You are using an older browser version. Please use a supported version for the best MSN experience.

Ibibo appoints former Airtel executive Prakash Sangam as redBus CEO

LiveMint logoLiveMint 11-06-2014 Anirban Sen

Bangalore: Ibibo Group, a subsidiary of South African mass media firm Naspers Ltd, has appointed former Bharti Airtel Ltd executive Prakash Sangam as the new chief executive of online bus ticketing firm after founders Phanindra Sama and Charan Kumar Raju resigned from the company.

RedBus, which was acquired by Ibibo last year in a deal pegged at about $135 million, did not give a reason for the departures of Sama and Raju that came as a surprise.

Ibibo also named Rohan Patnaik, a former Diageo India Pvt. Ltd executive, as the company’s new head of supply and operations, and Anoop Menon as its head of engineering.

“I want to take this opportunity to thank Phani and Charan for their contribution and participation in the growth of redBus and also for seeing to a smooth transition of the business. They are excellent entrepreneurs and I am sure they will continue to innovate in the future. I am also very excited to welcome Prakash Sangam to lead redBus along with Rohan and Anoop, in its next phase of growth and innovation. I believe we have a strong team of 650 people in place to take redBus to new heights,” said Ashish Kashyap, chief executive of Ibibo in a statement.

Founded by Phanindra Sama, Sudhakar Pasupunuri and Charan Kumar Raju in 2006, redBus has grown to be the country’s largest bus ticketing service, selling tickets worth more than `600 crore on 10,000-plus bus routes in fiscal 2012. Its revenue that year was `350 crore.

Ibibo’s acquisition of redBus last year was hailed as one of the biggest success stories for India’s fledgling start-up ecosystem, which is struggling to keep pace with ecosystems in smaller countries such as Israel and Chile.

“Ashish has ambitious plans for the future. I hope all his plans materialize. I wish Ashish and the new leadership team fantastic success,” Sama said.

More From LiveMint

image beaconimage beaconimage beacon