The Russian mobile phone retailer Egrad (Цифроград), which holds 10% market share in handset retail sales, raised $16.7 million from a group of existing and new investors. The deal was organized by an existing investor Russian Funds and consultant Advanced Research.
Founded in 2003 by mobile phone and consumer electronics distributor Severen, Egrad has over 1,400 retail outlets in Russia, including over 800 outlets under franchise. The company reported revenues of ca. $800 million in 2007.
In April 2007, Russian Funds invested over $7 million for a 40% stake in Egrad.