ixigo takes over bus ticket booking platform AbhiBus
Le Travenues Technology Ltd, which operates the AI-based travel app ixigo has purchased the business and operations of the city-based bus ticketing and aggregation platform AbhiBus as a going concern on a slump sale basis vide a business transfer agreement, for a mix of cash and ixigo stock as consideration
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Hyderabad: Le Travenues Technology Ltd, which operates the AI-based travel app ixigo has purchased the business and operations of the city-based bus ticketing and aggregation platform AbhiBus as a going concern on a slump sale basis vide a business transfer agreement, for a mix of cash and ixigo stock as consideration.
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. Its founder Sudhakar Reddy Chirra and his team joined the ixigo team, and all intellectual property, brands, technology and operations are being transferred to ixigo. This deal will help the group to consolidate its presence in tier 2, 3 and 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.
The long-haul intercity bus market in India was valued at Rs 585 Billion in FY2020. Buses are the most preferred mode of travel for the teeming masses in both urban and rural India, accounting for the largest share of 65 per cent of all transportation used in the country.
Resumption of bus services and relaxation of lockdowns have led to swift recovery of bus ticketing volumes and the industry is expected to fully recover in the next six months. The founders of both companies share the passion and focus on the next billion traveller market.
Aloke Bajpai, Co-founder of ixigo, said: "AbhiBus has built an innovative and high growth company with deep penetration on the supply side across state road transport companies and 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 travellers in India every day," he added.
Sudhakar Reddy Chirra, Founder and CEO, AbhiBus said - "We remain committed as a team towards our 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."
