India's largest online travel company IbiboGroup, which owns properties such as Goibibo.com, redBus.in, Yourbus and ibibo Ryde has executed a binding agreement to acquire a majority stake in Peru-based bus ticketing platform Busportal (Empresa Digital Peruana S.A.C.) for an undisclosed amount.
Ibibo's portfolio company redBus is India's largest bus ticketing platform.
Besides Latin America, redBus has also launched operations in Malaysia and Singapore.
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.pe will leverage the redBus technology, product and brand name to launch and grow these markets.
The co-founders of Busportal, Hassan Bourgi and Carol Riboud, will continue to drive the operations in Peru and further expand into Colombia and Chile.
"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," said Co-Founder of Busportal, Hassan Bourgi.
"The arrival of redBus will enable bus operators to use the technological tools of redBus to optimize their revenues and the industry will tend to be more organized to the benefit of consumers. We are happy to be part of this change and help both bus companies and bus customers," said Co-Founder of Busportal, Carol Riboud.
"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," added Founder and CEO of ibibo, Ashish Kashyap.
