In a 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.
Under this agreement, Adani Digital Labs Private Limited will acquire 100% of online train booking startup Trainman. Adani Digital Lab signed the deal with Trainman's founders and the shareholders. However, the company has not informed on any of the financial terms of this agreement.
Following this acquisition, Trainman will be a part of Adani Group's subsidiary company — Adani Digital Lab.
Founded in 2016, by Vineet Chirania and Karan Kumar — both IIT Roorkee graduates, Trainman is an IRCTC authorized online train ticket booking platform, operated by Gurgram based company Stark Enterprise. Apart from booking train tickets through this platform, one can get information like PNR status, coach position, live status of train and seat availability.
The startup had raised a total of $744,000 in funding from venture capital investors including GoodWater Capital, Ivy Growth Associates, and angel investors like Vijay Aggarwal, Former CTO of BharatPe, Nitin Gupta, Chief Executive Officer of Mall 91 and Vishal Kanodia, Director of Kanodia Cement Ltd, among others.
To recall, Adani Group had earlier acquired 50% equity stake in agricultural drone start up General Aeronautics, a Bangalore based start-up specializes in developing robotic Drones. Adani acquired the drone startup through its subsidiary — Adani Defence & Aerospace, in late May of last year.
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