ExpoCapital Overseas, a division of the Moscow-based venture fund ExpoCapital, has acquired a 7.28% stake in Russian online drugstore Megapteka. Backed by ExpoBank owner Igor Kim, this fund was created in early 2018.
The Megapteka deal was reported earlier this week by business daily Kommersant based on company register information. The details of the deal were not disclosed, but industry expert told Kommersant that its amount could range in a few hundred thousand US dollars, valuing Megapteka at around $4 million.
Operating in 70 Russian regions, Megapteka allows users to compare prices for medicine, parapharmaceutical products and cosmetics, order them online, and pay and pick them up in the nearest pharmacy.
Market leader Apteka.ru could generate 9 billion rubles (around $141 million at the current exchange rate) in turnover this year, according to DSM Group GM Sergey Shulyak, cited by Kommersant.
Online orders account for some 5% of Russia’s total medicine retail market, says the expert – but this share could grow to 40% in the next 5-7 years as a consequence of a new legislation on online sales of medicine. The bill, which has been discussed in parliament for two years already, is expected to be adopted soon.
The Russian e-commerce market, currently estimated at some $20 billion (domestic sales of physical goods only), is growing fast. It could could double or triple in the next five years, according to EWDN’s latest industry report.
