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…
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