ibiboGroup acquires redBus.in

By VARINDIA - 2013-06-24

ibiboGroup acquires redBus.in

To acquire online bus ticketing business, redBus.in, ibiboGroup has announced that it has entered into an agreement for an undisclosed amount.

This agreement will help to expand and diversify ibiboGroup’s existing travel assets and a B2B Online travel platform, TravelBoutiqueOnline representing thousands of small and medium agents.

Phanindra Sama, Co-Founder & CEO, redBus.in, said, We are excited to be a part of ibiboGroup. Naspers’ strong belief in internet industry and operating experience in multiple countries will help redBus.in grow into a renowned brand in the coming years.

Ashish Kashyap, CEO, ibiboGroup, said, Our key motivations to acquire redBus are strong management and founding team that will continue to run redBus.in as an independent operation. Second, significant leadership and market share of redBus in the online bus ticketing space.

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% compared to 28% for air travel, suggesting headroom for rapid future growth.

With this acquisition, all travel entities will continue to run independently and operate as separate businesses to drive deep focus.


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