ixigo Business Model Built on Train, Bus and Flight Tickets
How ixigo earns from train, flight, bus and hotel bookings.
Key Takeaways
- FY26 revenue from operations rose 34% to ₹1,228.04 crore.
- Trains brought in ₹149.14 crore of the ₹320.96 crore Q2 FY27 revenue.
- Q2 FY27 profit of ₹63.42 crore included a one-off ₹40.66 crore gain.
- Hotel revenue rose to ₹8.10 crore in Q2 FY27 from ₹1.29 crore.
Table of Contents 12 sections
- ixigo at a glance
- What ixigo does
- How ixigo makes money from four businesses
- ixigo's hotel business
- ixigo's Business Model Canvas
- Is ixigo profitable? Revenue and profit over three years
- ixigo's bookings and key numbers
- ixigo's journey so far
- ixigo competitors in India
- Challenges ixigo faces
- Conclusion on the ixigo business model
- FAQs
The ixigo business model is an online travel platform: people book train tickets, flights, bus seats and hotel rooms through the ixigo, ConfirmTkt and AbhiBus apps, and ixigo earns fees and commissions on each booking. In FY26 it reported revenue from operations of Rs 1,228.04 crore, up 34%, and a profit of Rs 71.48 crore.
The company behind it is Le Travenues Technology Limited, listed on the NSE and BSE. This is how its four businesses make money and how the pieces fit together.
ixigo at a glance
| Detail | ixigo |
|---|---|
| What it does | Online travel booking for trains, flights, buses and hotels |
| Company | Le Travenues Technology Limited |
| Launched | 2007 |
| Founders | Aloke Bajpai and Rajnish Kumar |
| Revenue from operations (FY26) | Rs 1,228.04 crore |
| Profit (FY26) | Rs 71.48 crore |
| Latest quarter (Q2 FY27) | Revenue Rs 320.96 crore, profit Rs 63.42 crore |
| Gross transaction value (FY26) | Rs 18,692.68 crore |
| Listing | NSE and BSE since June 2024, at an IPO price of Rs 93 a share |
| Large investor | Prosus, through MIH Investments One B.V., allotted new shares equal to 10.10% on a fully diluted basis for Rs 1,295.56 crore in November 2025, and it also bought shares from existing investors |
What ixigo does
ixigo helps people plan, book and manage trips. It runs three main apps: ixigo for trains, flights, buses and hotels, ConfirmTkt for train tickets, and AbhiBus for bus tickets. It does not run trains, planes or buses itself. It sells tickets and rooms that belong to Indian Railways, airlines, bus operators and hotels.
Its users are spread across the country. According to the company, 94% of its transactions involve travellers going from or to Tier 2 and Tier 3 cities. Around the ticket it also sells extras, such as refund guarantees on flights, refunds for waitlisted train tickets that do not get confirmed, and food delivered on trains through Zoop.
How ixigo makes money from four businesses
ixigo reports four businesses: trains, flights, buses and hotels. In Q2 FY27, the July to September 2026 quarter, its revenue from operations was Rs 320.96 crore.
- Trains (Rs 149.14 crore): the largest business. It earns agent service charges, payment gateway charges, value-added services and advertising.
- Flights (Rs 82.66 crore): airline commissions, convenience fees, value-added services, ancillaries and advertising.
- Buses (Rs 81.04 crore): convenience fees, operator commissions, software for bus operators, value-added services and advertising.
- Hotels (Rs 8.10 crore): commissions from hotels and advertising.
After paying direct costs such as payment charges and promotions, each business leaves a contribution margin. In FY26, flights gave Rs 160.29 crore and buses Rs 153.16 crore. In FY26 figures restated in its Q2 FY27 results, which moved food on trains into trains and split out hotels, trains gave Rs 166.24 crore and hotels had a contribution loss of Rs 5.30 crore.
ixigo's hotel business
From Q2 FY27, ixigo reports hotels as a separate business. Hotel gross transaction value, the total value of bookings, was Rs 111.34 crore in Q2 FY27 against Rs 43.04 crore a year earlier, and hotel revenue was Rs 8.10 crore against Rs 1.29 crore.
In June 2026 ixigo agreed to buy 54.66% of Brevistay, a flexible-stay hotel network, and it has been consolidated from the July to September 2026 quarter. ixigo now works directly with more than 12,000 hotels across about 1,100 towns.
ixigo's Business Model Canvas
The Business Model Canvas puts the whole model on one page: who ixigo serves, what it offers, how it reaches people, what it needs and how money comes in and goes out.
Is ixigo profitable? Revenue and profit over three years
ixigo's revenue from operations rose from Rs 655.87 crore in FY24 to Rs 914.25 crore in FY25 and Rs 1,228.04 crore in FY26. Its profit for the year was Rs 73.06 crore in FY24, Rs 60.25 crore in FY25 and Rs 71.48 crore in FY26.
| Year | Revenue from operations (Rs crore) | Profit (Rs crore) |
|---|---|---|
| FY24 | 655.87 | 73.06 |
| FY25 | 914.25 | 60.25 |
| FY26 | 1,228.04 | 71.48 |
In Q2 FY27, profit was Rs 63.42 crore. That figure included a one-off gain of Rs 40.66 crore from selling part of its stake in Freshbus, an intercity electric bus company.
ixigo's bookings and key numbers
ixigo reports gross transaction value (GTV), the total amount users pay for the bookings it handles. It keeps only part of it as revenue. Its GTV grew from Rs 10,282.55 crore in FY24 to Rs 14,971.59 crore in FY25 and Rs 18,692.68 crore in FY26.
Trains bring the volume: ixigo booked 10.41 crore train passenger segments in FY26. It counted 56.94 crore annual active users in FY26, measured as unique devices, and generated Rs 195.73 crore of cash flow from operations.
Much of its customer service runs on AI. In Q2 FY27 its assistant TARA resolved 94% of chat queries without human help and handled 82% of customer calls end to end.
ixigo's journey so far
| When | What happened |
|---|---|
| 2007 | Aloke Bajpai and Rajnish Kumar launch ixigo |
| 2021 | Buys ConfirmTkt and AbhiBus |
| June 2024 | Lists on NSE and BSE after an IPO at Rs 93 a share |
| November 2025 | Allots shares equal to 10.10% (fully diluted) to Prosus's MIH Investments One B.V. for Rs 1,295.56 crore at Rs 280 a share |
| February 2026 | Board approves buying 60% of Online Travel Solutions S.L. (Trenes), a train booking platform in Spain |
| June 2026 | Agrees to buy 54.66% of Brevistay |
| August 2026 | Cuts its Freshbus stake from 25.66% to 8.27% |
| October 2026 | Reports hotels as a separate business for the first time |
ixigo competitors in India
ixigo competes with MakeMyTrip, which also owns Goibibo and redBus, and with EaseMyTrip, Yatra and Cleartrip. For train tickets, IRCTC also sells directly through its own website and app.
Challenges ixigo faces
- Rising costs: adjusted EBITDA fell 17% to Rs 23.58 crore in Q2 FY27, as employee and technology costs rose.
- Airline capacity: flight revenue fell to Rs 82.66 crore in Q2 FY27 from Rs 89.39 crore a year earlier, in a quarter of airline capacity cuts and high fares.
- Hotels are early: hotels made a contribution loss of Rs 1.21 crore in Q2 FY27.
Conclusion on the ixigo business model
The ixigo business model is about selling travel that others run. Through its ixigo, ConfirmTkt and AbhiBus apps it sells train, flight and bus tickets and hotel rooms, and earns service charges, convenience fees, commissions, add-on services and advertising on those bookings.
In FY26 it reported revenue from operations of Rs 1,228.04 crore and a profit of Rs 71.48 crore. In Q2 FY27 trains were its largest business, and hotels became a separately reported segment.
