Key Highlights
- ixigo to acquire 60% stake in Spain-based train OTA Trenes.
- Deal valued at €11.70 million (approximately ₹126 crore).
- Acquisition to be executed via wholly owned subsidiary IXIGO PTE. LTD.
- Trenes reported CY25 revenue of €5.49 million.
- CY25 Profit After Tax stood at €1.35 million (around ₹14.5 crore).
- Spain rail market has nearly 600 million annual passengers.
- Online rail OTA penetration in Spain remains around 30%.
- Transaction funded from ₹1,296 crore preferential issue proceeds.
- ixigo held over ₹1,700 crore cash and cash equivalents as of January 2026.
- India remains ixigo’s core growth market despite international expansion.
Le Travenues Technology Limited, the parent company of ixigo, has shared additional investor details regarding its planned acquisition of Spain-based Online Travel Solutions S.L., operating under the brand “Trenes.” The transaction marks ixigo’s strategic expansion into the European rail travel market as part of its long-term international growth strategy.
The acquisition was approved by the company’s board on February 13, 2026, and will be executed through ixigo’s wholly owned subsidiary, IXIGO PTE. LTD. The move is aimed at leveraging ixigo’s technology and artificial intelligence capabilities to strengthen its presence in mature global rail ecosystems while maintaining focus on the Indian market.
Strategic Fit and Expansion Rationale
According to the company, the acquisition aligns with ixigo’s long-standing acquisition philosophy, which focuses on businesses with proven product-market fit, capital-efficient operations, and strong management execution. Trenes operates with a small team, is profitable, and has built deep integrations with major European train operators.
The platform is currently the second-largest online travel agency for train bookings in Spain, providing ixigo with an entry into a developed rail market through an already established and scalable business.
ixigo stated that advancements in AI-driven software transformation present opportunities to modernise legacy travel systems. The company plans to enhance Trenes with an AI-native customer experience while leveraging existing operator relationships and customer trust in Spain.
Europe Rail Opportunity and Market Potential
The company highlighted Europe as one of the most mature rail travel markets globally, supported by regulatory liberalisation and growing preference for rail travel over air transport due to environmental considerations.
Spain’s rail ecosystem, characterised by multiple operators and expanding high-speed networks, offers strong growth potential. The market records nearly 600 million annual rail passengers, while online travel agency penetration remains relatively low at around 30%, indicating significant scope for digital adoption.
ixigo, which holds more than 60% market share among train OTAs in India, considers international expansion through a train-first strategy a natural extension of its core expertise.
Financial Performance of Trenes
Trenes has demonstrated consistent revenue growth in recent years. The company reported revenues of approximately €5.49 million in calendar year 2025, compared with €4.28 million in 2024 and €1.85 million in 2023.
For CY25, the company recorded a profit after tax of about €1.35 million, equivalent to roughly ₹14.5 crore, achieved without reliance on external funding and supported primarily through internal accruals.
Deal Structure and Funding
ixigo will acquire secondary shares worth €11.70 million (approximately ₹126 crore), securing a 60% upfront stake in Trenes, which will become a step-down subsidiary. Additional earnout payments will depend on future financial performance, aligning payouts with shareholder value creation.
The acquisition will be funded through proceeds from ixigo’s ₹1,296 crore preferential issue raised from Prosus in November 2025, with a portion earmarked for strategic investments and acquisitions. As of January 31, 2026, the company reported more than ₹1,700 crore in cash and cash equivalents and no long-term debt on either company’s balance sheet.
Continued Focus on India
The company clarified that India remains its primary growth market, with significant opportunities in hotels, buses, and other travel segments. Management described the European expansion as a diversification strategy designed to expand total addressable market opportunities rather than shift operational focus away from India.
Overall, ixigo expects the acquisition to strengthen its global travel platform strategy by combining European rail market maturity with its AI-led product and distribution capabilities.