AEL disclosed that its wholly-owned subsidiary, Adani Digital Labs Private Limited, inked a share purchase agreement to obtain a complete stake of 100 percent in Stark Enterprises Private Limited (SEPL), also known as Trainman.
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Adani Digital Labs, an entirely owned subsidiary of Adani Enterprises Limited (AEL), has delightfully agreed to acquire Trainman, an online train booking and information platform. In a regulatory filing that had everyone buzzing, AEL disclosed that its wholly-owned subsidiary, Adani Digital Labs Private Limited, inked a share purchase agreement to obtain a complete stake of 100 percent in Stark Enterprises Private Limited (SEPL), also known as Trainman.
The fascinating tale behind SEPL unfolds with the genesis of its founders, Vineet Chirania and Karan Kumar, who happen to be bright IIT-Roorkee graduates. Hailing from Gurugram, SEPL has become a notable force in the train ticket booking domain as an authorized start-up by IRCTC. As a one-stop solution, their online platform offers an all-inclusive experience for booking train tickets effortlessly.
News of SEPL’s recent fundraising venture had the industry buzzing with excitement. They managed to secure a significant amount of $1 million in their latest round of fundraising. The funding was graciously provided by a group of esteemed US investors, including the likes of Goodwater Capital, Hem Angels, and other discerning entities.
This acquisition marks a notable turning point for the Adani Group, as it heralds their reentry into the world of mergers and acquisitions. The group’s presence had been somewhat subdued after the publication of a critical report by US-based short seller Hindenburg in January. Hindenburg’s report made sensational accusations of stock manipulation and fraud against the Adani Group, implicating a multitude of shell firms. However, it is essential to note that the Adani Group has categorically denied these allegations, striving to clear its name and protect its reputation.
In light of these recent developments, the acquisition of Trainman by Adani Digital Labs stands as a testament to the group’s resilience and determination to forge ahead. This strategic move exemplifies their unwavering commitment to growth and diversification within their expanding portfolio. As the future unfolds, the industry eagerly awaits the next captivating chapter in the Adani Group’s narrative.
