ixigo acquires ticket booking app Confirmtkt
TRAVEL app ixigo has entered into a definitive share purchase agreement to acquire 100 per cent shareholding of Bengaluru-based online train discovery and booking platform Confirmtkt for an undisclosed amount across a mix of cash and ixigo stock.
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Bengaluru: TRAVEL app ixigo has entered into a definitive share purchase agreement to acquire 100 per cent shareholding of Bengaluru-based online train discovery and booking platform Confirmtkt for an undisclosed amount across a mix of cash and ixigo stock.
The founders of ixigo will join the Confirmtkt board and existing investors of Confirmtkt, including Venture Catalysts, will be exiting the company fully as a part of the deal, ixigo said in a statement on Thursday.
Both companies will continue to run independently, post this acquisition. Both ixigo and Confirmtkt are official IRCTC B2C premium ticketing partners for online train reservations in India. "This deal will help the group to consolidate its presence in Tier 2/3/4 markets with its combined user base of nearly 200 million Indians", the statement said.
Aloke Bajpai and Rajnish Kumar, Co-Founders, ixigo, said: "The combined entity will have a scale of 35 million monthly active users, and our endeavour in the coming year will be to drive faster growth and deeper penetration in the Next Billion User' segment."
Confirmtkt was established in 2015 by Dinesh Kumar Kotha and Sripad Vaidya. The company recorded a revenue of Rs 21.4 crore and an operating profit of Rs 1.54 crore in FY20. The app has over 20 million downloads, the statement added.
