Le Travenues Technology, which operates the AI-based travel app ixigo, has acquired Hyderabad-based bus ticketing and aggregation platform AbhiBus “as a going concern on a slump sale basis vide a business transfer agreement, for a mix of cash and ixigo stock as consideration”.
The Abhibus team led by its founder Sudhakar Reddy Chirra have joined the ixigo team, and all intellectual property, brands, technology and operations are being transferred to ixigo, the company said on Wednesday. This is ixigo’s second acquisition in 2021. In February 2021, ixigo acquired train-booking app Confirmtkt.
The deal will help the ixigo group to consolidate its presence in tier two, three and four markets by offering a multi-modal transportation experience across trains, flights and buses to its combined user base of nearly 255 million users, as of May 31, 2021.
Established in 2008 by Sudhakar Reddy Chirra, 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 and 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.
The long-haul intercity bus market in India was valued at Rs 585 billion in FY2020. As per industry reports, AbhiBus was the second largest bus aggregator in India in FY20, selling 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 (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,” said ixigo co-founders Aloke Bajpai and Rajnish Kumar.
ixigo is backed by affiliates of Sequoia Capital and Elevation Capital, among other investors.