ibiboGroup (MIH India), has executed a binding agreement to acquire India’s leading online Bus ticketing business, redBus.in (Pilani Soft Labs Pvt. Ltd) for an undisclosed amount.
This transaction will expand and diversify ibiboGroup’s existing travel assets : Goibibo.com (one of the leading B2C Online travel aggregators) and TravelBoutiqueOnline (a B2B Online travel platform that enables thousands of small and medium agents)
The combined volumes of redBus.in and ibiboGroup’s existing travel assets makes the group, one of the biggest online travel players in India.
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 in 2006 is India’s number one online bus ticketing platform by all metrics : sales, transaction volumes and available inventory. redBus aggregates bus inventory from thousands of bus operators and makes it available real time to end consumers and agents across the country via its e-commerce portal www.redBus.in.
redBus aggregates 228,000 seats per day, sells more than a million tickets a month and has 600+ full time employees. The core business model of redBus is commission revenues on successful transactions.