Adani Digital Labs, a wholly-owned subsidiary of Adani Enterprises, has signed an agreement to acquire 100% stake in railway ticketing platform Trainman
Trainman was reportedly pegged at INR 80 Cr last. The startup counts names such as Goodwater Capital and Ivy Growth Associates among its investors
The move is likely a part of the strategy of the Adani Group, which launched flight ticket and cab booking platform Adani One last year, to shore up its ticketing play.
Adani Enterprises on Friday (June 16) said that its wholly-owned subsidiary Adani Digital Labs Private Ltd has signed an agreement to acquire railway ticketing startup Trainman.
“… we would like to inform you that Adani Digital Labs… has signed a share purchase agreement in relation to its proposed acquisition of 100% stake in Stark Enterprises… also known as Trainman, an online train booking and information platform,” the company said in a regulatory filing with the exchanges.
However, the financial details of the deal were not disclosed. Trainman was reportedly last pegged at INR 80 Cr. It last raised a seed funding of $1 Mn in July last year.
Founded in 2016 by Vineet Chirania and Karan Kumar, Trainman is an online train booking and information platform. It counts names such as Goodwater Capital and Ivy Growth Associates as its investors. Trainman directly competes with the likes of Confirmtkt, which was acquired by ixigo in 2021.
The move is likely a part of Adani Group’s strategy to shore up its ticketing play. The conglomerate has undertaken a slew of acquisitions in the past two years across sectors to further strengthen its travel arm.