Guruguram-based Le Travenues Technology, which owns and operates AI-based travel ticketing platform Ixigo, announced it has acquired Hyderabad-based bus ticketing and aggregation platform AbhiBus for an undisclosed sum. The deal was in a mix of cash and ixigo stock as consideration, the company said in a statement.
With this, AbhiBus Founder & CEO Sudhakar Reddy Chirra and its team have joined the ixigo team as part of the deal. Additionally, All the intellectual property, brands, technology, and operations of AbhiBus have been transferred to ixigo, the company adds.
According to the company, The acquisition deal will help the company to mark its presence in Tier-2, 3, and 4 cities by offering a multi-modal transportation experience across trains, flights, and buses.
The development comes almost a week after ixigo raised $53 million in a funding round led by the Singapore sovereign wealth fund GIC, Infoedge Venture Funds, among several others. Earlier in February 2021, ixigo had acquired Bengaluru-based train ticket booking platform ConfirmTkt for an undisclosed amount in a cash-stock deal.
Speaking on the development, Aloke Bajpai and Rajnish Kumar, Co-Founders of Ixigo said: “AbhiBus is an innovative and high growth company with deep penetration on the supply side across state road transport companies (SRTCs) and private bus operators and on-demand side as a dominant bus ticketing brand in several states.”
Sudhakar Reddy Chirra said that they are excited to join Ixigo, whose team and products have created new benchmarks for the travel industry. We remain committed as a team towards our joint vision of serving the underserved market segment of the next billion travelers in the country, for whom trains and buses are the primary modes of transportation
Apart from this, ixigo is also planning to file its draft red herring prospectus (DRHP) with SEBI, in the upcoming weeks, to raise Rs 1,200 to Rs 1,500 crore via initial public offering (IPO). Earlier this week, The company also converted itself into a public limited company to initialize the IPO process.
Launched in 2008, The platform provides end-to-end software and bus-related services such as an online ticketing system, fleet management solutions, vehicle tracking system, passenger information system, and logistics management.