E-commerce firm Ibibo Group on June 21 said it will acquire Bangalore-based online bus ticketing firm redBus.In for an undisclosed amount.
Ibibo Group and Pilani Soft Labs Pvt Ltd, owner of redBus.In have executed a binding agreement for the acquisition, the company said in a statement.
“This transaction will expand and diversify Ibibo Group’s existing travel assets: Goibibo.Com (a B2C travel aggregator) and TravelBoutiqueOnline (a B2B travel agency platform),” the statement added.
RedBus.In sells more than a million tickets a month and has over 600 full time employees.
Commenting on the development, Ibibo Group CEO Ashish Kashyap said: “This gives us significant combined scale in terms of daily transaction volumes.We see this as an exciting market opportunity. Online penetration of the bus market is only 5.7% compared to 28% for air travel, suggesting headroom for rapid future growth.”
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