ibibo receives $250 million funding from Naspers

US dollar
Indian online travel company ibibo raised $250 million from internet and media company Naspers to extend its position in Indian hotels category and additional technology innovations.

“Our objective is to solve problems for the transportation and accommodation providers and to connect them to the travellers. The commitment from both Naspers and Tencent to ibibo is testimony to the strength of our platforms and the opportunities ahead,” said ibibo Group founder Ashish Kashyap in a statement.

According to the statement, ibibo processed more than Rs. 6.5 million transactions from October to December in 2015.

ibibo Group owns hotel booking engine and ticket aggregator Goibibo.com and bus ticket booking platform redbus.in.

“The Indian ecommerce market, and the online travel segment in particular, offers exciting growth prospects for us as a group,” said Naspers Group chief executive Bob Van Dijk in the statement.