In the biggest overseas strategic acquisition of an Indian internet asset, ibibo web pvt ltd has bought redBus, the Bangalore-based online bus ticketing portal.
This is foot stomping, back slapping news because today, redBus aggregates 228,000 seats per day, sells more than a million bus tickets a month and has over 600 employees. In 2011-12, the net revenue is said to have been Rs 33 crore.
Ashish Kashyap, CEO of Ibibo Group, said this acquisition would make the group one of the largest in the online travel space. Given that ibiboGroup already is operates other travel businesses like Goibibo and also TravelBoutiqueOnline, which is a B2B aggregator, we realise that by combining the volumes of these businesses we would become one of the biggest online travel businesses in the country.