redBus, an online bus ticketing platform, based out of Bengaluru, has announced its foray into Vietnam, Thailand and Turkey. While, it may step into new geographies by the end of 2019, the company said.
“We are evaluating these markets right now,” said Prakash Sangam, chief executive, redBus.
“We are looking at entering these markets inorganically, through a local player. But if that doesn’t happen, we are open to going the organic way by launching our own services,” Sangam added.
Bengaluru-based online bus ticketing startup redBus was founded by Phanindra Sama, Sudhakar Pasupunuri and Charan Padmaraju in 2006. The ticketing platform has transformed bus travel in the country by bringing ease and convenience to millions of Indians who travel using buses.
By providing choices, customer service, lowest prices and unmatched benefits, redBus has served over 8 million customers. The company has a global presence with operations across Indonesia, Singapore, Malaysia, Colombia and Peru apart from India.
The company is already in Singapore, Malaysia and Indonesia, among other countries. As of the just-ended quarter, international markets contribute 7% to its overall revenue.
“We are evaluating the markets based on several factors. First, it needs to be a large bus market and should also have a fair amount of fragmentation in the supply base,” said Sangam.
“Moreover, the country should be at the right stage of e-commerce evolution—having the right balance of internet penetration, smartphone usage and payments,” he further added.