Gurugram, February 16, 2026 (IST) – Le Travenues Technology Limited (NSE: IXIGO | BSE: 544192) has announced the acquisition of a 60% upfront stake in Spain-based Online Travel Solutions S.L., operating as “Trenes,” for €11.70 million (approximately ₹126 crore), marking its strategic entry into the European rail OTA market.
The transaction, executed through its wholly owned Singapore subsidiary IXIGO PTE. LTD., will make Trenes a step-down subsidiary. The acquisition includes secondary share purchases and non-compete fees, with additional earnout obligations linked to future financial performance.
Strategic Rationale: Extending the Rail-First Playbook to Europe
ixigo stated that the acquisition aligns with its established M&A philosophy, focusing on profitable, capital-efficient businesses with strong founding teams and scalable operating models. Trenes, with a team size of fewer than 10 members, is profitable, fast-growing, and already the No. 2 train OTA in Spain.The company views this move as a natural international extension of its rail-first strategy, leveraging its dominant position in India’s train OTA segment, where it commands over 60% market share among OTAs.
Spain represents a structurally attractive rail market with nearly 600 million annual rail passengers and approximately 30% OTA penetration, offering meaningful headroom for digital growth.
Financial Snapshot of Trenes
Trenes has demonstrated consistent revenue growth over the past three calendar years:| Calendar Year | Revenue (€) |
|---|---|
| CY23 | 1,851,869 |
| CY24 | 4,281,478 |
| CY25 | 5,495,850 |
The business has scaled entirely through internal accruals since inception in 2013 and has not relied on external capital for growth.
Deal Structure and Funding
The acquisition consideration of €11.70 million will secure a 60% upfront stake in Trenes.The transaction is being funded from proceeds of ixigo’s preferential issue of approximately ₹1,296 crore raised from Prosus in November 2025, of which 25% had been earmarked for acquisitions and strategic investments.
As of January 31, 2026, ixigo held more than ₹1,700 crore in cash and cash equivalents. Neither ixigo nor Trenes carries long-term debt on its balance sheet, providing financial flexibility for integration and future expansion.
Strategic Impact and India Focus
The company clarified that India remains its core growth engine, with continued focus on underpenetrated segments such as hotels and buses. The Spain acquisition is positioned as a total addressable market expansion and strategic diversification rather than a shift in geographic priority.ixigo intends to leverage its AI-native discovery, booking, and support capabilities, including agentic chat and voice interfaces, to enhance Trenes’ platform in Spain and broader Europe.
About the Company
Le Travenues Technology Limited operates under the brand “ixigo” and is listed on the National Stock Exchange of India (IXIGO) and BSE Limited (544192). The company operates as an online travel aggregator with leadership in the train OTA segment in India, alongside presence in flights, buses, and hotels.With this acquisition, ixigo marks its first scaled entry into a developed European rail market, reinforcing its rail-first strategy and AI-led product expansion roadmap.
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