Baring Vostok, a major Moscow-based international PE firm, has acquired 5% stake in Tealsy, Russian business daily Kommersant reported last week. The financial details of the deal were not disclosed.
This Moscow-based startup brings together e-shoppers, retail networks and suppliers by proving a single online platform where they can meet one another to trade food products.
Tealsy was launched in February 2018 by Andrey Krivenko, the founder of healthy grocery outlet network Vkusvill, and his partners. Together they currently own 85% of Tealsy’s shares through Moscow-based VC firm TealTech Capital. Tealsy’s current valuation has been estimated at $3 to $5 million, reports Kommersant.
Investing in Andrey Krivenko’s projects is not new to Baring Vostok as the firm currently owns a 12.16% stake in Vkusvill.
The Russian e-grocery market is on the rise. in June, e-grocery service Golama secured a $7.7 million investment from Veb Ventures and earlier, in March, food delivery startup Instamart raised $7.6 million from Mail.ru Group and top businessmen.
