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ixigo share price surges 5% after bus business inks deal with FlixBus
Source: Business Standard
ixigo in focus: Shares of Le Travenues Technology, which owns and operates online ticket booking platform ixigo, rose up to 4.5 per cent to hit an intraday high of Rs 161.35 per share on Tuesday, September 10.
The ixigo stock surged after the company announced that its bus business, AbhiBus, has partnered with FlixBus, Europe’s largest intercity bus service, to bring a new standard of bus travel to the country.
“AbhiBus (ixigo bus business), India’s leading bus ticketing platform has onboarded FlixBus, Europe’s largest intercity bus service to bring a new standard of bus travel to the country,” the company said in an exchange filing.
At 1:42 PM, shares of ixigo were up 2.56 per cent at Rs 158.3, as against BSE Sensex’s rise of 605.74 points at 82,165.28.
According to the company, FlixBus tickets are available on AbhiBus and users can seamlessly book bus journeys across India starting at Rs 99.
Earlier this year, FlixBus started buses on popular routes in North India and South India, connecting major cities like Bengaluru, Chennai, and Hyderabad.
“As part of our recent South India expansion, we have launched 6 new routes as inaugural connections in the region connecting 33 cities, further driving our growth,” said Surya Khurana, managing director of FlixBus India.
Furthermore, FlixBus plans to extend its services to cities such as Coimbatore, Madurai, Tirupati, and Vijayawada, aiming to capitalise on AbhiBus’s extensive reach in South Indian markets and its technological expertise.
The said collaboration is expected to elevate Indian passengers’ travel experience by offering spacious seating, and punctual schedules at an affordable price.
“By integrating with AbhiBus, FlixBus ensures that passengers can easily browse routes, compare prices, and book tickets through an enhanced, user-friendly interface,” ixigo said.
Since its listing on June 10, 2024, the stock has gained 4.7 per cent, as opposed to BSE Sensex’s rise of 0.26 per cent.
First Published: Sep 10 2024 | 2:45 PM IST
