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Wikimart Raises $30 Million From Tiger Global And Others

Files under: News
Posted by: admin @ 00:23 [14. 03. 12]

Top 30 Russian internet company, Wikimart has raised $30 million from Tiger Global and financial investor from Russia. Tiger Global, which owns a majority stake in Wikimart, invested $18 million.The Russian online mall Wikimart.ru was valued at $50 million pre-money. As a result, Tiger Global will own 55% of Wikimart while the founders will own 23% and the Russian investor will own 15% stake in the company, according to newspaper Kommersant. The remaining 7% is part of stock option plan and business angel holdings.

Wikimart.ru, which generated a gross sales turnover of $90 million in 2011, will use new investment to set up fulfilment centers. Wikimart previously raised $12 million from Tiger Global and $1 million from business angel investors.

Founded in 2008, Wikimart is headed by the co-founders and co-CEOs, Maxim Faldin and Kamil Kurmakaev. The Russian online mall Wikimart.ru was launched in early 2009. Wikimart.ru currently has some 200,000 daily visitors.

Wikimart is chaising the leading Russian online shop OZON.ru and online shopping club & e-commerce platform KupiVIP.ru, which both raised massive rounds in 2011. OZON.ru, which raised $100 million in September 2011, recently purchased online shoe store Sapato.ru. Bessemer, Balderton and Russia Partners invested $55 million in KupiVIP.ru in April 2011.

The Russian e-commerce market, which was valued at more than $10 billion in 2011, is expected to reach $35 billion in 2015.

See a list of top 10 web startups from Russia.

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