June 23, 2013: In a move which would make ibiboGroup one of the biggest online travel players in India, the group (MIH India) acquired the leading online Bus ticketing service provider redBus.in under a binding agreement. redBus.in which is an aggregator of bus inventory and makes the seats available real time to the end consumer through its portal www.redBus.in sells more than a million tickets per month. It aggregates nearly 2,28,000 seats daily and the major source of revenue for the portal is the commission revenues.
Speaking about the tie up Mr. Ashish Kashyap, CEO of ibiboGroup said “Our key motivations to acquire redBus.in are: Strong management and founding team that will continue to run redBus as an independent operation. Second, significant leadership and market share of redBus in the online bus ticketing space. With this, ibiboGroup would be expanding its present travel assets which include Goibibo.com and TravelBoutiqueOnline. After the acquisition redBus.in would be operating independently as the other travel assets of ibiboGroup and will continue to build business with deep focus.
