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Ibibo expands to South America with majority stake in Busportal

07/12/2016| 9:04:55 PM| 中文

India-based Ibibo Group has signalled its intention to target new regions of the world with an undisclosed investment in Peruvian bus ticketing site Busportal.

India-based Ibibo Group has signalled its intention to target new regions of the world with an undisclosed investment in Peruvian bus ticketing site Busportal.

The deal to buy a majority stake in Busportal comes four months after the group landed a $250 million investment round from global web and media company Naspers is backing the company alongsideTencent, the Chinese ecommerce giant.

Ibibo operates the Goibibo online travel agency and Redbus, an online bus seller in India which has since expanded to hit markets in Singapore and Malaysia.

The group says the acquisition will give Redbus the opportunity to expand into the busy South and Latin American areas.

Busportal sells tickets in its home country as well as Colombia and Chile.

The site will continue to be run by founders Hassan Bourgi and Carol Riboud, but will begin to use some of the Redbus technology and product to help its own expansion plans in the region.

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TAGS: Ibibo | Busportal | South American | investment
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