Indian Online Travel Company Ibibo Lands $250M From Naspers

Ibibo Group, which claims to be India’s largest online travel group, has raised $250 million in new funding from majority stakeholder Naspers Group.

In an announcement, Ibibo Group said the new funding will be spent on its hotels vertical and technology. The company recently launched a new platform called GoStays that helps travelers on a budget find low-priced accommodations. Hotel booking is an important area of focus for India’s online travel companies, including Ibibo Group competitors MakeMyTrip and Yatra, as they contend with new startups like OYO and Zo Rooms.

Ibibo Group, which is also backed by Chinese Internet giant Tencent, operates hotel and flight booking platform, as well as bus ticketing sites RedBus and YourBus. Ibibo Group claims it processed 6.5…

Read Story