Le Travenues Technology Ltd, the company that operates AI-based travel app Ixigo, has purchased the business and operations of Hyderabad-based bus ticketing and aggregation platform AbhiBus.
The deal was done as a going concern on a slump sale basis vide a business transfer agreement for a mix of cash and Ixigo stock as consideration.
The Abhibus team led by founder Sudhakar Reddy Chirra has joined the ixigo team, and all intellectual property, brands, technology and operations are being transferred to Ixigo.
The long-haul inter-city bus market in India is valued at Rs 58,500 crore. Industry reports say AbhiBus is the second-largest bus aggregator in India, selling 26,000 bus tickets per day through its platform.
The deal will help Ixigo 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 25.5 crore users.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor