Adani Enterprises on Friday announced the acquisition of Trainman, an online train booking platform. Adani Digital Labs, a subsidiary of the Adani Group, will purchase 100 per cent equity of Stark Enterprises Pvt Ltd (SEPL), the firm behind the Trainman, the company said in an exchange filing. However, the financial details of the transaction were not disclosed.
“Adani Digital Labs Private Limited, a wholly-owned subsidiary of the Company has signed a Share Purchase Agreement in relation to its proposed acquisition of 100% stake in Stark Enterprises Private Limited, also known as Trainman, an online train booking and information platform,” a stock exchange notification from the Adani Group read.
SEPL, a Gurugram-based start-up founded by Vineet Chirania and Karan Kumar, is an authorised train ticket booking platform that offers a comprehensive solution for booking train tickets online. As per a Business Today report, the start-up had recently raised $1 million in the latest round of fundraising from a group of US investors, including Goodwater Capital, Hem Angels, and others.
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Earlier it was reported that the Adani Group, led by billionaire Gautam Adani, is in discussions with lenders to refinance a loan facility of up to $3.8 billion that was utilised for the acquisition of Ambuja Cements Ltd in the previous year. The conglomerate anticipates completing the process within four months, with the participation of its current lenders, including Barclays Plc, Deutsche Bank AG, Standard Chartered Plc, and Mitsubishi UFJ Financial Group Inc.
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The development marks the comeback of the Adani Group in the mergers and acquisitions space after facing allegations of stock manipulation and fraud by US-based short seller Hindenburg.
A panel of experts appointed by the Supreme Court also said in a report last month that there’s no regulatory failure or wrongdoing behind the wild swings of Adani stocks. Still, another verdict is expected from India’s securities watchdog in August after finishing its probe into the short-seller’s allegations against Adani Group.
