Press-releases

10
Jun
2014

BUS TICKET PLATFORM DEVELOPER GILLBUS RAISES $3M IN SERIES A FUNDING

Russian Group of Companies “Gill Business Systems” (brand Gillbus), developer of inventory distribution system* for passenger bus transportation carriers and online ticket sales, today announced that it has raised $3M in Series A round of financing from InVenture Partners, Intel Capital and Finsight Ventures.
Founded in 2010, Gill Business Systems consists of four ventures: software development company GBS (Ukraine), distribution and sales companies in Russia (Busfor), Ukraine (E-Travels) and Thailand (Transport Systems).
Round A provided the first external investment for Gill Business Systems. Earlier the Group relied on the founders’ contributions. According to Sergii Kremeno, co-founder and CEO of GillBus, the capital raised will be used for geographical expansion in Russia, South-East Asia and Africa as well as further business development in Ukraine.
“The market of intercity bus transportation in Russia is estimated at over $6 bln, in Ukraine – at $3 bln a year, - says Ilya Ekushevskiy, business development and investments director in GillBus and Busfor CEO. - However, this industry still utilizes outdated technologies which cannot consolidate the carriers’ inventory and present it to agencies and e-commerce service providers. It leads to poor customer service and lost profits for bus carriers. Our company aims to make purchasing bus e-tickets as smooth as airline tickets”.
“Bus transportation market has one of the lowest technology penetration levels, including the possibility of selling tickets online. We are happy to support Gillbus’ aspiration to change this situation», - says Marchin Hejka, managing director of Intel Capital in EMEA, Russia and the CIS.
Starting from 2012, GillBus system is efficiently working on basic routes in Ukraine with the distribution network of over 500 agents. According to E-Travels CEO Olena Khimichenko, demand for GillBus services and volume of transactions on the platform increased 10-fold over two years. In the beginning of 2014, GillBus started business expansion in South-East Asia. The company opened a subsidiary called Transport Systems in Thailand with Maxim Titov as CEO. Distribution of GillBus software products in Russia will begin in the summer of 2014.
“GillBus system solves a key problem of selling online tickets for intercity buses - the most affordable type of intercity public transportation. Considering the advanced technologies of Gill Business Systems, we expect the company to become the absolute market leader in Russia, the CIS, as well as in several countries in South-East Asia and Africa», - says Anton Inshutin, managing partner of InVenture Partners.
“We will actively support GillBus expansion on Latin American and African markets, where other companies with our investments are working. The first country we are looking at is Kenya. We are happy to invest in the company offering innovative technology solutions for its market segment», - says Alexey Garunov, co-founder and managing director of Finsight Ventures.
* Inventory distribution system (IDS) is an IT system created for storage and distribution of ticket inventory



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