Naspers, through its Indian subsidiary, ibiboGroup acquires redBus
The combined volumes of redBus.in and ibiboGroup’s existing travel assets makes the group one of the biggest online travel players in India
Published - 24-June-2013
ibiboGroup has acquired online bus ticketing business redBus.in for an undisclosed amount. The combined volumes of redBus.in and ibiboGroup’s existing travel assets makes the group one of the biggest online travel players in India.
This transaction will expand and diversify ibiboGroup’s existing travel assets – Goibibo.com and TravelBoutiqueOnline.
All the travel entities of ibiboGroup, including redBus.in, will continue to run independently and operate as separate businesses to drive deep focus. The founders and management teams of each of these entities will continue to build out their businesses.
Commenting on the acquisition, Ashish Kashyap, CEO, ibiboGroup said, “Our key motivations to acquire redBus are – strong management and founding team that will continue to run redBus as an independent operation. Second, significant leadership and market share of redBus in the online bus ticketing space. Third, this marriage leap frogs us to become an even stronger online travel player in India. This gives us significant combined scale in terms of daily transaction volumes and GMV. Lastly, we see this as an exciting market opportunity. Online penetration of the bus market is only 5.7 per cent, compared to 28 per cent for air travel, suggesting headroom for rapid future growth.”
Phanindra Sama, Co-Founder & CEO of redBus.in added here, “We are excited to be a part of ibiboGroup. Naspers’ strong belief in internet industry and operating experience in multiple countries will help redBus grow into a renowned brand in the coming years.”For more updates, subscribe to exchange4media's WhatsApp Channel- https://bit.ly/2QUdLCK