News

Oleg Tinkov teams with Goldman Sachs to invest in online advertising and mobile

June 26, 2012

Russian businessman Oleg Tinkov last week announced the launch of Tinkoff Digital, an Internet company that will develop new technologies and products for the online and mobile advertising markets. Goldman Sachs will join Tinkov as a co-investor and shareholder in the business at an undisclosed share split. Tinkov and Goldman Sachs will initially invest approximately …

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Intel joins Russia’s ERA-GLONASS crusade for road safety

June 25, 2012

Intel Software, an Intel subsidiary and a new Skolkovo resident, has announced plans to develop an intelligent automotive system supported by ERA-GLONASS-based open software platform services. The endeavor calls for the development of a hardware-software solution integrating ERA-GLONASS, a real-time satellite-based infrastructure service that takes full advantage of Russia’s GLONASS satellite positioning system and was …

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Single innovation database to be set up in Russia

June 22, 2012

Three state-owned financial organizations – the Russian Venture Company (RVC), Vnesheconombank (VEB) and the Fund of Infrastructure and Educational Programs of Rusnano – have joined with the International Bank for Reconstruction and Development (IBRD) in signing a memorandum of understanding to create an online database for innovative projects across the country, the RIA Novosti agency …

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eBay to strengthen presence in Russia

June 21, 2012

Demonstrating the growing importance of the Russian market, eBay is opening a representative office and subsidiary in Russia under the name eBay Marketplaces. The US giant will be represented by Vladimir Dolgov, previously Country Manager for Google and a former General Manager at Ozon.ru, a leading online retailer. The news was reported by the Russian business …

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KupiVip raises $38 million from leading Western funds

June 21, 2012

KupiVip Holding, the owner of the largest online fashion shopping club in Russia, has raised $38 million in a Series D funding deal led by Intel Capital, with new investment from Acton Capital Partners and the European Bank of Reconstruction and Development. Historic investors Accel Partners and Balderton Capital also participated in the round. KupiVip’s …

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MTS eyes acquisitions in Europe

June 21, 2012

MTS, a leading mobile operator and telecom provider in Russia and the CIS, is considering acquisition opportunities among European assets that have suffered in the crisis, said MTS investor relations officer Josh Tulgan in an exchange with Bloomberg yesterday. “You can characterize some assets in Europe as borderline distressed. Obviously, we look at opportunities,” though …

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MallStreet.ru sees sales grow 5-fold in one year, secures $1 million in second-round financing

June 20, 2012

MallStreet.ru, a Russian online retailer that until recently had remained under the radar, has just secured $1 million from investors in its second round of financing in less than a year. Neither the site’s valuation nor the investors’ identity were disclosed, but Mallstreet CEO Dmitry Shashkin told East-West Digital News that French business angel Fabrice …

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New online retailer association at war with gray commerce and marketplace’s influence

June 20, 2012

Twelve major Russian online retailers have founded the ‘Association of Internet Commerce Companies’ (AKIT in Russian), with the aim of combating market opacity and distortions as well as of “guaranteeing users’ security and trust.” The association has opened hostilities against ‘gray’ e-retailers, those who avoid taxes in order to sell cheaper and maximize their profits. …

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KupiVip.ru confirms plans for IPO in New York “within 2 years”

June 19, 2012

KupiVip’s CEO Oskar Hartmann confirms plans to hold an IPO in New York “within two years,” Reuters reported yesterday. “We have already made quite good progress and [an IPO] is likely. We need to grow to reach the size [of business] that allows us to do a round of $120 million or more,” Hartmann told reporters. …

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