Adani Enterprises Acquires Controlling Stake in Stark Enterprises
Adani Enterprises has announced acquisition of controlling stake in Stark Enterprises. The financial terms of the deal have not been shared. Stark Enterprises operates train booking platform Trainman and the stake will be purchased by Adani Digital Labs, a unit of Adani Enterprises Limited. Two IIT Roorkee graduates Vineet Chirania and Karan Kumar founded train booking platform Trainman. The platform has been gaining traction as it makes the process of booking trains easier.
Stark Enterprises raised USD 1 million in the latest funding round from US investors including Goodwater Capital, Hem Angels and others. Compared to other startups in India that have been raising much higher amounts, Trainman has been performing much better in terms of gaining market share.
In a filing sent to stock exchanges, Adani Enterprises said, “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.”
Adani Enterprises stock closed nearly one percent higher in today’s trade. The stock has managed to recover from the massive decline faced by all stocks of Adani Group after short-seller Hindenburg Research released a detailed report accusing the group of manipulating financial data. Adani Group challenged the Hindenburg report but the stock prices continued to fall for weeks. Finally, there has been recovery in majority of stocks of the company.
Stock market sentiment has improved in the recent months as well. In today’s session, Indian markets touched all time high for BSE Sensex and NSE Nifty.