Online travel company Ibibo Group has executed an agreement to acquire a majority stake in Peru-based bus ticketing platform Busportal for an undisclosed amount. Besides Latin America, Ibibo’s bus ticketing platform redBus has also launched operations in Malaysia and Singapore.
Through this investment, Ibibo aims to will give redBus an entry into the online bus ticketing markets in Latin America, such as Peru, Colombia and Chile. In addition to its local market expertise, Busportal.pe will leverage the redBus technology, product and brand name to launch and grow these markets. Busportal co-founders, Hassan Bourgi and Carol Riboud, will continue to drive the operations in Peru and further expand into Colombia and Chile.
According to Bourgi, redBus’ entry in the region is expected to benefit the overall online e-commerce market. He said, “We are enthusiastic about scaling up the platform with the support of the most innovative company in the industry.” Adding to that, Riboud commented, “The arrival of redBus will enable bus operators to use the technological tools of redBus to optimise their revenues and the industry will tend to be more organised to the benefit of consumers. We are happy to be part of this change and help both, bus companies and customers.”
Ashish Kashyap, founder and CEO, Ibibo, stated, “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.”
