What the business is
ixigo is an Indian online travel agency built on train search and booking, now listed and expanding abroad.
Starting capital
€11.7 Mn (about ₹125 Cr) for 60% of Trenes plus €450K (₹4.8 Cr) for 45.02% of Sqaas; a ₹1,296 Cr preferential issue to Prosus was announced in October 2025.
How it started
ixigo built its core business on India's intercity rail ecosystem. In October 2025 it announced plans to raise ₹1,296 Cr from Prosus through a preferential issue, saying part of the funds would be deployed for 'unidentified acquisitions'.
What happened
Through subsidiary ixigo PTE it agreed to acquire 60% of Trenes — founded in 2013, Spain's second-largest train OTA, with CY25 revenue of about €5.5 Mn — for €11.7 Mn, and 45.02% of Sqaas, an AI software company founded in 2023, for €450K. Both transactions are expected to close before March 31, 2026, subject to regulatory approvals, with options to buy the remaining stakes in future.
What has to be true
Europe's rail market mirrors India's intercity rail structurally, so ixigo's search-and-booking stack transfers with little rework.
A 60% stake with an option on the rest caps the price of entry while keeping the upside of the local leader.
The cheap Sqaas stake buys AI capability that can serve both markets from one R&D base.
What can be applied
A winning playbook travels best through a local majority stake: buy the number-two player, keep an option on the rest, and plug in your own tech.
Aftermath
As of 2026-02-14 both deals await closing before March 31, 2026, subject to regulatory approvals; ixigo shares ended that Friday's session 7.58% lower at ₹196.2.
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