Shoptime.ru to net USD50m from competitor KupiVIP – Rumour

Aiming to become market leader

Shoptime.ru, a Russian e-commerce site, has reportedly secured a USD50m investment from rival KupiVIP, a flash sales site backed by Mangrove, Accel, Balderton and Bessemer. According to Russian business publication Kommersant, KupiVIP is helping Shoptime expand its business, with the aim of becoming market leader in online retail. It is unclear currently whether the money is just an investment, or is part of a partnership or a buyout. KupiVIP CEO Oskar Hartmann has said previously that he believes the Russian e-commerce market will exceed USD4bn in 2015, by which time Shoptime will be able to overtake KupiVIP’s userbase of 8m.

 

Related reading

Leave a comment