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redBus Acquires majority Stake in Busportal.pe

redBus.in which is an Ibibo Group owned bus ticketing website has acquired a majority stake in Busportal.pe. IbiboGroup, which also owns properties such as Goibibo.com, Yourbus and ibibo Ryde has executed this binding agreement with the Peru based bus ticketing platform (Empresa Digital Peruana S.A.C.) for an undisclosed amount.

 

This investment in Busportal.pe will give redBus an entry into large and under-penetrated online bus ticketing markets in Latin America, such as Peru, Colombia and Chile. In addition to its local market expertise, Busportal will leverage the redBus technology, product and brand name to launch and grow these markets, the company said in a statement.

 

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Hassan Bourgi Co-Founder of Busportal, said

“redBus’s entry in the region will benefit the overall online ecommerce market. We are very enthusiastic about scaling up the platform with the support of the most innovative company in the industry.”

The co-founders of Busportal, Bourgi and Carol Riboud, will continue to drive the operations in Peru and further expand into Colombia and Chile, it added.

redBus, which is present on mobile and desktop, has sold over 60 million tickets through its platform. It offers services of over 2,300 bus operators across 70,000 routes in India. redBus, which was acquired by the Ibibo Group, a subsidiary of South African mass media company Naspers Ltd for $100 million in 2013, expanded to Singapore and Malaysia in June last year. Besides ticket bookings it also provides technology and tools to bus companies such as inventory and pricing engines, analytics and data.

 

Founder and CEO of ibibo, Ashish Kashyap said

“We are excited to partner with Hassan and Carol to expand redBus into Peru, Columbia and Chile. The founders have demonstrated deep insights in building their startup, BusPortal. We believe that this will be a strong combination of local knowledge and the robust global platform and technology of redBus.”

 

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