Parent firm of IPO-bound Ixigo acquires Indian bus ticketing startup

Le Travenues Technology, the parent company of Indian online travel app Ixigo, has acquired bus ticketing and aggregation platform AbhiBus. The latest deal is composed of a mix of cash and Ixigo stock.

Following the acquisition, the AbhiBus team, which includes founder Sudhakar Reddy Chirra, was merged with the Ixigo crew. As per the deal, Ixigo has also acquired AbhiBus’ intellectual property rights, technology, operations, and brands.

Ixigo co-founders Rajnish Kumar (left) and Aloke Bajpai / Photo credit: Ixigo

Ixigo hopes that the deal will help the company further consolidate its presence in Tier 2, Tier 3, and Tier 4 markets in India. The firm added that AbhiBus was the second-largest bus aggregator in India in the financial year 2020, having sold 26,000 bus tickets per day through its platform.

“AbhiBus has built an innovative and high-growth company with deep penetration on the supply side across state road transport companies and private bus operators on the demand side, as the dominant bus ticketing brand in several Indian states,” Ixigo co-founders Alok Bajpai and Rajnish Kumar said in a statement.

Ixigo’s latest acquisition comes ahead of its imminent initial public offering. Yesterday, the company made the shift from being a private limited to a public limited company. The travel firm is eyeing a listing in the fourth quarter of the year, which could value the firm at US$800 million.

Founded in 2007, Ixigo is backed by Sequoia Capital. The Gurugram-based firm recently secured US$53 million in a funding round led by Singapore’s sovereign wealth fund, GIC.

In February, Ixigo acquired train booking firm Confirmtkt for an undisclosed sum.