South African Internet and media giant Naspers’ India arm ibiboGroup (MIH India) is acquiring Bangalore-based Pilani Soft Labs, which runs bus ticketing site redBus.in..With this acquisition, existing venture capital investors Helion, Inventus and Seed Fund will exit. The deal is valued over $100 million (Rs. 600 crore)..Amarchand Mangaldas advised MIH India with a team led by Mumbai Partner Vandana Shroff..IndusLaw advised the existing investors and the founders, Phanindra Sama and Charan Padmaraju..The IndusLaw team was led by Partner Suneeth Katarki along with Associates Basava Rao, Rashi Saraf and Sherill Pal..Founded in 2006, redBus has grown to be the country’s largest bus ticketing service, selling tickets worth more than Rs. 600 crore on over 10,000 bus routes in fiscal 2012, according to Mint..Post the acquisition, redBus.in will continue to run independently and operate as separate business..Analysts described this deal as India’s biggest internet transaction since US’s Ebay acquired India’s Baazee.com in a $55 million deal in 2004, reports Venture-Africa.
South African Internet and media giant Naspers’ India arm ibiboGroup (MIH India) is acquiring Bangalore-based Pilani Soft Labs, which runs bus ticketing site redBus.in..With this acquisition, existing venture capital investors Helion, Inventus and Seed Fund will exit. The deal is valued over $100 million (Rs. 600 crore)..Amarchand Mangaldas advised MIH India with a team led by Mumbai Partner Vandana Shroff..IndusLaw advised the existing investors and the founders, Phanindra Sama and Charan Padmaraju..The IndusLaw team was led by Partner Suneeth Katarki along with Associates Basava Rao, Rashi Saraf and Sherill Pal..Founded in 2006, redBus has grown to be the country’s largest bus ticketing service, selling tickets worth more than Rs. 600 crore on over 10,000 bus routes in fiscal 2012, according to Mint..Post the acquisition, redBus.in will continue to run independently and operate as separate business..Analysts described this deal as India’s biggest internet transaction since US’s Ebay acquired India’s Baazee.com in a $55 million deal in 2004, reports Venture-Africa.
