November 3, 2016
Despite the popularity of airplanes and trains as means of transportation, buses are still one of the top options for people around the world, and especially in Europe. Realizing this, former racing driver Ilya Ekushevskiy and ex-developer Artem Altukhov decided, back in 2012, to found Busfor, a company that connects bus travelers with the tickets they want.
The Best Online Bus Ticketing
Back then, online bus ticketing had severe technological limitations, which were no match to the systems already in place for air and train travel. Busfor solved this issue, developing a platform that provides carriers and stations with a way to easily sell tickets by connecting to people who are searching for them online. It currently partners with 5,000 bus companies, serving 2 million customers per month.
Busfor currently operates throughout several countries in the Eastern Europe and Asia regions, namely Russia, the Commonwealth of Independent States (which includes, other than Russia, Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan and Uzbekistan), and Thailand.
This company had previously secured a $5 million investment from InVenture Partners along with others funds and, in a recent Series B round of funding, got an additional investment clocking at $20 million, this time coming from leading private equity funds Baring Vostok and Elbrus Capital, as well as a reinforced investment from InVenture Partners. With this, and according to CB Insights, Busfor is now one of Europe's best-funded companies, according to CB Insights.
Ilya Ekushevskiy, CEO of Busfor, highlighted what makes his company stand out from the competition:
“Busfor aims to change people’s perceptions about bus travel. By developing distribution channels and attracting new clients, we help carriers fill their buses and increase the quality of their service.”
Anton Inshutin, managing partner of InVenture Partners, explained why his fund decided to reinforce the investment in this company:
“It has become a leader in domestic and international transportation markets, using its brand to radically change the popular conception of bus transportation. We will employ our network capacity and experience to help Busfor to expand in all directions.”
With sales increasing threefold in the last year, and estimates that, by 2019, Busfor will represent 20 percent of the Russian bus ticket market, this company is in a great position. This new investment will be used to strengthen the company's position and accelerate its growth — initially with a focus on domestic markets, but also with plans to expand to new ones.
Did you like this article?
Get more delivered to your inbox just like it!
Sorry about that. Try these articles instead!