Adani Enterprises arm Adani Digital Labs agrees to buy online train booking start-up Trainman

Adani Digital Labs, a wholly owned subsidiary of Adani Enterprises Limited (AEL), has agreed to acquire an online train booking and information platform, Trainman.

In its regulatory filing, AEL informed that its wholly-owned subsidiary, “Adani Digital Labs Private Limited has signed a share purchase agreement in relation to its proposed acquisition of 100 per cent stake in Stark Enterprises Private Limited (SEPL), also known as Trainman, an online train booking and information platform.”

However, the company did not disclose the financial terms of the deal.

Founded by IIT-Roorkee graduates Vineet Chirania and Karan Kumar, the Gurugram-based SEPL is an IRCTC-authorised train ticket booking start-up. It is an all-in-one train ticket booking platform that provides a one-stop solution for booking train tickets online.

The company had recently raised $1 million in the latest round of fundraising from a group of US investors, including Goodwater Capital, Hem Angels and others.

The transaction marks the return of the Adani Group to the mergers and acquisitions space after US-based short seller Hindenburg published a critical report against the group in January. It accused the Adani Group of stock manipulation and fraud through a wave of shell firms. However, the group has denied these allegations.

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