New Delhi: Adani Digital Labs, a fully owned subsidiary of Adani Enterprises Limited (AEL), decided to obtain an online train booking and information platform, Trainman. However, the conglomerate did not disclose any financial terms of the deal.
“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,” AEL stated in its regulatory filing.
Trainman application
An application that is founded by IIT-Roorkee graduates Vineet Chirania and Karan Kumar, the Gurugram-base SEPL is an IRCTC-approved train ticket booking start-up.n offers services like checking seat availability, PNR status and checking live status. The train booking platform is financially backed up by Kanodia Cement director Vishal Kanodia, BahratPe CTO Vijay Aggarwal and Mall 91 CEO Nitin Gupta.
The company recently raised $1 million in its latest round of fundraising through a group of US investors, having Goodwater Capital, Hem Angels and others in it.
Adani-Hindenburg allegations round
Earlier in October 2021, Adani invested in the online airline booking platform Cleartrip and acquired the stakes in it.
As Adani Group decided to invest in the particular application, it can be taken as the group’s re-entry into the mergers and acquisitions space after the US-based short-seller company, Hindenburg, published a report on Adani Group. The report made allegations against the mega business group, accusing it of stock manipulation and fraud through a wave of shell firms.
In its reply, the Adani group on January 29, released a 413-page response in which it stated Hindenburg report to be a “calculated attack on India.” It further taunted at Hindenburg report calling the whole report “nothing but a lie.”
