India's leading bus ticket booking portal redBus has expanded its presence to Singapore and Malaysia after seeing an exponential growth in the country.
People can now book tickets online for inter-city travel between Singapore and Malaysia and for travel between cities within Malaysia.
The overseas expansion by the India's largest online bus ticket booking firm is its first outside the domestic market. redBus is owned by Ibibo group, a subsidiary of South Africa's Naspers.
"Ever since the acquisition in 2013, we have worked hard to build out the new global platform, mobile apps and a solid management and technology team lead," the Livemint reported quoting Ibibo group founder & CEO Ashish Kashyap.
"This has resulted in redBus.in's growth accelerating to 80% year-on-year, its market share growing to 75%, mobile becoming a 40% share in transactions and all of this culminating in the launch of redBus in Singapore and Malaysia," he said.
redBus was acquired by Ibibo in June 2013 for Rs 800 crore. The group also owns air travel aggregator Goibibo and bus tracking app YourBus.
Currently, Ibibo is witnessing a traffic of 3.2 million transactions, worth more than over Rs 1,000 crore a month, on its portals.
The group aims to double the value of transactions on its sites in the current fiscal year ending March 2016. The company saw its revenues increase by 90% in last fiscal year, mainly due to five-fold rise in hotel bookings through its sites.
"The bus market in many countries is similar to that in India, characterized by a fragmented bus operator base that is largely unorganized or semi-organized," said redBus chief executive Prakash Sangam.
