RedBus, a bus ticketing platform based out of India and part of the MakeMyTrip Group, might be considering expanding into more countries within Southeat Asia as a larger international effort.
“The next lever of growth is going to come from our international business,” Prakash Sangam, the company’s CEO, said as quoted by local media LiveMint.
RedBus is expecting to see revenue from other markets make up around 35% of their entire revenue within the next handful of years.
Started back in 2006, RedBus already operates in several Southeast Asian countries including Indonesia, Malaysia, and Singapore. Currently the company is considering launching in Turkey, Vietname, or Thailand.
The company is one of several startups within India that currently are looking into nearby countries as a chance to grow and expand. Oyo, the budget hotel company, to Ola, the taxi-hailing platform, have both started an India and are now pushing into markets around the world.
Sangam describes RedBus' international efforts as a two push effort. Either RedBus will look to team up with local companies within the market or enter into the market by themselves. The company will research the market's potential which will include market size, supply base, online retail infrastructure, internet penetration, and smartphone use.
RedBus will also offer vehicle tracking technology to help fleet operators add automatic pricing to their platforms in addition to other features that can be utilized within local markets.
Despite the company's efforts to expand internationally they still know that their home market is still very important.
Last year, consumers in India purchased $3.5 billion worth of bus tickets, but mostly offline. RedBus is hoping to expand the online retail efforts as they look into these other markets.
Sangam states that RedBus helped 61.5 million passengers buy their bus tickets through their platform. He claims that the platform sees 20 million users every month with the average purchase at around $15 per ticket.
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