Exemplifying the globalization of Russian venture capital, Ru-Net has made a variety of investments in the USA, Europe and Asia, mostly in the field of e-commerce. While continuing to support its portfolio companies, the fund does not intend to enter new markets, said its founder Leonid Boguslavsky, a figure of the Russian venture scene, in a recent interview with the Russian media.
“It is not that easy to conquer a new market. This is why we aren’t considering any new markets at the moment,” the venture capitalist explained.
Ru-Net has exchanged its stake Zalora, a leading online fashion retailer in Asia, for a stake in Global Fashion Group (GFG), the holding which controls other several other online fashion retail sites across the world, including Lamoda in Russia. The exchange took place when Zalora joined GFG, said Boguslavsky.
When asked about GFG’s possible IPO, Boguslavsky said he knew nothing about it.
Buying Groupon Russia for $0
Among Ru-Net’s properties is Groupon Russia, which the fund acquired in the spring of this year. Ru-Net did not spend a single dollar in the deal, as reported by Russian news agency Interfax, which cited Groupon documents.
In July, Groupon Russia was rebranded to ‘Frendi,’ in a bid to “make the brand more modern, emotive, and in line with its positioning,” as stated by the company.
Ru-Net is also a key shareholder of Biglion, Groupon’s main competitor in Russia. When asked by Rambler News Service about the possibility of Groupon merging with Biglion, Boguslavsky did not provide a definitive answer.
“Groupon and Biglion have different client bases. As an investor, our company is interested in acquiring a bigger market share. Therefore, I can’t tell whether Groupon will merge with Biglion or not,” he said.
Ozon doesn’t need additional funding
Ozon does not need to attract additional funding for the moment, believes Boguslavsky.
One of the most established Russian online retailers, Ozon.ru is not profitable yet, its general manager Danny Perekalsky conceded earlier this year. Its mother company Ozon Holdings raised a whopping $150 million from Sistema and MTS just two years ago.
“We have supported [Ozon] since the very beginning. Therefore, if the management will persuade us that additional funding is necessary to enhance growth, we will invest more. But as of today, there is no need for an additional capital injection,” explained Boguslavsky.
Ozon.ru’s sales volume amounted to $243 million in 2015, as estimated by research agency Data Insight. The Russian B2C e-commerce market reached some $15 billion (physical goods sold by domestic and foreign sites), according to EWDN’s latest industry report.
Source: Rambler News Service (1, 2)
