Le Travenues Technology (ixigo) announced the acquisition of a 60% upfront stake in Spain-based Online Travel Solutions S.L. (“Trenes”), the #2 Train OTA in Spain. The deal aligns with ixigo’s established acquisition playbook, targeting profitable, fast-growing businesses. The €11.70 million (approx. INR 126 Cr) transaction is funded by proceeds from the November 2025 Prosus preferential issue, bolstering ixigo’s long-term platform strategy without diluting focus on India.
Strategic Entry into the Spanish Rail Market
Le Travenues Technology Limited (the “Company”) has approved the acquisition of a controlling stake in Online Travel Solutions S.L. (“Trenes”), a company based in Spain. This move represents a strategic expansion into the premium European rail market, leveraging ixigo’s proven expertise as India’s #1 Train OTA.
The rationale behind entering Spain is strong: Europe is the most mature market for rail travel, and Spain possesses an attractive high-speed rail network. Trenes is noted for being the #2 Train OTA in Spain, offering a credible platform with low current OTA penetration (~30%) and nearly 600 Mn annual rail passengers.
The Company sees potential to reinvent Trenes using its AI-native customer experience capabilities, technology, and existing relationships with operators like Renfe, Iryo, and OuiGo.
Alignment with ixigo’s Acquisition Philosophy
This acquisition fits precisely into ixigo’s established M&A playbook, which prioritizes businesses that:
- Are post product-market fit.
- Possess strong founding/management teams.
- Are profitable or on a clear path to profitability (Trenes is already profitable).
- Are capital efficient.
Trenes, described as having a small and focused team (<10 team size), is already profitable, fast-growing, and built patiently over more than a decade without relying on external capital.
Financial Metrics of Trenes
Trenes has demonstrated consistent financial growth, building the business with capital efficiency since 2013. Its last three years of revenue trajectory are:
| Calendar Year | Revenue |
|---|---|
| CY25 | €5,495,850 |
| CY24 | €4,281,478 |
| CY23 | €1,851,869 |
Furthermore, in CY 25, Trenes achieved a Profit after Tax of €1,352,239 (approx. INR 14.5 Cr).
Funding and Capital Structure
ixigo is acquiring a 60% upfront stake in Trenes via its Singapore-based wholly-owned subsidiary, IXIGO PTE. LTD., for €11.70 million (approximately INR 126 Cr) through secondary share purchases (including non-compete fees).
The transaction is funded primarily from the proceeds raised in the preferential issue from Prosus in November 2025 (approx. INR 1,296 Cr), where 25% was earmarked for acquisitions and strategic investments.
As of January 31, 2026, ixigo maintains a robust balance sheet with more than INR 1,700 Cr of cash and cash equivalents, ensuring sufficient capital flexibility for this and future obligations, as neither company carries long-term debt.
Impact on India Operations
The Company explicitly states that this move is a TAM expansion and strategic diversification, not a shift away from India. India remains the core growth engine, where ixigo holds a 60%+ market share among OTAs in Trains. This international move is expected to facilitate cross-learnings between the mature European ecosystem and the high-growth Indian ecosystem, particularly regarding AI-native discovery and service delivery.
Source: BSE
