Ixigo Acquires 60% Stake in Spanish Train Booking Platform Trenes for ₹125 Crore
•February 14, 2026
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Why It Matters
The acquisition gives ixigo immediate access to the European rail‑booking market, diversifying revenue beyond India and strengthening its AI‑enabled travel ecosystem.
Key Takeaways
- •ixigo pays ₹125 cr for 60% of Trenes.
- •Trenes generates €5.5 m revenue, €1.35 m profit (2025).
- •Acquisition adds European rail booking footprint.
- •ixigo also buys 45% of Sqaas for ₹5 cr.
- •Deal enables AI-driven product integration across markets.
Pulse Analysis
India’s leading travel aggregator ixigo is accelerating its global ambitions after a 10% stake sale to Prosus raised over ₹1,200 crore. The capital influx has enabled the company to pursue its first cross‑border deal, targeting the mature European rail‑booking sector where fragmented platforms still dominate. By acquiring a controlling interest in Trenes, ixigo instantly inherits a profitable, founder‑owned operation with established relationships to major rail operators, providing a foothold that would have taken years to build organically.
Trenes, the second‑largest online train‑ticket seller in Spain, posted €5.5 million in revenue and a €1.35 million net profit in 2025, underscoring its scalability and cash‑flow generation. The platform’s integration with multiple national and regional rail networks enables seamless multi‑operator itineraries, a capability ixigo can augment with its AI‑driven recommendation engine and dynamic pricing tools. This synergy promises richer user experiences, higher conversion rates, and the ability to cross‑sell ancillary services such as hotels and car rentals across the European market.
The broader strategic impact extends beyond a single acquisition. ixigo’s stake in Sqaas adds a technology layer focused on data‑intensive travel solutions, reinforcing the group’s innovation pipeline. Together, these moves position ixigo to compete with global OTAs that are expanding into rail travel, while diversifying its revenue mix away from the highly competitive Indian market. Analysts expect further European roll‑outs, potentially targeting additional rail or mobility platforms, as ixigo leverages its new subsidiary structure to accelerate growth and deepen its AI‑centric product suite.
Deal Summary
Online travel portal ixigo announced the acquisition of a 60% stake in Online Travel Solutions S.L., the operator of Spain’s Trenes platform, for approximately ₹125 crore. The deal marks ixigo’s first overseas acquisition and will make Online Travel Solutions a step‑down subsidiary, with an option to acquire the remaining shares later. The transaction is expected to close by the end of March 2026.
Article
Source: The Hindu BusinessLine – Economy
ixigo buys Spanish train booking platform Trenes for ₹125 crore
Additionally the company has also picked up 45 % in Spanish start‑up Sqaas that is engaged in providing technology‑driven solutions for around ₹5 crore
Updated – February 14, 2026 at 10:05 AM
Online travel portal ixigo has acquired a majority stake in Trenes, the second‑largest online train‑booking platform in Spain, marking its first overseas acquisition.
ixigo will acquire a 60 % stake in Online Travel Solutions S.L. (which operates the Trenes brand) for around ₹125 crore, the company informed the stock exchange late Friday evening.
Additionally, the company has also picked up a 45 % stake in Spanish start‑up Sqaas, which provides technology‑driven solutions, for around ₹5 crore.
The acquisition comes on the back of last October’s fund‑raise by ixigo via a 10 % stake sale to Prosus for ₹1,296 crore.
The acquisition of Trenes is being carried out via ixigo’s Singaporean subsidiary and will be completed before the end of March.
Following the proposed acquisition of 60 % of the paid‑up share capital, Online Travel Solutions S.L. shall become a step‑down subsidiary of ixigo. ixigo shall also have the right to acquire the remaining shareholding at a future date, subject to the fulfilment of agreed conditions.
Founded in 2013, Trenes is a fast‑growing, profitable, founder‑owned online train‑ticket booking platform serving Spain and Southern Europe. The platform is integrated with major Spanish and European rail operators, enabling seamless multi‑operator rail bookings.
Trenes recorded revenue of approximately €5.5 million (around ₹60 crore) and a net profit of €1.35 million (around ₹15 crore) in calendar year 2025.
ixigo said the acquisition will bring synergies by combining Trenes’ strong customer base, brand presence, and local operator integrations with ixigo’s AI‑led product innovation and technological expertise.
Published on February 14, 2026
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