‘Booking.com of Russia’, Oktogo.ru has raised $10 million from VTB Capital, investment arm of Russia’s leading banking group VTB Group. According to newspaper Kommersant, VTB Capital obtained one-third of the company’s equity capital, valuing Oktogo.ru at $30 million post-money. Oktogo‘s hotel booking sales are expected to reach $30 million in 2012. The Russian online hotel booking market is forecasted to triple to $3 billion by 2015.
Launched in 2010, Oktogo.ru raised $5 million from Mangrove Capital Partners and Ventech in early 2011. Oktogo.ru is headed by founder and CEO Marina Kolesnik. St. Petersburg-based Oktogo recently partnered with travel meta-search Momondo and hotel review site TripAdvisor in Russia. Oktogo.ru offers hotel booking at over 140,000 hotels worldwide including over 2,000 hotels in Russia.
VTB Capital previously invested in EPAM Systems and aiHit.