Ru-Net, the venture fund of Russian billionaire Leonid Boguslavsky, did not spend a single dollar to acquire Groupon Russia in April of this year, Interfax wrote last week, citing Groupon official information.
This acquisition took place in April. Ru-Net intends to “stimulate the company’s growth and make it more profitable” with plans to develop across Russian regions and invest in sales and technology, said Ru-Net Investment Director Alexander Pavlov.
In July, the site was rebranded to ‘Frendi,’ in a bid to “make the brand more modern, emotive, and in line with its positioning,” the company stated.
In 2010, Groupon had invested dozens of millions of US dollars to expand its business to Russia, acquiring a local startup named Darberry. The terms of this deal were not disclosed officially.
Ru-Net is also a key shareholder of Biglion, Groupon’s main competitor in Russia. The fund has also invested in Cuponation, a German-based discount platform, among other international investments.
