One of Russia’s big three e-commerce company says it is sticking with its forecast for turnover growth of 80% this year, despite the sanctions and economic slowdown, Tass reported on August 23. E-commerce sites have benefited from the war as consumers have gone online to find goods that have disappeared from the stores after some …
Ozon keeps 2022 80% turnover growth forecast, but losses increased in H1 Read More
VK, previously known as Mail.ru Group, owner of Russian social network VKontakte, reported a second-quarter net loss of 3.4 billion roubles ($56 million). The loss is partly due to a 14 billion rouble ($231 million) foreign exchange hit. The VKontakte network, often compared to Facebook, has emerged as a key player in the race to …
Russian digital giant VK hit by second quarter loss Read More
Russian e-commerce major Ozon plans to reach operational break-even in the next 12 months, the company’s finance chief Igor Gerasimov said on Tuesday. “We’ve started to improve the economy – you can see that in the first quarter of this year (…) In the next 12 months, we intend to reach operational break-even,” he said at the forum of entrepreneurs …
In the instable environment created by Russia’s war on Ukraine, Yandex’s annual report to the US Security Exchange Commission (SEC) provides details on a range of pressing business issues and potential company risks. The report was issued Thursday by Yandex’s Netherlands-headquartered mother company, which has been listed on the Nasdaq since 2011. After the resignation …
Yandex scales back “many planned investments,” withdraws 2022 financial guidance Read More
SberMarket, a delivery service owned by Sber, the state-controlled financial and digital giant, claims to have tripled its turnover in 2021 to 58.6 billion in 2021 ($800 million at the average exchange rate of the year, including VAT and excluding promotions). The number of delivered orders quadrupled to 24 million in the course of the …
With 24 million deliveries in 2021, SberMarket asserts leadership in Russian e-grocery Read More
Russian internet giant Yandex on Tuesday reported a sharp drop in adjusted annual net profit, but said total revenue could surge this year to around $6.5 billion, driven in part by high turnover growth in e-commerce. Yandex’s core advertising business, which accounted for 47% of total revenue in the fourth quarter of 2021, suffered during the …
Yandex eyes $6.5 billion revenue in 2022, sharp e-commerce growth Read More
Earlier this week several top Russian e-commerce companies announced impressive results for 2021, even though brick-and-mortar retail fully reopened in the country. Market leader Wildberries, Nasdaq-listed Ozon, and international platform AliExpress Russia significantly overperformed the market, which grew by at least 40% according to preliminary estimates (InfoLine). Wildberries: +93% Wildberries announced the turnover of its marketplace …
Russian e-commerce keeps growing fast: market leaders doubled sales in 2021 Read More
Last week Mail.ru Group, the LSE-listed Russian Internet major, and Sber (ex-Sberbank), the state-controlled financial and technology giant, announced an injection of 12.2 billion rubles (around $170 million) into their O2O joint venture. The latest capital increase brought the total amount they put in the JV this year to 43 billion rubles (around $600 million at the …
In 2021, Mail.Ru and Sber injected $600 million in their mobility and foodtech JV Read More
GetVision, a private investment boutique with offices in Moscow and London, is launching a 1 billion ruble ($13.6 million) tech fund for startups with roots in Central and Eastern Europe. As reported by Rusven, this pre-seed and seed fund will focus on such sectors as fintech, e-commerce, B2B software, and artificial intelligence. Under plans, the …
GetVision’s new fund targets startups from Central and Eastern Europe Read More
Ozon, Russia’s second-biggest online retailer, sees the value of merchandise sold on its platform increasing tenfold by 2026 with the company aiming for control of a third of the country’s e-commerce market. The company is targeting annual GMV of 2.5 trillion rubles ($34 billion) in 2026, Chief Executive Officer Alexander Shulgin said in an …
Ozon targets one-third of booming Russian e-commerce market Read More
myToys, an online retailer of children’s goods owned by Otto Group, ceased its activity earlier this month in Russia after more than 10 years of operations on the market. In recent years, myToys.ru was among Russia’s leading e-commerce sites in its category. However, according to official data cited by Retailer.ru, the site’s net loss jumped from 34.8 million rubles in 2019 (around …
Otto Group’s myToys shuts downs in Russia after 10 years of activity Read More
Specialized research agency Data Insight has just released the international version of its Russian e-commerce report for 2020. Domestic sales of physical goods amounted to 2.7 trillion rubles (some $37 billion at the average exchange rate of the year), up 58% from 2019 — placing Russia among the world’s fastest-growing e-commerce markets. Several segments recorded …
In 2020, Russian e-commerce recorded one of the world’s highest growth rates Read More
