E-commerce and media firm Naspers agreed on Wednesday to invest $250m in India-based online travel booking platform Ibibo Group.
Incubated by South Africa-based Naspers in 2007, Ibibo has used a series of acquisitions to build a diversified travel booking service that encompasses bus, hotel and flight booking as well as ride sharing and vehicle tracking.
Ibibo processed more than 6.5 million transactions in the fourth quarter of 2015 and claims to be India’s largest online travel company. The investment will support its expansion in Indian hotel booking as well as the strengthening of its technology capabilities.
China-based internet company Tencent is also an investor in Ibibo and held a 20% stake in its parent company, MIH Group, as of 2013.
Bob van Dijk, CEO of Naspers Group, said: “The Indian e-commerce market, and the online travel segment in particular, offers exciting growth prospects for us as a group.
“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.”