- ixigo board approved acquisition of 54.66% stake in Brevistay for Rs 65.69 crore
- The deal involves secondary and primary share purchases with conditions precedent
- Brevistay will become ixigo's subsidiary after the acquisition is completed
Travel booking platform ixigo (Le Travenues Technology Ltd) on Friday said its board has approved the acquisition of a majority stake of 54.66% in flexible-stay hotel network Brevistay (Brevistay Hospitality Pvt Ltd) for a total investment of Rs 65.69 crore.
The transaction will be executed through a combination of secondary and primary share purchases, subject to completion of conditions precedent of the definitive agreements.
Following the proposed acquisition, Brevistay will become a subsidiary of the company.
"Additionally, the company has a right to purchase the remaining stake in the future subject to fulfilment of certain conditions," ixigo informed the exchanges in a regulatory filing.
The acquisition marks a significant step in ixigo's strategy to strengthen its hotels business and expand its footprint across the accommodation segment in India.
Founded in 2016, Brevistay has built India's largest flexible-stay hotel network. The platform enables short-duration and overnight hotel bookings.
Together, ixigo and Brevistay's hotel network comprises over 10,000 directly contracted hotels across India, significantly accelerating ixigo's hotel onboarding efforts.
Announcing the acquisition, Aloke Bajpai, Group CEO, ixigo and Rajnish Kumar, Group Co-CEO, ixigo, said, "Together (with Brevistay), we see significant opportunities to leverage technology, AI, and distribution to create a more comprehensive accommodation ecosystem for Indian travellers while helping our hotel partners maximise utilisation and revenue, targeting a diverse pool of hotel bookers."
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.