Earlier this month Russian delivery service Broniboy raised 100 million rubles ($1.35 million at the current exchange rate) at a 3 billion ruble valuation ($40 million), reports Rusbase.
This fast-growing company, which already operates in six Russian cities including Moscow, raised 130 million in a previous round, and plans to attract an additional 800 millions rubles next year.
“We take only as much as we can ‘digest’,” company co-founder Alexander Radionov said.
Founded in 2017, Broniboy could reach a billion-dollar turnover this year covering five new Russian cities. The company has plans for further international expansion plans and a potential IPO in Russia and Western Europe “in the next few years.”
Among Broniboy’s investors are industry players from Southern Russia, including Krasnodarzernoprodukt and Yuzhnaya Torgovaya Kompaniya. The co-founders themselves brought in more than $1 million in total since company inception.
Broniboy’s success suggests that Russia’s delivery service market is far from being saturated, in spite of the massive investments of segment leaders Yandex.Eda and Delivery Club (a property of Mail.Ru and Sber through their joint venture O2O). Their market shares combined is under 30%, according to RBC data cited by Rusbase.
