Avendus Capital Advises Redbus on Its Acquisition by Naspers’ Indian Subsidiary, Ibibogroup.
ibiboGroup (MIH India), has executed a binding agreement to acquire India’s leading online Bus ticketing business, redBus.in (Pilani Soft Labs Pvt. Ltd) for an undisclosed amount. This transaction will expand and diversify ibiboGroup’s existing travel assets. redBus aggregates 228,000 seats per day, sells more than a million tickets a month and has 600+ full time employees. The combined volumes of redBus.in and ibiboGroup’s existing travel assets makes the group, one of the largest online travel players in India.
Avendus Capital advised redBus.in and was the sole financial advisor on the transaction.
About redBus (Pilani Soft Labs Pvt. Ltd.) | Naspers and ibiboGroup (MIH India)
Pilani Soft Labs Pvt. Ltd. founded by 3 BITS-Pilani graduates, Phanindra Sama, Charan Padmaraju, Sudhakar Pasupunuri owns three products - redBus™, BOSS™, SeatSeller™ serving the fragmented bus industry in India. redBus™ is consumer facing travel brand enabling customers to buy tickets on internet, on mobile, and through call centers. BOSS™ is ERP solution built for bus operators. Over 800 bus operators in India use BOSS to manage their inventory. SeatSeller™ is GDS for bus inventory distribution. Over 10,000 retail agents and 100+ corporates including the OTAs use SeatSeller to sell bus tickets to their customers. Pilani Soft Labs Pvt. Ltd is venture funded by Seedfund (www.seedfund.in), Inventus (www.inventuscap.com) and Helion (www.helionvc.com).
Founded in 1915, Naspers is a leading multinational media and Internet group with operations in more than 133 countries. Listed on the Johannesburg Stock Exchange (JSE) since September 1994, it also has an ADR listing on the London Stock Exchange (LSE)..The group’s principal operations are in ecommerce, pay-television & related technologies and print media. It also has minority investments in listed, integrated social-network platforms Tencent (SEHK 0700) and Mail.ru (LSE: MAIL). IbiboGroup was founded by Ashish Kashyap in 2007. The company is one of the top E-Commerce group’s in India in terms of volume and value of transactions, touching the lives of millions of buyers, sellers, merchants and suppliers. The group owns India’s leading B2C travel asset, Goibibo.com and a significant interest in B2B travel aggregator, TravelboutiqueOnline. Other portfolio businesses of the group comprise : PayU India (India’s Number one e-commerce payment aggregator), Tradus.com (Online marketplace) & Gaadi.com (Auto marketplace).
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