Digital services & Apps

High tech lender ID Finance secures $50 million to expand across Latin America

February 20, 2017 February 21, 2017

ID Finance, a Barcelona-headquartered company with Russian roots, has just secured $50 million in debt funding to fuel its expansion across Latin America. The funding includes $15 million from TKB, a Russian bank which is supported by the EBRD and the IFC, among other backers. After several years of operations in Russian-speaking countries, Spain and Poland, ID Finance launched its online …

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Russian online classifieds giant Avito delivers 75% revenue growth in 2016

February 20, 2017 February 20, 2017

Avito.ru, Russia’s leading classifieds platform, saw its revenues reach $54.4 million in Q4 2016, up 54% from Q4 2015, says the recent activity report by Swedish investment company Vostok New Ventures, formerly known as Vostok Nafta Investment. According to the report, in Q4 2016 the company’s adjusted EBITDA margin reached 47% ($25.3 million), compared to 42% …

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Yandex reports 27% revenue growth in 2016, claims 55% market share

February 16, 2017 February 16, 2017

The NASDAQ-listed Russian Internet search giant Yandex today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2016. In 2016, the company’s revenues amounted to 75.9 billion ($1,251.7 million), up 27% compared with FY 2015. Its net income of reached 6.8 billion rubles ($111.8 million), down 30%, with a net …

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Yandex launches machine intelligence and research division

February 10, 2017 February 11, 2017

Earlier this week Yandex, the leading Internet search company in Russian-language countries, announced the creation of its new “Machine Intelligence and Research (MIR) Division.” This division is defined as a “centralized, cross-functional unit to accelerate innovation and unify [Yandex’s] core machine learning technologies.” The MIR division will also transfer research from various Yandex research teams into …

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Russian entrepreneur aims to launch ‘Uber for funerals’

February 7, 2017 March 2, 2017

It has all the convenience and technical pizzazz of the transportation network Uber, but it helps you arrange funerals, not rides. A project manager working at the Russian Internet giant Yandex is designing an app called ‘Umer‘ (“Died” in Russian) — a service built to help people overcome the logistical difficulties of putting a loved one to rest. Umer …

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‘Google tax law’ comes into force: VAT applies to digital content and services, Uber benefits from favorable ruling

February 3, 2017 February 6, 2017

Starting January 1, foreign companies selling e-content via the Internet in Russia are required to register private offices in Russia, submit information on their sales in the country, and pay a 18% value-added tax. The tax applies to the following types of content or services: selling and giving access to e-books, audio and visual content, images …

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Ru-Net invests in Indian e-medicine startup Practo

January 23, 2017 January 23, 2017

Ru-Net, an international venture fund with Russian roots, has just participated in a $55 million Series D funding round for Practo, an Indian startup that helps consumers locate doctors and healthcare information. As reported by TechCrunch, the investment was led by Tencent, the Chinese company which led Practo’s previous $90 million round last year. Also participating in the deal were RSI …

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Russia drops state-backed e-card project

December 28, 2016 December 29, 2016

By voting amendments to the legislation on the provision of services earlier this month, the Russian parliament sounded the death knell for the Universal Electronic Card (UEC) project. A tangible manifestation of Russia’s all-embracing e-government ideas, the UEC was originally intended to incorporate or replace virtually all existing identifying information, from ID cards to student IDs and …

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Yandex’s ‘Extract’ is an AI-based solution for business to track of business critical information

December 26, 2016 August 16, 2017

Earlier this month Yandex Data Factory, a division of the Russian search giant, unveiled ‘Extract,’ a new solution to search and track of business-critical information. One of Extract’s first use case involves Russia’s central bank, which needs to find all cash-loan providers represented online in order to check their compliance with regulations. To address this needs, …

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Russian billionaire Mikhail Fridman invests in French OTT TV service

December 22, 2016 December 26, 2016

Earlier this month Russian billionaire Mikhail Fridman took part in a $24 million funding round for French OTT TV service Molotov. The UK media group Sky and the French infrastructure operator TDF also participated in the deal in undisclosed proportions. Molotov will use the resources to expand its footprint internationally, said Molotov’s co-founder Jean-David Blanc, as reported …

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Russian face recognition app now available to Twitter users and Turkish police

December 16, 2016 November 18, 2024

Now Twitter users can find a random person’s page in the network after taking a photo of them in the street. This functionality — a sort of Shazam for people — is offered by FindFace, an app that can scan Twitter’s database of 313 million active users in less than a second and find a match, if it exists. The app was made available to Twitter …

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