Tracing the roller coaster journey of redBus
Start-Ups

Tracing the roller coaster journey of redBus

12 Feb 2015 | By Siripriya

Phanindra Sama becomes an angel investor

redBus co-founder Phanindra Sama is nowadays playing the role of an angel investor to help many startups and entrepreneurs.

He made his exit from his own company when it was acquired by Naspers in 2013.

Sama believes that innovation and a great dedicated team are all that a startup requires to catch his attention for investment.

Timeline

25 Sep 2011: redBus rolls to the top

The enormous success of the bus ticket portal - redBus has become the talk of the town.

The site is selling over 20,000 seats per day which is highest after the railway booking website.

Relying only on the awareness spread by its satisfied customers, the company is in talks with a few more govt. cooperations to sign them up to expand their horizons further.

21 Jun 2013: Deal Sealed: Ibibo acquires redBus

 Deal Sealed: Ibibo acquires redBus

In one of the biggest overseas Internet deals, Ibibo, a subsidiary of Naspers has bought redBus.in to facilitate and add to its already existing travel services.

The amount has not been disclosed by the companies.

All the redBus employees along with the founders are expected to retain their positions in the company; it will be continued as an independent entity.

12 Jun 2014: New CEOs takeover as founders make their exits

Prakash Sangam has taken over from Phanindra Sama, the co-founder of redBus.in as the new Chief Executive Officer.

Ibibo, the company which acquired redBus has also appointed Rohan Patnaik as the head of supply and operations and Anoop Menon as the head of engineering functions at redBus.

13 Jun 2014: New ideas of the new CEO to expand redBus

Prakash Sangam, the new CEO of Ibibo acquired redBus.in said in one of the interviews that redBus may extend its domain by selling hotel services to its customers as a part of its growth in the industry.

He promises to make redBus a known brand in the Online Travel Space by launching new products and services to attract more customers.

17 Jun 2014: New feather in redBus’ cap

 New feather in redBus’ cap

ICICI Lombard has tied up with redBus.in to offer domestic travel insurance for all its commuters commuting within India through the purchase of online insurance cover.

The company will cover hospitalization charges upto Rs. 20,000 and Rs 5 lakh for a personal accident along with a Rs. 2,000 as the total baggage loss under the insurance cover.

16 Jul 2014: Crisis following the redBus sale story

The redBus sale to the South African giant, Naspers may have been a happy deal for its founders but it disappointed most of the employees.

Many of the employees felt betrayed and cheated on by Sama and Sama himself was deeply disappointed due to the misunderstandings and rumours.

12 May 2015: Phanindra Sama becomes an angel investor