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redBus acquires majority stake in South American bus ticketing company

redBus

Ibibo-owned redBus has acquired a stake a majority stake in Peru-based bus ticketing platform Busportal.pe for an undisclosed amount and foraying into the South American market in countries such as Peru, Chile and Colombia. Earlier this year, redDus had started international operations in Singapore and Malaysia.

Following the deal, the co-founders of Busportal.pe, Hassan Bourgi & Carol Riboud, will continue to drive the operations in Peru and further expand into Colombia and Chile. In addition, the website will get access to redBus’ technology, product and brand name to expand in these countries.

Like redBus, Busportal.pe’s website allows users to compare and purchase bus tickets from several bus operators with a few clicks. The application allows users to book bus tickets from more than 20 Bus operators in Peru and covers more than 70% of the routes, the company said.

It had raised $200,000 in a seed round of funding in September 2014 and $50,000 in grants as indicated by CrunchBase. The company also has a mobile application will be automatically install on mobile phone running on Movistar’s network, the company added in CrunchBase. The company has also  have signed some agreements with the Peruvian government to let them use a widget on the Peruvian official websites.

Acquisition by Naspers: In June last year, South African media conglomerate Naspers, had said that it acquired 100% stake in redBus for 1 billion rand (around $101 million at the time). The company had earlier announced in September 2013 that it had acquired 80% in redBus, at the price of 1 billion rand. redBus also reportedly witnessed multiple exits at the senior management level a few months later, due to issues related to how the employee stock options (ESOPs) were dealt with, wherein only the founding team and select employees (not more than three) apparently benefited majorly from the acquisition while the rest of employees were left out.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ