Travel E-Commerce Ixigo Acquires ConfirmTkt In Cash-Stock Deal

• Ixigo has acquired ConfirmTkt for an undisclosed amount in a cash-stock deal.
• With this, Ixigo founders Aloke Bajpai and Rajnish Kumar will be joining the board of ConfirmTkt.
• ConfirmTkt is an online train discovery and booking platform serving more than 7.5+ million users.

Gurugram-based travel e-commerce platform Ixigo, on February 4, has acquired Bengaluru-based train ticket booking platform ConfirmTkt for an undisclosed amount in a cash-stock deal.

With this deal, Ixigo foundersAloke Bajpai and Rajnish Kumar will be joining the board. Additionally, following the compliance, Existing investors will be exiting the company fully. Following the transaction, both entities will operate independently.

Apart from Ixigo, Rahul Khanna (from Trifecta Capital) also partly financed this acquisition deal.

"The two companies and brands will continue to function independently and leverage their individual strengths as well as synergize opportunistically on ways to further enhance the customer experience for train travelers in India," said Aloke Bajpai (Founder of Ixigo) on Twitter.

Founded in 2015 by Dinesh Kumar Kotha and Sripad Vaidya, Ixigo is an online train discovery and booking platform serving more than 7.5+ million users across the country.

ConfirmTkt is the official partner of the Indian Railway Catering and Tourism Corporation (IRCTC). The company is backed by Anirudh A Damani, Venture Catalysts, and Pravin Agarwala.

The company has reported a revenue of Rs 24.4 crore and an operating profit of Rs 1.5 crore in the FY-2020. To date, It has raised over Rs 1.5 crore in funding, Bajpai claimed

Commenting on the acquisition deal, Dinesh Kumar Kotha, said, "Happy to announce that we are joining hands with Ixigo. We have built a solid business over the past few years and thanks to Aloke Bajpai and Rajnish Kumar for believing in our vision."

"We are happy to give exit to our early investors and thanks for their support during tough times in the journey." he added.

Ixigo, which was founded in 2006 by Aloke Bajpai and Rajnish Kumar, having a user base of more than 170 travelers. It aggregates and compares real-time travel information, prices, and availability for flights, trains, buses, and hotel availability.

"Confirmtkt has built a company with a great product-market fit and a focus on train-related use-cases. By leveraging our combined user base, resources, and tech expertise we will be able to enhance the experience of millions of train travelers in India every day," said Ixigo founders Bajpai and Kumar.

Also Read: MPL Close To Become Unicorn After Raising $95 Million From Composite, Others

"The combined entity has 35 Mn MAUs and together we will be committed to our joint vision of serving the underserved segment of the travel industry and becoming the first transactional touchpoint in travel for the next billion Indians," Bajpai tweeted.

Both Ixigo and Confirmtkt are official IRCTC B2C premium ticketing partners for online train reservations in India. Currently competes with several travel ticket booking platforms such as Railyatri, Yatra, Makemytrip, among others.

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.