Indian travel technology firm ixigo has agreed to buy a 60% stake in Spain’s train ticketing platform Trenes for about €11.7 million (roughly ₹125 crore), marking the company’s first major overseas acquisition as it seeks to establish a foothold in Europe’s rail travel market.
Deal details and corporate structure
The acquisition covers 6,000 equity shares — representing 60% of Trenes’ share capital — and will make Trenes (Online Travel Solutions, S.L.) a step-down subsidiary of Le Travenues Technology Limited, ixigo’s parent. ixigo has retained an option to acquire the remaining stake later, subject to commercial terms and regulatory approvals, potentially by March 2026.
About ixigo and Trenes
Founded in 2007, ixigo (operated by Le Travenues Technology Limited) is one of India’s leading online travel agencies, offering bookings across flights, trains, buses, hotels and cabs through apps such as ixigo, ConfirmTkt and AbhiBus. The company has invested heavily in technology and AI-driven travel solutions to improve search, pricing and personalization for millions of users in India.
Trenes is a prominent Spanish train ticketing aggregator that connects domestic and regional travellers with local rail operators. The platform has shown steady financial growth, with reported revenue of about €5.49 million in fiscal 2025, reflecting strong demand in Spain’s well-developed rail network.
Strategic rationale
The move is aimed at combining ixigo’s data-driven and AI capabilities with Trenes’ local market expertise. Integration is expected to enhance customer experience, drive operational efficiencies and open new revenue streams across Europe’s mature rail market.
Concurrently, ixigo approved the purchase of a 45.02% stake in Squad As Service, S.L. (Sqaas), an early-stage AI technology company. That investment underscores ixigo’s strategy of strengthening its AI and machine-learning capabilities to improve personalization, pricing intelligence and travel recommendations.
Market context and implications
Europe’s rail sector, characterised by high-speed corridors and integrated transport systems, presents a sizable opportunity for digital ticketing platforms. ixigo’s entry places it among a small group of Indian travel tech firms expanding into European rail distribution.
For Indian users and investors, the acquisition signals confidence in ixigo’s growth beyond domestic markets. Pending regulatory clearances and customary closing formalities, the Spain deal could serve as a platform for broader expansion across Europe in the coming years.
