Adani to Compete with IRCTC:- Indian Railway Catering and Tourism Corporation (IRCTC) is a monopoly in the online selling of train tickets. Now, Adani is going to give a tough competition. He has signed a share purchase agreement with Stark Enterprise Private Limited, SEPL (an online train ticket booking portal) for the acquisition of a 100 per cent stake.SEPL is very well known as Trainman.
IRCTC was a one-stop solution for online train ticket booking. Now Adani’s investment in SEPL is creating buzz. Vineet Chirania and Karan Kumar from IIT Roorkee are from Gurugram and they are the men behind SEPL. SEPL was founded in 2011 and they raised a fund of $1M. Goodwater Capital and Hem Angles from the USA are their main investors including some others.
After Hindenburg's publication in January, the Adani group is facing a lot of complications and their strategic moves going to make them shine again. Adani is trying all possible ways to bring back its reputation. The Trainman acquisition will be a boost for Adani, which is one of their many investments.
The company released an official statement regarding their investment. The app is going to provide real-time updates on seat availability, timetable, coach, fare calculator and many more. Analysts also predict that booking this app will have more chances of getting a confirmed ticket.