South African investment firm Naspers on Friday said it has acquired online bus ticketing company redBus.in through its Indian subsidiary ibiboGroup for an undisclosed amount.
“This transaction will expand and diversify ibiboGroup’s existing travel assets : Goibibo.com and TravelBoutiqueOnline,” a statement said.
All the travel entities of ibiboGroup (MIH India), 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.
redBus.in, founded by Phanindra Sama, Charan Padmaraju and Sudhakar Pasupunuri in 2006 is an online bus ticketing platform by all metrics that aggregates bus inventory from thousands of bus operators and makes it available real time to end consumers and agents.
redBus aggregates 228,000 seats per day, sells more than a million tickets a month and has more than 600 full-time employees. The core business model of redBus is commission revenues on successful transactions.
redBus Co-Founder & CEO Phanindra Sama 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 grow into a renowned brand in the coming years.”