Le Travenues Technology Limited, the company that owns ixigo, has decided to invest in two companies in Spain. It shared this information with the stock exchanges on February 13, 2026.
The biggest deal is the purchase of a 60% stake in a Spanish train ticket booking company called Online Travel Solutions, S.L., which runs the brand “Trenes”. Ixigo’s subsidiary, IXIGO PTE. LTD., will pay €11.70 million (including non-compete fees) in cash for this stake. After the deal, Trenes will become a subsidiary of Le Travenues.
The deal is expected to be completed on or before March 31, 2026, after completing the required formalities and approvals in Spain.
What does Trenes do?
Trenes is an online platform that sells train tickets. It mainly operates in Spain and some parts of Southern Europe. The company was set up on November 14, 2013.
According to the disclosure, Trenes is the second-largest online travel agency for train bookings in Spain.
Trenes reported revenue of €5,495,850 in CY25, up from €4,281,478 in CY24 and €1,851,869 in CY23, showing steady growth over the past three years. (CY refers to Calendar Year, meaning January to December.)
In CY25, Trenes reported a profit after tax (PAT) of €1,352,239 (approximately Rs 14.5 crore).
Ixigo’s subsidiary will purchase 6,000 shares, giving it 60% ownership. It also has the right to buy the remaining stake in the future if certain conditions are met.
The company said Spain has nearly 600 million annual rail passengers. It also said online travel agency penetration in Spain’s rail market is around 30%, suggesting room for further growth.
Investment in an AI company
In a separate deal, IXIGO PTE. LTD. will invest €0.45 million (including non-compete fees) in another Spanish company called Squad As Service, S.L. (Sqaas).
This investment will give ixigo’s subsidiary a 45.02% stake in Sqaas. The company will become an associate company of Le Travenues.
Sqaas was set up on January 24, 2023. It works on technology solutions, mainly focusing on artificial intelligence (AI)-based software. It reported revenue of €366,708 in FY2025, compared to €181,746 in FY2024 and €175,515 in FY2023.
Ixigo’s subsidiary also has the right, but not the obligation, to buy more shares in Sqaas in the future.
How the acquisition is being funded
The €11.70 million acquisition is being funded through IXIGO PTE. LTD., the company’s Singapore-based subsidiary.
The company said the deal will be financed from the Rs 1,296 crore preferential issue raised from Prosus in November 2025. It had earmarked 25% of those funds for acquisitions and strategic investments.
As of January 31, 2026, the company said it had more than Rs 1,700 crore in cash and cash equivalents. It also stated that neither ixigo nor Trenes has long-term debt.
How this fit into the recent strategy of Ixigo
The investments come shortly after ixigo highlighted the role of artificial intelligence in its own operations during its Q3 FY26 earnings call.
During the December 2025 flight disruption in India, the company said AI handled almost 76% of voice calls end-to-end in Q3 FY26. In December alone, AI handled more than 150,000 calls and accounted for 90% of all calls that month.
“But what really stood out for me was that in December, when the crisis unfolded, we stepped out proactively, voice calling, with AI handling a whopping 90% of all calls in December,” Rajnish Kumar, Director and Group Co-CEO at Ixigo, said during the company’s Q3 FY26 earnings call.
In its investor communication, ixigo referred to artificial intelligence as a key part of its long-term strategy. The company stated, “As we elaborated in the last earnings call, we are living in an era where almost all software stacks and legacy code will be rewritten with AI, and this AI reinvention will lead to the creation of new growth opportunities as well as efficiencies in how the legacy businesses were being run.”
The company said smaller teams and mature markets may offer better opportunities to implement AI-led changes.
Recent financial performance of Ixigo
In Q3 FY26 (quarter ended December 2025), Le Travenues reported a profit after tax of Rs 24 crore, compared to a loss of Rs 3.5 crore in Q2 FY26. Revenue rose 31% year-on-year (YoY) to Rs 317.6 crore.
Flight revenue grew 50% YoY to Rs 102.4 crore, while bus revenue increased 47% to Rs 75.6 crore. Train revenue rose 12% YoY to Rs 134.1 crore. Gross Transaction Value (GTV) increased 21% YoY to Rs 4,902.9 crore.
Other details of Ixigo
The company said that these transactions are not related-party deals. It also stated that Le Travenues Technology Limited does not have an identifiable promoter or promoter group under SEBI rules.
Both investments will be made in cash. The company said it will follow all applicable laws, including Singapore laws (since the investment is being made through its Singapore-based subsidiary) and other foreign exchange regulations.
The company said India remains its largest market and that it continues to focus on growth areas such as hotels and buses. It described the Spanish entry as an expansion rather than a shift in focus.
The acquisition follows Ixigo’s earlier purchases of ConfirmTkt, Abhibus and Zoop. According to the company, it looks for businesses that are post product-market fit, capital-efficient, profitable or near profitability, and operating in large markets.
The transaction gives Ixigo entry into a developed European rail market through an existing local operator while maintaining majority ownership from the outset.
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