ixigo Acquires Online Train Ticket Booking Platform Confirmtkt As part of the deal, founders of Confirmtkt will continue running the platform and ixigo founders will join its board
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Gurugram-based online travel aggregator ixigo on Thursday announced it has acquired online train discovery and booking platform Confirmtkt in a stock and cash deal. ixigo's co-founder Aloke Bajpai shared the announcement over Twitter through a long thread.
As part of the deal, founders of Confirmtkt will continue running the platform and ixigo founders will join its board while Confirmtkt's investors including Venture Catalysts will exist. Both the companies will continue to run independently.
In a tweet, Bajpai said that both the companies and brands will continue to function independently and leverage their individual strengths as well as synergise opportunistically on ways to further enhance customer experience for train travellers in India.
Here comes our big announcement of the day. @ixigo acquires @ConfirmTKT pic.twitter.com/n43lmzRHGd
— Aloke Bajpai (@alokebajpai) February 4, 2021
Bajpai said that he and ixigo's other co-founder Rajnish Kumar, were admired by how Confirmtkt has grown since 2015. He further said that founders of both the companies interacted for the first time in 2019 and then had a number of Zoom calls during the pandemic before inking a deal.
Bajpai further said that the deal will help ixigo to grow its presence in Tier 2/3/4 towns of the country.
Bengaluru-based Confirmtkt was established in 2015 by Dinesh Kumar Kotha and Sripad Vaidya. The company has recorded a revenue of INR 21.4 crore and an operating profit of INR 1.54 crores in financial 2020.
