Acquisition · Mobility & Logistics

Ixigo acquires Spanish train OTA Trenes

By Startup Enthusiast · 14 February 2026

What they do

Ixigo is an AI-based travel platform for trains, flights, buses, hotels and cabs

It acquired 60% of Trenes for €11.7 million and invested €0.45 million in AI startup Sqaas

This is ixigo's first major international acquisition, entering the European rail market

Ixigo has acquired a 60% stake in Spain-based Online Travel Solutions S.L., which runs the brand Trenes, for €11.70 million in cash.
The total consideration includes non-compete fees.
Ixigo has also invested €0.45 million for a 45.02% stake in Squad As Service S.L. (Sqaas), an early-stage AI technology company.
The Trenes acquisition is expected to close on or before March 31, 2026.
After completion, Trenes will become a step-down subsidiary of Le Travenues Technology Limited.
Sqaas will become an associate company of ixigo after the investment.
This is ixigo's first major international acquisition and marks its entry into the European rail market.

Spain's rail market had 549 million passengers in 2024, showing a large addressable market.
Trenes is the second largest train OTA in Spain, integrated with major Spanish and European rail operators.
Ixigo expects synergies from combining Trenes' local presence and rail integrations with its own AI-led capabilities.
The investment in Sqaas will help ixigo harness its AI capabilities and accelerate R&D of AI-powered software.

Ixigo is an AI-based travel platform offering bookings across trains, flights, buses, hotels and cabs.
It operates through the ixigo, ConfirmTkt and AbhiBus apps.
Ixigo reported over 54 crore annual active users in FY25.
In Q3 FY26, ixigo's revenue from operations was Rs 317.6 crore, up from Rs 242 crore in Q3 FY25.
Its Q3 FY26 profit was Rs 24 crore, up 55% from Rs 15.5 crore in Q3 FY25.
Trenes is an online platform for train ticket bookings, primarily in Spain and parts of Southern Europe.
Trenes is the second largest train OTA in Spain, integrated with major Spanish and European rail operators.
Trenes had operating revenue of around Rs 60 crore and profit after tax of about Rs 15 crore in CY25.
Sqaas is an early-stage technology company focused on AI-enabled software and related services.

Ixigo plans to leverage its product, technology and AI leadership in the European OTA market.
It expects synergies from combining Trenes' local presence and rail integrations with its AI-led capabilities.
The investment in Sqaas will help accelerate R&D of AI-powered software.
Ixigo has the right to acquire the remaining stake in Trenes in the future, subject to agreed conditions.
Ixigo also has the right, but not the obligation, to acquire the remaining stake in Sqaas in the future.