Finance

With 24 million deliveries in 2021, SberMarket asserts leadership in Russian e-grocery

February 25, 2022

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

“A hurricane of discouragement:” Putin’s war on Ukraine is already impacting the Russian tech sector

February 27, 2022

Will Russia take control of Ukraine after a quick military victory? Will it be a long-lasting war of guerrilla? Could an escalation involve neighboring countries and western powers? The outcome of the Russian military attack on Ukraine that began on Thursday, Feb. 24, is unpredictable. But just hours after the invasion, the impact on the …

“A hurricane of discouragement:” Putin’s war on Ukraine is already impacting the Russian tech sector Read More

Russian-founded gaming giant Playrix continues investment spree

February 22, 2022

Playrix, a global Russian-founded mobile gaming giant, acquired a minority stake in AppQuantum, a Cyprus-based, Russian founded mobile gaming developer and publisher. The deal took place in late 2021 but was announced only in early February.  Launched in 2017 by Evgeny Maurus, AppQuantum is behind such titles as Dragon Champions, Evil Clicker and Gold & Goblins. While claiming “dominant positions” in clicker and …

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Russian e-scooter leader Urent secures $26 million from corporate and venture investors

February 22, 2022

Urent, Russia’s largest electric scooter rental operator, has raised 2.09 billion rubles (around $26 million, a considerable amount by local standards) in a round led by MTS. The mobile operator contributed 740 million rubles alongside private asset manager VPE Capital and state-owned fund VEB Ventures, which injected 700 and 650 million rubles, respectively, into the startup. The terms of …

Russian e-scooter leader Urent secures $26 million from corporate and venture investors Read More

White House: US unlikely to kick Russia off SWIFT

February 22, 2022

The US said Friday it will “probably not” try to kick Russia out of the SWIFT financial messaging system should Moscow invade Ukraine. Washington has threatened to levy “severe” sanctions on Moscow in the event it attacks Ukraine, promising a package of measures that could “devastate” the Russian economy. “All options remain on the table. …

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Russian entrepreneurs want to disrupt delivery, freight and mobility industries across the world

February 18, 2022

While asserting themselves as chief disruptors in the food delivery industry — fulfilling orders in 15 minutes in cities of Europe (e.g. Jiffy) and North America (e.g. Buyk) — Russian startup entrepreneurs are also penetrating neighboring segments. From urban delivery, to mobility, to local or international freight, some of them receive generous support from VCs, as illustrated by four recent deals. …

Russian entrepreneurs want to disrupt delivery, freight and mobility industries across the world Read More

Tinkoff introduces Russia’s first digital mortgage loans

February 17, 2022

Tinkoff’s mortgage loan offering is the first of its kind in Russia: the process will take place entirely online, from paperwork to credit issuance. Since Tinkoff has always been branchless, customers will not need to visit a brick-and-mortar location at any stage of the transaction, including when applying for electronic signatures.  First, Tinkoff customers will be …

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Yandex eyes $6.5 billion revenue in 2022, sharp e-commerce growth

February 18, 2022

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

Softline acquires Indian provider to strengthen global cloud service offering

February 16, 2022

Softline, a Russian-founded IT solution and service provider listed on the London and Moscow stock exchanges, is to acquire Umbrella Infocare, an Indian cloud service company. This provider offers “rich and very advanced services expertise” in Amazon Web Services (AWS) and Citrix solutions. Its team of more than 200 people has served some 250 customers across various industries, completing …

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Russian retail major Lenta completes acquisition of e-grocery pioneer Utkonos

February 11, 2022

On Feb. 1 Lenta, a major Russian retail group listed in both Moscow and London, announced it completed the acquisition of online-retailer Utkonos from Severgroup. Lenta will finance the 20 billion-ruble ($246 million) transaction by an additional issuance of its shares, which will be placed by closed subscription to Severgroup.  As reported previously, preemptive rights may be exercised …

Russian retail major Lenta completes acquisition of e-grocery pioneer Utkonos Read More

Russian e-commerce keeps growing fast: market leaders doubled sales in 2021

February 7, 2022

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

The Eastern European paradox: How a troubled region generates unicorns and decacorns

February 3, 2022

Crunchbase and East-West Digital News are teaming up to cover key tech and venture trends from Russia, Ukraine, and Belarus, with a column by EWDN Chief Editor Adrien Henni that highlights the most notable industry facts and trends across the region. “With Russia and Belarus digging themselves into domestic authoritarianism and international confrontation, a looming …

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