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Yandex buys Uber out of food delivery partnership in $1 billion deal

September 1, 2021

Yandex has struck a $1 billion deal to buy out U.S. ride-hailing giant Uber from a host of the pair’s joint ventures in Russia, the company announced Tuesday.  Yandex and Uber first combined their ride-hailing businesses in 2017, with a deal to merge their operations in Russia and a number of other ex-Soviet countries. This partnership has seen the pair cement …

Yandex buys Uber out of food delivery partnership in $1 billion deal Read More

Delivery service Dostavista raises $35 million from top investors, rebrands to ‘Borzo’

February 18, 2022

Dostavista, now rebranded to Borzo, has completed an impressive Series C round, raising $35 million from a bevy of major international investors. This urban delivery service with Russian roots has been backed by the RDIF, Russia’s sovereign wealth fund (which made an early announcement about the deal in June); Mubadala, its Emirati peer; VNV Global, a major …

Delivery service Dostavista raises $35 million from top investors, rebrands to ‘Borzo’ Read More

A SPAC with Russian flavors: Nexters and Kismet complete merger

September 24, 2021

Nexters, one of the most successful Russian-founded game development companies, is going public today through a merger with special-purpose acquisition company (SPAC) Kismet. The company is traded on the NASDAQ under the new ticker symbols “GDEV” (ordinary shares) and “GDEVW” (warrants). The Kismet SPAC which just merged with Nexters closed its $250 million NASDAQ IPO in …

A SPAC with Russian flavors: Nexters and Kismet complete merger Read More

Russia imposes record fines on Western digital giants for violating personal data and antimonopoly laws

August 27, 2021

In the latest move of a long saga, a Moscow court fined yesterday three US digital companies for violating the country’s personal data storage legislation.  Facebook and Twitter were fined 15 million rubles (some $200,000 at the current exchange rate) and 17 million rubles ($230,000), respectively, for repeat infractions, while WhatsApp will have to pay 4 million …

Russia imposes record fines on Western digital giants for violating personal data and antimonopoly laws Read More

Yandex launches grocery delivery service in Paris

September 11, 2021

Yandex, the NASDAQ-listed Russian digital giant, yesterday announced the launch of its express grocery delivery service in Paris. “Leveraging its own advanced technologies and backed by its unique and vast expertise and experience in the e-grocery market. Yango Deli has started operating with four warehouses (also known as ‘dark stores’), which will cover approximately 1 million …

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Rostec creates 5G subsidiary to diminish Russia’s reliance on foreign equipment

August 21, 2021

Rostec,  a state-owned conglomerate covering a wide range of technologies, including military ones, has established a company dedicated to supply 4G, 5G and 6G equipment on the national market. Dubbed ‘Specter,’  the company will aim to organize the “cooperation” of Russian equipment makers in technical and production terms, reports business daily Kommersant. In November last year the …

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US investor Calvey appeals Russian embezzlement conviction

September 3, 2021

American investor Michael Calvey has launched an appeal against his controversial conviction on embezzlement charges, the state-run RIA Novosti news agency reported Thursday. “The court has received an appeal by Michael Calvey’s defense lawyers,” a representative of Moscow’s Meshchansky district court told the news agency. The appeal is the latest twist of a legal saga that has …

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Ozon targets one-third of booming Russian e-commerce market

August 21, 2021

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 …

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St. Petersburg startup makes handbags, fashion accessories and items of home decor from 99% repurposed plastic

August 19, 2021

Three enthusiasts and an old garage is all it took to make a plastic-processing machine and then launch 99recycle, a brand that is now renowned across St. Petersburg for its handbags, fashion accessories and items of home decor made from processed plastic and textiles. The story of how it happened told by the brand’s co-founder Anton Rykachevsky …

St. Petersburg startup makes handbags, fashion accessories and items of home decor from 99% repurposed plastic Read More

Facebook report: Russian groups spread disinformation about Western covid vaccines

August 12, 2021

In its July 2021 “Coordinated Inauthentic Behavior Report,” Facebook announced that it banned 63 Facebook accounts and 243 Instagram accounts for spreading disinformation about Western coronavirus vaccines. The flagged content included various memes about the supposed dangers of COVID-19 shots, especially AstraZeneca, and numerous comments posted elsewhere in English, Hindi, Spanish, and Portuguese. The disinformation …

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Aviasales.ru secures $43 million from Elbrus Capital and iTech Capital funds

August 21, 2021

Aviasales.ru, a leading search engine for flights and hotel bookings, has attracted $43 million from Elbrus Capital and iTech Capital, two PE/VC firms with Russian roots. The latter had already invested $10 million in the company seven years ago, in 2014. The latest capital injection — which is sizable by Russian standards — will help the company launch new …

Aviasales.ru secures $43 million from Elbrus Capital and iTech Capital funds Read More

Russian court finds Baring Vostok’s top managers guilty of embezzlement, Calvey and Delpal receive suspended sentences

August 15, 2021

On Friday, Aug. 6, more than two and a half years after its beginning, a high-profile case emblematic of the rule of law in Russian business life came to a decisive development. American Michael Calvey, French Philippe Delpal and their Russian colleagues of the Baring Vostok managing team were found guilty by a Moscow court. …

Russian court finds Baring Vostok’s top managers guilty of embezzlement, Calvey and Delpal receive suspended sentences Read More

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