A problem-solving process underlies every innovation. RedBus, the largest online bus ticket marketplace in the world, redBus connects numerous cities all over the world with just the click of a mouse. In this article, we will discuss how the idea for Redbus came about, as well as the difficulties it faced in the early stages of development. Thanks to Redbus' innovation and the market it helped create, anyone can now book tickets based on any demographics, travel dates, or destinations throughout India. Let's take a closer look at the article...
The idea of Redbus :
The founder of Redbus, Phanindra Sama, had a problem that led to a great innovation; this is an illustration of how pain or problems we face every day can inspire new ideas.
For his Diwali vacation in 2005, he wanted to travel from Bangalore to Hyderabad. Despite his demands, he visited a number of bus companies but was unable to obtain a ticket. He was unable to return to his hometown, which kept him awake. The following day, he made the decision to follow bus operators to learn more about their operating procedures. There, he discovered that there is no transparency and that agents and operators still sell tickets in an old-fashioned way. He had thought there would be a ticket that would have allowed him to return home, but the sellers have no idea where it is. There is the beginning of the idea from which the "RedBus" idea later developed.
RedBus, the biggest online bus ticketing service in the nation, enjoys the trust of over 6 million Indians. RedBus was founded by three BITS Pilani graduates: Phanindra Sama, Charan Padmaraju, and Sudhakar Pasupunuri. After selling more than 6,00,000 tickets online, on mobile devices, and through numerous bus agents, RedBus, which started out slowly in August 2006 with a few seats from a single bus operator, is now at the forefront of the ticketing sector. RedBus operates more than 80,000 routes and has partnerships with 2,300 reputable bus companies. More than 30,000 locations now offer the ability to purchase redBus tickets!
The success of “RedBus”:
In August 2006, the three co-founders' savings totalling INR 500 000, were used. A room in his house that they referred to as their office served as the hub for operations and all work. To give them the impression that they are working in an office, they keep the doors to other rooms of the house closed. When the prototype was complete, they attempted to sell it to the bus companies, but they were not even open to accepting it for free. Then, armed with their business plan, they headed to TiE, Bengaluru. Three mentors from TiE were assigned to them to provide project guidance. Since the first year wasn't entirely full, we only generated Rs 50 lakh in revenue in that first fiscal year. Profits were nonexistent. It was a huge success for the second year up until the end of the fiscal year 2008. A 5 crore rupee profit was made.
The company increased by six times in size in 2009, and its revenue was INR 30 crore. The business generated 60 crores of INR in revenue in March 2010. A year prior, in July 2012, they sold over 10 million tickets, surpassing their previous record of 12 million. The gross merchandise value exceeds $200 million. Goibibo Group has acquired RedBus for $110 million. RedBus was introduced by the Goibibo Group in Singapore and Malaysia in the middle of 2015. With this launch, travellers can now book intra-city bus tickets within Malaysia as well as inter-city bus tickets between Singapore and Malaysia on redBus.
How does RedBus make money?
RedBus distinguishes itself from the competition by allowing customers to select the most practical route to their destination. The Redbus used a colour scheme in their web application to create a great pattern by using green for "yes" and red for "no," so that illiterate bus drivers could also use the red bus for operations when an illiterate was also chosen for a seat for his or her journey. In an effort to boost customer engagement, RedBus also provides a wide range of promotions to its clients. The most efficient way to work is how RedBus makes money. The bus companies charge a small fee for each RedBus ticket that is bought. The fee is estimated at between 10% and 20% of the total cost of the ticket.
Conclusion :
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