New Delhi: Indian online travel platform ixigo has approved the acquisition of a 60% stake in Spain-based rail ticketing company Trenes for approximately Rs 125 crore, marking its first major international expansion and formal entry into the European rail market.
Deal Structure and Strategic Intent
Under the transaction, ixigo will acquire an upfront 60% shareholding in Trenes. Following the completion of the deal, Trenes will become a step-down subsidiary of the Indian travel aggregator. The company has also retained the option to acquire the remaining stake at a later stage.
This move signals ixigo’s ambition to expand beyond India and tap into Europe’s mature and highly competitive rail ecosystem. Europe is widely regarded as the global benchmark for rail connectivity, integration, and ticketing efficiency.
The acquisition is expected to create strategic synergies by combining Trenes’ established local presence and multi-operator rail integrations with ixigo’s artificial intelligence-driven product capabilities and technological expertise.
About Trenes and European Rail Market
Founded in 2013, Trenes operates across Spain and parts of Southern Europe. The platform is integrated with major Spanish and European rail operators, enabling passengers to book multi-operator journeys seamlessly.
Spain’s rail network remains one of the busiest in Europe. In 2024 alone, the Spanish rail market recorded approximately 549 million passengers, underlining the scale of opportunity in the region.
Financially, Trenes reported operating revenue of around Rs 60 crore and a profit after tax of approximately Rs 15 crore in calendar year 2025. These numbers reflect a profitable and stable business model, making it an attractive acquisition target for ixigo.
ixigo’s Growth Journey
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo has grown into one of India’s leading AI-powered travel platforms. The company offers bookings for trains, flights, buses, hotels, and cabs through its core ixigo app as well as ConfirmTkt and AbhiBus platforms.
In FY25, ixigo reported over 54 crore annual active users across its platforms, demonstrating strong consumer engagement in the domestic market.
Financial performance has also remained robust. For the quarter ended December 2025, revenue from operations rose to Rs 317.6 crore in Q3 FY26, up from Rs 242 crore in the same quarter of the previous fiscal. Profit increased 55% year-on-year to Rs 24 crore from Rs 15.5 crore.
Why Europe Matters
Europe’s rail sector is considered one of the most integrated and technologically advanced in the world. With cross-border routes, high-speed corridors, and digital ticketing systems, the region offers significant opportunities for travel technology platforms.
By entering Europe through Spain, ixigo gains immediate access to a well-developed rail market and an experienced operational team. The company is expected to leverage its AI-based recommendation systems, dynamic pricing tools, and data analytics to enhance user experience in the European market.
The move also aligns with India’s growing global digital footprint and reflects the confidence of Indian startups in scaling internationally.
Broader Industry Context
The acquisition comes at a time when Indian startups are increasingly exploring overseas markets to diversify revenue streams. Rail ticketing remains a strong vertical for ixigo, especially given its established presence in India’s railway ecosystem.
Industry experts believe that if the integration proceeds smoothly, ixigo’s European expansion could serve as a blueprint for further international acquisitions in adjacent travel segments.
What Lies Ahead
With a profitable target company, a strong domestic balance sheet, and an expanding global vision, ixigo appears to be positioning itself as a cross-border travel technology player.
The coming months will be crucial as the company integrates operations, aligns technology stacks, and evaluates the option to acquire the remaining stake in Trenes. For now, the Rs 125 crore deal marks a significant milestone in ixigo’s journey from a domestic startup to an emerging global contender.
