Online travel venture Ibibo Group will raise $250 Mn from global internet & media company Naspers, and China’s leading internet firm Tencent.
The investment will be focused will help Ibibo to expand its reach within the Indian hospitality sector, and on additional technology innovations.
Ashish Kashyap, founder & CEO at Ibibo Group, said, “Our objective is to solve problems for the transportation and accommodation providers and to connect them to the travellers.”
Ibibo processed more than 6.5 Mn transactions for the period of October to December (Q3) 2015. It generates more than 2.5x the transaction volumes of its nearest competitor. The group owns integrated online travel properties such as Goibibo.com and redBus.in.
In a report by Morgan Stanley, Goibibo was rated as number 1 by hoteliers, across a number of parameters including booking volumes, confirmed bookings, last minute bookings, backend & IT support, as well as insights and market intelligence.
Goibibo hotel bookings surpassed 1.6 Mn room nights during Q3, up 400% Y-O-Y. Mobile contributed to 71% of the bookings in the month of December 2015, up from 42% a year ago.
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