11 July 2016, India :
Ibibo Group-owned online bus ticketing platform redBus on Monday said it has acquired a majority stake in Peru-based online bus ticketing platform Busportal (Empresa Digital Peruana S.A.C.) for an undisclosed amount.
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 will leverage the redBus technology, product and brand name to launch and grow these markets, the company said in a statement.
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, it added.
redBus, which was acquired by the Ibibo Group, a subsidiary of South African mass media company Naspers Ltd for $100 million in 2013, expanded to Singapore and Malaysia in June last year.
“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,” said Ashish Kashyap, founder and chief executive officer of ibibo.
Busportal allows users to compare and purchase bus tickets from more than 20 bus operators in Peru and covers more than 70% of the routes.
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