Le Travenues Technology Ltd is the company behind ixigo - India’s second-largest online travel agency, but one that now describes itself as being in the “Peace of Mind” business, using technology to remove the anxiety from travel rather than just selling tickets. Founded in 2007 by two IIT Kanpur alumni who spent their first decade growing entirely organically without brand marketing, the company has evolved from a flight meta-search website into a multi-modal platform that crossed roughly INR 18,693 crores (about USD 2 billion) in gross transaction value by FY26. Everything it does is powered by an “ixigo Flywheel” - solve a travel utility problem, build an AI-enhanced experience that creates a data moat, use that trust to cross-sell across trains, flights and buses, and then monetise the relationship through value-added services. # Business segments Four engines at different stages - a train-ticketing powerhouse that feeds the ecosystem, a fast-growing flight business that is now the largest by transaction value, a bus platform that has become the biggest contributor to profit, and a nascent hotel business under construction - all monetised through a shared peace-of-mind product stack. ## 1. Trains: the cornerstone that brings the next billion users online **With 62% of the OTA train-ticketing market, ixigo is where India’s price-sensitive, train-first travellers enter the digital travel economy - and where the group builds the trust that fuels everything else.** - **The market leader by a wide margin** - the ixigo Trains and ConfirmTkt apps together hold a 62% share of OTA train ticketing in India, up from 60% a few quarters earlier, making the company the undisputed number one. - **Scale that creates a distribution engine** - in FY26 alone, the train business booked over 104 million passenger segments, generating a gross transaction value of nearly INR 8,279 crore. That volume is the top of the funnel for the rest of the group. - **Utility-first, not marketing-first** - the apps built their user base by solving real problems like PNR status checks, confirmation predictions, and seat availability alerts, earning a 4.8 rating on the Google Play Store at massive scale. - **Policy headwinds are pushing users to other modes** - Indian Railways’ restrictions on Tatkal access for OTAs, reduced waitlist inventory, and new Aadhaar verification norms have shifted some demand from trains to buses and flights, which the company captures through its other apps. ## 2. Flights: the largest vertical by transaction value, built on first-time flyers **The flight business overtook trains to become the group’s biggest segment by gross transaction value, powered by a wave of users taking their first-ever flight.** - **First-time flyers are a new-to-market segment** - over half of new flight bookers from ixigo’s apps in FY25 were taking a flight for the very first time in their lives, creating demand that did not previously exist rather than stealing share from competitors. - **Largest GTV contributor** - in Q4 FY26, flights accounted for 42.1% of group gross transaction value and 31.6% of group contribution margin, booking 10.74 million passenger segments across the full year. - **Direct airline relationships and IATA accreditation** - the company is an IATA-accredited merchant of record, collaborating directly with airlines and integrating Amadeus’ NDC content to access a broader range of fares and post-booking services. - **International flights are the growth frontier** - the international flight business is growing faster than domestic and is a focus area for product investment, expanding the addressable market beyond India’s borders. ## 3. Buses: the profit engine, built on an acquired platform that was scaled 6x **The AbhiBus platform has become the group’s largest contributor to contribution margin, growing from a roughly INR 400-500 crore GTV business at acquisition to over INR 2,400 crore by turning bus travel into a managed, reliable experience.** - **The biggest profit contributor** - in Q4 FY26, buses contributed 35% of total group contribution margin, the highest of any segment, with a contribution margin percentage of 51%. - **Acquired and then supercharged** - bought in 2021, AbhiBus has grown its annual GTV roughly sixfold by layering on technology that operators lacked, including real-time tracking, delay predictions, and safety features. - **Industry-first features that reduce friction** - Abhi Assured offers full refund for delays and cancellations, Pink Seat lets women travellers see who is sitting next to them, and Bus Safety Reports validate permits, insurance and fitness for over 40,000 buses. - **Supply moat through operator tools and state partnerships** - the ReadyGo platform gives bus operators real-time insights and control, while integrations with 17 State Road Transport Corporations and partnerships with Uber, FlixBus and CheckMyBus expand both supply and distribution. ## 4. Hotels: a direct-contracted network under construction **The hotel business is in its earliest stages, but the acquisition of Brevistay in mid-2026 instantly gave it over 10,000 directly contracted hotels - a supply base to build on.** - **Launched from scratch in late 2023** - the company started by integrating third-party inventory and has been gradually adding direct hotel relationships through an extranet called HELLO and a small on-the-ground team. - **The Brevistay acquisition changes the starting point** - in June 2026, ixigo acquired a 54.66% stake in Brevistay, a flexible-stay hotel booking platform, for INR 65.69 crore, bringing a combined network of over 10,000 directly contracted hotels across India. - **A different playbook from legacy OTAs** - the company believes it can enter hotels differently because it already has a massive existing user base for distribution and because AI technology has evolved, allowing a more efficient approach to contracting and personalisation than was possible a decade ago. # ixigo NEXT - the AI-native operating layer **The company is rebuilding its entire app experience around a proprietary AI layer that is not a chatbot but an ambient intelligence woven into every screen, resolving over 90% of customer conversations without human intervention.** - **A three-layer architecture that rethinks the app** - Layer 0 makes the traditional interface AI-readable, Layer 1 adds ambient intelligence across the whole app, and Layer -1 surfaces contextual information dynamically when a traveller needs it. - **TARA, a proprietary small language model** - trained on years of voice data, TARA is a multi-modal, agentic AI that handles everything from seat discovery to customer service, resolving 81.5% of voice conversations and 91.1% of chat conversations autonomously in Q4 FY26. - **Built on two decades of proprietary data** - the intelligence stack includes pricing systems, discounting engines, recommendation models, crowd-sourced travel intelligence, and prediction models accumulated over 20 years, creating a data moat that is hard to replicate. - **AI economics that change the cost structure** - the company’s AI video production cost is 0.1% of traditional campaign production, and autonomous AI agents handled 4.35 million customer queries end-to-end in a single quarter. # Group structure and partners **The listed parent company has built a web of subsidiaries and partnerships that extend its reach from Indian trains and buses to Spanish rail, with Prosus as a strategic shareholder and distribution deals that put ixigo’s booking engine inside apps used by hundreds of millions of Indians.** - **International expansion through a Singapore subsidiary** - IXIGO PTE. LTD., incorporated in December 2025, holds a 60% stake in Trenes, Spain’s second-largest train OTA, acquired for €11.70 million in February 2026 to enter a European rail market with nearly 600 million annual passengers and low OTA penetration. - **Strategic stakes in complementary businesses** - the group holds a 51% stake in Zoop (train food delivery, integrated into ixigo Trains), a 54.66% stake in Brevistay (flexible-stay hotels), and a 25.66% stake in Fresh Bus (electric intercity buses).