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Naspers To Invest $50 Million In AVITO.ru; Merge OLX.ru And Slando.ru Into It

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Posted by: admin @ 16:53 [11. 03. 13]

The largest Russian free online classifieds site AVITO.ru, which raised $75 million at pre-money value of $300 million in May 2012, has agreed to merge with its two major Russian rivals, OLX.ru and Slando.ru, both owned by Naspers of South Africa. Naspers also agreed to invest $50 million into AVITO.ru as a part of the deal. As a result of the investment and asset contribution, Naspers will obtain a 18.6% stake in AVITO, according to newspaper Kommersant. The new investments values AVITO at ca. $570 million.

Launched in 2007, Avito.ru has 33 million unique monthly visitors. The site reported revenues of $30 million last year. Avito expanded its operations to Morocco and Egypt in 2012. The investors of Avito.ru include Baring Vostok Capital Partners, Accel Partners, Investment AB Kinnevik, Vostok Nafta and Northzone Partners. In total, Avito raised $166 million from investors.

MIH, part of Naspers, owns 29% in Mail.ru Group, the leading internet company in Russia.

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