IbiboGroup has executed a binding agreement to acquire a majority stake in Peru-based bus ticketing platform Busportal (Empresa Digital Peruana S.A.C.) for an undisclosed amount.
Ibibo’s portfolio company redBus, is India’s largest bus ticketing platform. Besides Latin America, redBus has also launched operations in Malaysia and Singapore.
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.pe will leverage the redBus technology, product and brand name to launch and grow these markets. The co-founders of Busportal, Hassan Bourgi & Carol Riboud, will continue to drive the operations in Peru and further expand into Colombia & Chile.
“redBus’s entry in the region will benefit the overall online ecommerce market. We are very enthusiastic about scaling up the platform with the support of the most innovative company in the industry,” Hassan Bourgi, Co-Founder, Busportal, said.
Commenting on this occasion, Ashish Kashyap, Founder & CEO of ibibo said, “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”.
