Tencent-Naspers JV ibibo buys India ticketing firm redBus

RedBus started as an online bus ticketing provider but has expanded to offer the service over the phone, via mobile app, home delivery, physical outlets and SMS in 24 cities. It sells more than one million tickets each month, across daily listings of 228,000 seats, and receives a commission from bus operators for successful transactions.

The company claims to have sold $120 million in gross merchandise value and has tie-ups with over 350 bus operators, the largest network in the country.

It also runs a software-as-a-service product for bus operators called BOSS (Bus Operator Software Services), which allows operators to manage  inventory, schedules and seat allocations, as well as offering online booking, on their own websites. More than 800 operators are reported to use the product.

In 2012, redBus signed a partnership with online travel agent Expedia India to offer bus ticket booking on the Expedia website.

Pilani Soft Labs launched redbus in 2006, raising $1 million from SeedFund and undisclosed investors the following year. Inventus and Seedfund invested $2.5 million in a Series B round in 2009, followed by another $6.5 million in 2011, when they were joined by Helion.

Ibibo is 80%-owned by Naspers and 20% by Tencent. It already runs the travel aggregator Goibibo and B2B travel agency platform Travel Boutique Online, besides a gaming platform and payment gateway. Post-acquisition, redBus will continue to run independently and operate as a separate business. Tencent also used ibibo to launch its messaging app WeChat in India.

Last year Naspers unit MIH led a $150 million funding round in Flipkart, India's largest online retailer.

 

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• Topics
• Technology
• South Asia
• Exits
• India
• Exit
• TMT
• Helion Ventures
• Transportation