Russia’s ecommerce revolution

With more than 66 million people online, Russia, according to reports, has the largest online market in Europe, with more than 50% of the population using the internet daily. This market is estimated to increase by 20% every year, until 2018. This positive growth has created a booming tech scene and a dynamic venture market dominated by veteran local investors and tech professionals. According to research studies by Fast Lane Ventures, PwC and RVC, the online retail industry has yielded the highest volume of investment growth attracting nearly $1.3 billion in combined funding from 2010 to 2013. Investor interest continued in 2014 with online retailers Ozon raising a total of $150 million and Wikimart raising $40 million from Russian investors. This week, the biggest deal came from South African media giant Naspers when it bought controlling stake in, Russia’s leading online classifieds site, for $1.2 billion. The deal, which values Avito at around $2.7 billion, is one of the largest exits ever in the European market.
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