NEW DELHI: Adani Enterprises (AEL) is expediting its travel booking business and will soon compete with the likes of state-owned ticket booking giant IRCTC and a bunch of other platforms in the online train ticket booking business.
Adani Enterprises on late Friday informed that it has signed a share purchase agreement for the acquisition of a 100% stake in Stark Enterprises Private Limited (SEL), also known as Trainman, an online train ticket booking platform.
“The share purchase agreement records the terms of agreement with respect to the acquisition of 100% equity shares of SEPL and the inter se rights and obligations and other matters in connection therewith,” AEL said in the regulatory filing. The financial details of the deal were not disclosed. Gurugram-based Trainman was reportedly last valued at Rs 80 crore when it raised seed funding of $1 Mn in July last year.
The acquisition of Trainman highlights Adani Group’s effort to gain a significant foothold in the travel space. It launched Adani One for flight ticket and cab booking in December last year and in October 2021, Adani had acquired a 20% stake in Flipkart-owned travel app ClearTrip.