Gurugram-based online travel aggregator ixigo announced the acquisition of Bengaluru-based online train discovery and booking platform Confirmtkt for an undisclosed amount of a combination of cash and ixigo shares.
Ixigo’s founders will join Confirmtkt’s board of directors and Confirmtkt’s existing investors, including Venture Catalysts, will leave the company entirely as part of the deal.
The two companies will continue to operate independently after this acquisition, ixigo said.
Ixigo and Confirmtkt are official B2C IRCTC (Business-to-Customer) ticketing partners for online train reservations in India.
This agreement will allow the group to consolidate its presence in the 2/3/4 level markets.
“By leveraging our combined user base, resources and technical expertise, we are able to enhance the experience of millions of rail travelers in India every day,” Aloke Bajpai and Rajnish Kumar, co-founders of ixigo, said in a joint press release.
“The combined company will have a scale of 35 million monthly active users.”
Confirmtkt was founded in 2015 by Dinesh Kumar Kotha and Sripad Vaidya. The company achieved sales of Rs 21.4 billion and an operating profit of Rs1.54 billion for fiscal year 20.
Train travel in India is an $ 8 billion market with more than 25 million passengers traveling by train every day, ixigo said ahead of COVID.