Ibibo, the joint venture between Chinese Internet company Tencent & South African media conglomerate Naspers, has demerged its travel business Goibibo, online marketplace shopping business Tradus & ad network business ibiboads into a group company called PVJ E-Commerce Private Limited.
The company had applied for a demerger before the Delhi High Court. In an order in September, the court accepted the proposal.
Tencent & Naspers are restructuring their Indian partnership so that the former operates social businesses & Naspers through MIH India will run e-commerce in the country (via).
The MIH Group, controlled by Naspers, currently runs e-commerce & social media business in India. The ecommerce side of its business includes Goibibo, Tradus, redBus, which it recently acquired, PayU & Gaadi.com.
Naspers & Tencent decided to restructure the partnership after the former decided not to subscribe to the shares of MIH India held by Tencent.
Naspers has been making big bets in Indian ecommerce. The company paid $140 mn for an 8.6% stake in Flipkart in July, valuing the online retailer at $1.6 bn. In June 2013, the company also acquired 80% in online bus ticketing platform redBus for about $138 mn in cash through MIH India, its Indian subsidiary.