Online travel platform Le Travenues Technology Limited, which operates under the brand ixigo, has approved two strategic investments in Spain through its wholly owned subsidiary, IXIGO PTE. LTD.
The board of IXIGO PTE. LTD. has approved the acquisition of a 60% stake in Spain-based Online Travel Solutions, S.L., which operates under the brand Trenes, for a total consideration of €11.70 million, including non-compete fees.
The transaction is subject to completion of procedural formalities and regulatory requirements in Spain and is expected to close on or before March 31, 2026. The consideration will be paid in cash.
IXIGO PTE. LTD. will acquire 6,000 equity shares, constituting 60% of Trenes’ share capital. Following completion, Trenes will become a step-down subsidiary of Le Travenues Technology Limited. The company will also have the right to acquire the remaining stake in the future, subject to agreed conditions.
Incorporated on November 14, 2013, Trenes operates an online platform for train ticket bookings, primarily catering to Spain, with operations extfinishing to parts of Southern Europe. It is the second largest train OTA in Spain and is integrated with major Spanish and European rail operators, enabling multi-operator rail bookings. Spain’s rail market recorded 549 million passengers in 2024.
Trenes reported revenue of €5,495,850 in CY25, compared with €4,281,478 in CY24 and €1,851,869 in CY23. According to the company, this translates to operating revenue of around Rs 60 crore and profit after tax of about Rs 15 crore in CY25.
The total investment of around Rs 125 crore marks ixigo’s first major international acquisition and its entest into the European rail market, which is widely regarded as the global benchmark for rail travel.
The company stated that the proposed acquisition will assist leverage ixigo’s product, technology and AI leadership in the European OTA market. It expects to generate synergies by combining Trenes’ local market presence and rail integrations with its AI-led product capabilities and technology expertise.
Separately, the board has approved the acquisition of a 45.02% stake in Squad As Service, S.L., or Sqaas, for a total consideration of €0.45 million, including non-compete fees. The investment will be built through subscription to 1,296 equity shares of €1 face value each, representing 45% of the post-investment equity share capital. The consideration will be paid in cash.
Upon completion, Sqaas will become an associate company of Le Travenues Technology Limited. IXIGO PTE. LTD. will have the right, but not the obligation, to acquire the remaining stake in the future, subject to agreed commercial and financial conditions.
Incorporated on January 24, 2023, Sqaas is an early stage technology company engaged in providing technology-driven solutions, with a focus on AI-enabled software and related services. It reported revenue of €366,708 in FY2025, €181,746 in FY2024 and €175,515 in FY2023.
The company stated the proposed investment will enable Sqaas to further harness its AI capabilities and accelerate research and development of its AI-powered software and related technologies.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo operates an AI-based travel platform offering bookings across trains, flights, bapplys, hotels and cabs through its ixigo, ConfirmTkt and AbhiBus apps. The company reported over 54 crore annual active applyrs in FY25.
For the quarter finished December 2025, ixigo’s revenue from operations rose to Rs 317.6 crore in Q3 FY26 from Rs 242 crore in Q3 FY25. Profit increased 55% to Rs 24 crore from Rs 15.5 crore in the same period last year.
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