The company that operates the AI-based travel app ixigo, Le Travenues Technology Limited has purchased the business and operations of AbhiBus, a Hyderabad-based bus ticketing and aggregation platform. The acquisition happened as a going concern on a slump sale basis vide a business transfer agreement, for a mix of cash and ixigo stock as consideration.
Abhibus’s founder Sudhakar Reddy Chirra, along with hs entire team have joined the ixigo team, and all intellectual property, operations brands, and technology are being transferred to ixigo. This acquisition will help the ixigo group to establish its presence in the Tier 2/3/4 markets by offering a multi-modal transportation experience across trains, buses and flights to its combined user base of nearly 255 million users, as of May 31, 2021.
Aloke Bajpai and Rajnish Kumar, Co-Founders, ixigo said – “ixigo and AbhiBus founders share the passion and focus on the next billion traveler market. AbhiBus has built an innovative and high-growth company with deep penetration on the supply side across state road transport companies (SRTCs) & 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 travelers in India every day.”
Sudhakar Reddy Chirra, Founder & CEO, AbhiBus said – “We started AbhiBus with a vision to become India’s most preferred bus booking platform. We are happy that we were able to build a motivated, tightly-knit team and we grew rapidly to become one of the leading bus ticketing players in the country. We are excited to be joining ixigo, whose team and products have created new benchmarks for the travel industry. We remain committed as a team towards our joint vision of serving the underserved market segment of the next billion travelers in the country, for whom trains and buses are the primary modes of transportation.”
