Naspers in Redbus acquisition: report

South African media giant Naspers has taken a controlling stake in India based online bus ticketing firm RedBus according to a host of media reports.

Ibibo Group and Pilani Soft Labs, owner of redBus.in have executed a binding agreement for the acquisition, the company said in a statement as reported by the Times of India.

Ibibo is a joint venture between China internet firm Tencent and Naspers.

RedBus is India’s largest bus ticketing platform, issuing 10 million tickets with gross sales nearing $200 million, annually. The group was started by a group of friends in 2006.

Various reports have the deal at between $100 million and $140 million.

Nasper’s principal operations are in internet platforms, pay-television and the provision of related technologies and print media including publishing, distribution and printing of magazines, newspapers and books.

Locally, it owns online retailers, Kalahari.com and PriceCheck, pay television operation DStv, and Supersport, and Mweb.

The group holds interests in Russian Internet firm Mail.Ru Group, and Chinese group, Tencent.

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Naspers in Redbus acquisition: report