Naspers, a South Africa based Internet and Media investment firm to invest in iBibo, which is an existing investor in this group.
ibibo passed the statement to confirm the USD 250 million funding from its existing major shareholder Naspers. Another existing investor is Tencent which is based in China.
Nasper and ibibo jointly said the funds will be used to reach the roots of Indian hotels and transforming the technology used in the firm. iBibo is known for its services to connect travelers with more optimum accommodation facility and travelling options.
Naspers Group CEO Bob van Dijk said
“The Indian e-commerce market, and the online travel segment in particular, offers exciting growth prospects for us as a group”
iBibo Group Founder & CEO Ashish Kashyap said:
The commitment from both Naspers and Tencent to ibibo is a testimony to the strength of our platforms and the opportunities ahead”.
He added’ “The increasing number of consumers are ready to be served with more powered, proved management team along with exceptional technology.”
ibibo owns Goibibo.com and redBus.in online portals to meet the traveling and accommodation needs of travelers. ibibo has already been a major player in the market and simplifying the needs.
The amount funded is huge. There must be some major plans to deepen the ibibo in the segment. Let’s see how much the customers will be benefited from the new transformation.
Earlier the iBibo group have acquired 2 prominent online travel booking startups that includes RedBus and Yourbus and Gaadi Web acquired by CarDekho (an ibibo group company). With its reach from Goibibo.com, Redbus.in it is catering the demand of online Bus Ticketing services in India and has good traction so far, though the profitability is still an issue with respect to the amout of investments they have put to run the business all the long way since inception.
Started in 2007 by Ashish Kashyap,ibibo group owns Flight Ticketing (Goibibo.com), Online Bus Ticketing (Redbus.in), Online Payment platform (Payumoney.com), Ride sharing platform (Ryde)
Let’s see how this 250M$ (about 1750 Crore INR) helps ibibo group to grow and reach another heights.
Related Links http://www.ibibo.com
For Travelling arrangements Visit https://www.redbus.in
For Ticket Booking Visit http://www.goibibo.com