprehensive and transparent search
engine is becoming a strong need for value-conscious Indian travelers. We were
impressed by iXiGO's unique technology, strong organic growth and its passionate
team's seasoned understanding of the space. We strongly believe that iXiGO's
approach to online travel will become the dominant model very soon", commented Mr.
Klippgen. Mr. Klippgen co-founded Zoomit.com which merged with Kelkoo to form
Europe's leading price-comparison mega-portal. Kelkoo was acquired by Yahoo! in 2004
for more than US $550 million.

"Travel search is the future. BAF Spectrum shares our philosophy and brings a wealth
of skills, resources, and experience to iXiGO. We are betting big on hotels to
power the next phase of our growth and this relationship will assist us in our rapid
brand-building efforts across India", said Mr. Aloke Bajpai, Founder & CEO of iXiGO.
Launched in June 2007, iXiGO has been named as one of the most innovative startups
in the world by Red Herring magazine and NASSCOM.

ABOUT iXiGO.com:

iXiGO.com is India's leading online and mobile travel search engine based out of
Gurgaon. Launched in June 2007, iXiGO has been recognized by various national and
international awards for its unique market approach, product usability, and
passionate management team. iXiGO is driven by an entrepreneurial team of young
IITians and INSEAD MBAs. For more information about iXiGO please visit www.ixigo.com

About BAF Spectrum Pte Ltd:

BAF Spectrum invests in fast-growing and highly scalable Asian companies with a
world market potential. The Singapore-based fund has committed more than US $14
million for early-stage ventures; partly financed through the Business Angel Scheme
(BAF) operated by SPRING SEEDS Capital, a government-linked agency. Spectrum's seven
executive directors from Asia and Europe represent an unusually wide cross-section
of business experience. For more information about BAF Spectrum and director
profiles, visit www.bafspectrum.com.

Web Site: http://www.ixigo.com

Contact Details: Media Contact

Shivraj Parshad
The Practice
Email: shivraj@the-practice.net
Mobile: +9811100646 / 9350211270
Visit us at: http://www.the-practice.net

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