Naspers to pump in $250M more in Indian online travel services unit Ibibo
Online travel services provider ibibo Group today said Internet and media firm Naspers, the principal share owner in the company, will invest another USD 250 million (around Rs 1,715 crore) in the group.
The investment will be focused on extending ibibo's presence in the Indian hotels category and on additional technology innovations, ibibo Group and Naspers said in a joint statement.
Commenting on the development, ibibo Group Founder & CEO Ashish Kashyap said: "The commitment from both Naspers and Tencent to ibibo is testimony to the strength of our platforms and the opportunities ahead".
The company's objective is to solve problems for the transportation and accommodation providers and to connect them to the travellers, he added.
"The Indian e-commerce market, and the online travel segment in particular, offers exciting growth prospects for us as a group," Naspers Group CEO Bob van Dijk said.
With a talented, proven management team and exceptional technology, ibibo is well positioned to benefit from an increasing number of people using online travel services going forward, he added.
The ibibo group owns integrated online travel properties such as Goibibo.com and online bus ticketing platform redBus.in.
Both South Africa-based Naspers and China-based Tencent are current investors in the ibibo Group.