June 17, 2024 20:14 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Elon Musk has not understood what the Indian EVM is: Rajeev Chandrasekhar counters Tesla CEO's claim | Result of mismanagement and negligence of Modi govt: Rahul Gandhi on Kanchanjungha train accident | Kanchanjungha train accident: Case of signal disregard, says Railway board chairman | Kerala Congress apologises for X post on Modi-Pope meeting after BJP counter | My entry into AIADMK has commenced: VK Sasikala declares her comeback in Tamil Nadu politics
ixigo acquires the Hyderabad-based second-largest bus aggregator
ixigo
Image Credit: Internet free wallpaper

ixigo acquires the Hyderabad-based second-largest bus aggregator

| @indiablooms | 05 Aug 2021, 04:41 pm

Hyderabad/UNI: ixigo, an AI-based travel app based in Gurugram, has acquired Hyderabad's AbhiBus which is the second-largest bus aggregator.

The business transfer agreement includes a mix of cash and ixigo stock as consideration, Le Travenues Technology Limited, the company that operates ixigo, said in a company release on Thursday.

This is ixigo’s second acquisition in 2021. In February 2021, ixigo acquired the train booking app Confirmtkt.

The AbhiBus team led by its founder Sudhakar Reddy Chirra has joined the ixigo team providing also the intellectual property, brands, technology and operations of their enterprise to ixigo.

The long-haul intercity bus market in India was valued at Rs 585 billion in FY2020.

Resumption of bus services and relaxation of COVID lockdowns have led to swift recovery of bus ticketing volumes and the industry is expected to fully recover in the next six months.

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.

A company official said this deal will help the ixigo group to consolidate its presence in Tier 2/3/4 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.

Aloke Bajpai and Rajnish Kumar, Co-Founders, ixigo said 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.

Sudhakar Reddy Chirra, Founder & CEO, AbhiBus said they remain committed as a team towards their joint vision of serving the underserved market segment of the next billion travellers in the country, for whom trains and buses are the primary modes of transportation.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.