redBus

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redbus
TypePrivate
IndustryOnline travel
Founded2006[1]
Founders
  • Phanindra Sama
  • Charan Padmaraju
  • Sudhakar Pasupunuri
Headquarters
Bangalore, Karnataka
,
India
Area served
Key people
  • Prakash Sangam (CEO)
  • Anoop Menon (CTO)
RevenueUS$85 million (2019)[2]
ParentIbibo Group
Websitewww.redbus.in

redBus is an Indian online bus ticketing platform, providing ticket booking facility through its website, iOS and Android mobile apps. Headquartered in Bangalore, it connects bus travellers with a network of over 2500 bus operators,[3][4] across India, Malaysia, Indonesia, Singapore, Peru and Colombia. It claims to have registered over 180 million trips,[3] with a customer base of over 20 million.[3] In 2018, the company achieved a GMV of ₹50 billion (equivalent to ₹57 billion or US$750 million in 2020), with a 70% share in the Indian online bus ticketing segment.[4]

In 2013, redBus was acquired by Ibibo Group.[5]

History[]

redBus was founded in 2006 by Phanindra Sama,[6] Sudhakar Pasupunuri and Charan Padmaraju, engineers from the Birla Institute of Technology and Science ,[7] who also worked together at various organisations before founding the company. With an initial investment of ₹500,000 (equivalent to ₹1.4 million or US$18,000 in 2020), the founders began operations in 2006, by tying up with various travel agents for seat reservations through the redBus portal. In the same year the company was selected for the TiE Entrepreneurship Acceleration Program and was mentored on several aspects of the business.[8] The company owns BOGDS, a cloud computing service for bus operators, and SeatSeller, a GDS for bus inventory distribution.[9]

Operation[]

In 2014, the company appointed Prakash Sangam as its Chief executive officer, who was earlier the Executive Vice President of Info Edge India (Naukri Group), heading Shiksha.com and Jeevansathi.com.[10] In April 2019, redBus appointed cricketer Mahendra Singh Dhoni, as its brand ambassador.[3]

Partnership[]

In 2012, redBus has tied-up with Goa State Road Transport to launch an online ticketing portal powered by redBus’s BOSS. In the same year, the company has announced a partnership with Rajasthan State Road Transport Corporation (RSRTC), following which it starts offering RSRTC bus tickets on the portal.[11][12] Early in 2019, redBus partnered with Acko General Insurance to offer travel insurance for its users to cover accidents, baggage loss, cancellation and bus-type mismatch.[4] It also partnered with Truecaller, a company popular for its caller ID and spam blocking solutions for mobile devices, to offer bus ticket booking on Android devices.[13] redBus announced a partnership with Google Maps to present travellers with information on busses that ply between cities with the exact time and information on where to board the bus.[14][15]

June 2019, redBus started ride sharing operations - rPool, across Bengaluru, Pune and Hyderabad. rPool is an eco-smart option that helps ride givers to share(pool) their vehicle to fellow ride takers. It is a part of the overall gig economy.[16][17][18]

On 26 November, 2019, redBus partnered with Amazon India to launch a bus ticket booking service on Amazon. [19]

Funding[]

In 2007, redBus received its first round of funding of $1 million (₹30 million) from SeedFund[8] and undisclosed investors. SeedFund had invested $500,000 in the company while other investors accounted for the remaining $500,000 investment.[11]

In 2009, the company raised a funding of a $2.5 million from Inventus Capital Partners, Seed Fund and other unnamed investors.[5][11]

In 2011, redBus raised another funding of $6.5 million from Helion Venture Partners, Seedfund and Inventus Capital.[5][7]

In 2013, redBus was acquired by Ibibo Group, a subsidiary of South Africa’s Naspers.[6][7][5]

Awards and recognition[]

  • 2012: Named as a Fast Company amongst the world's 50 most innovative companies in 2012[7]
  • 2014: ‘Global Mobile Innovation’ in Travel Award by Eyefortravel[20]
  • 2014: the Most Innovative Company of the Year award by Business Standard[21]
  • 2015: ‘The Most Trusted Brand’ by IBC InfoMedia in 2015[22]
  • 2015: Most trusted brand in the online travel category and the 13th most trusted internet brand in the overall rankings as per the Brand Trust Report, India Study 2015.[23]

See also[]

References[]

  1. ^ "redBus Eyes Next Phase Of Growth From Further Expanding International Ops". Inc42 Media. 10 August 2019. Retrieved 18 March 2021.
  2. ^ "redBus eyes revving up bus ticketing revenues from overseas operations". Business Standard India. 27 February 2020. Retrieved 18 March 2021.
  3. ^ a b c d Tewari, Saumya (15 April 2019). "redBus appoints Mahendra Singh Dhoni as brand ambassador". Mint.
  4. ^ a b c Srivats, K R (16 January 2019). "Acko partners Goibibo for travel insurance foray". Business Line.
  5. ^ a b c d "Tencent, Naspers JV Ibibo Buys Redbus To Grow Its Online Travel Empire In India". TechCrunch.
  6. ^ a b Millward, Steven (24 June 2013). "Why Sell to Ibibo? And Why Now? Redbus CEO Phanindra Sama Explains". Tech in Asia.
  7. ^ a b c d Sharma, Samidha (22 June 2013). "redBus sold to Ibibo in one of the biggest overseas internet deals". The Times of India.
  8. ^ a b Warrier, Shobha (19 October 2010). "The amazing success story of redBus". Rediff.com.
  9. ^ "Naspers-owned redBus completes 30M ticket sales, sees 3X growth in mobile transactions". Techcircle. 16 July 2014.
  10. ^ "ibiboGroup appoints Prakash Sangam as redBus CEO, founders fully exit the startup". Techcircle. 11 July 2014.
  11. ^ a b c "RedBus Announces Tie-Up With RSRTC". Medianama.
  12. ^ Dharmakumar, Rohin (5 March 2012). "Redbus Has The Hot Ticket". Forbes India.
  13. ^ Singh, Jagmeet (1 April 2019). "Truecaller, RedBus Partner to Offer Bus Ticket Booking on Android Devices". Gadgets (NDTV).
  14. ^ "redBus Is Now ON Google Maps". Digit.in. 31 August 2018.
  15. ^ "Roundup: Mahindra Pantero, MakeMyTrip, RedBus, Mahindra Comviva". Medianama.
  16. ^ https://www.redbus.in/rpool
  17. ^ "RedBus Launches Carpooling Service rPool in Three Cities". 12 June 2019.
  18. ^ Singh, Shipra. "RedBus launches carpooling". The Economic Times.
  19. ^ "Amazon India launches bus ticket bookings in tie-up with redBus". 26 November 2019.
  20. ^ "EyeforTravel: Online Travel Insights". Eyefortravelblog.
  21. ^ "BS Annual Awards: Saluting the spirit of entrepreneurship". Business Standard.
  22. ^ "e-Brands Face Trust Shuffle: Brand Trust Report Google leads for fifth year; Facebook falls; Twitter misses the bus". The Brand Trust Report.
  23. ^ "redBus is the most trusted brand : Brand Trust Report 2015". www.firstreport.in. 2 April 2015.
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