AI-based travel app ixigo’s parent company Le Travenues Technology Limited on Thursday announced that it has acquired bus ticketing and aggregation platform AbhiBus. While not divulging the details of the deal, the company said, the sale included a mix of cash and ixigo stock as consideration.
The AbhiBus team led by its founder Sudhakar Reddy Chirra has joined the ixigo team, and all intellectual property, brands, technology and operations are being transferred to ixigo, said to a press release issued by the company. The acquisition will help ixigo expand its footprint in the online ticketing segment, as it gets ready to go public. ixigo is expected to file its DRHP by the end of this month and is targeting a valuation of around $750 Mn – 800Mn. The company is targeting an IPO size of around INR 1,500 Cr – INR 1,800 Cr, according to reports. he development comes only a week after ixigo raised $53 million in a round led by Singapore’s sovereign fund GIC.
Aloke Bajpai and Rajnish Kumar, Co-Founders, ixigo said AbhiBus has built 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 the demand side, as the dominant bus ticketing brand in several Indian states.
By leveraging our combined user base, multi-modal transportation capabilities, tech resources and travel domain expertise we will be able to enhance the experience of millions of travellers in India every day, they said.
Established in 2008 AbhiBus provides end-to-end software and other value-added solutions such as e-ticketing systems, fleet management solutions, vehicle tracking systems, passenger information systems, logistics management.
The company also provides technology solutions to private bus partners and state transport corporations in India.
It has also partnered with IRCTC to offer bus tickets to IRCTC users.
Sudhakar Reddy Chirra, Founder and CEO, AbhiBus said “We started AbhiBus with a vision to become Indias most preferred bus booking platform. We are happy that we were able to build a motivated, tightly-knit team and we grew rapidly to become one of the leading bus ticketing players in the country. We are excited to be joining ixigo, whose team and products have created new benchmarks for the travel industry.”