New Delhi, Feb 4 (IANS): AI-based travel app ixigo has entered into a definitive share purchase agreement to acquire 100 per cent shareholding of Confirmtkt, a Bengaluru-based online train discovery and booking platform, for an undisclosed amount.
The deal was sealed in consideration of cash and stocks with both companies continuing to run independently, post this acquisition.
In the pre-Covid times, train travel in India was pegged as a $8 billion market, with over 25 million passengers taking a train trip everyday.
Resumption of train services and relaxation of lockdown norms have led to swift recovery of reserved train ticketing to near pre-Covid levels. Both ixigo and Confirmtkt are official IRCTC B2C premium ticketing partners for online train reservations in India. This deal will help the group to consolidate its presence in Tier 2/3/4 markets with its combined user base of nearly 200 million Indians.