ibiboGroup acquires majority stake in Busportal

BENGALURU: Naspers backed ibiboGroup has acquired a majority stake in Peruvian bus-ticketing platform, Busportal, for an undisclosed amount. With this acquisition, ibibo’s in-house bus ticketing platform redBus will gain entry in the Latin American market, after it started operations in Malaysia and Singapore.

The founders of Busportal, Hassan Bourgi and Carol Riboud will head the operations and expand its services to Colombia 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," said Ashish Kashyap, founder and CEO of ibibo which owns portals including Goibibo.com, ibibo Ryde among others.