ixigo is shaking up India's accommodation scene by grabbing a 54.66% stake in Brevistay,a flexible-stay hotel network, for Rs 65.69 crore . The travel booking platform announced the move Friday,noting the deal involves both secondary,primary share purchases, pending certain conditions in final agreements.
Once acquisition is complete,Brevistay Hospitality Pvt Ltd will operate as ixigo's subsidiary. Company also holds option to buy remaining Brevistay shares later, if certain conditions are met.
Launched in 2016,Brevistay is a leader in India's flexible-stay hotel market, offering short-duration,overnight bookings. Merger will expand ixigo's hotel offerings,connecting over 10,000 directly contracted hotels across India. ixigo could onboard hotels faster.
In joint statement,Aloke Bajpai,Group CEO, and Rajnish Kumar,Group Co-CEO of ixigo,expressed excitement about the merger . They aim to use technology,AI to boost India's accommodation options. The goal: increase revenue for hotel partners, cater to diverse hotel bookers…
