RCIF and SberInvest to invest RUB1.6 bn in Eruditor Group
Eruditor Group owns Profi and Zoon services
Saint-Petersburg, June 4, 2021 – The Russia-China Investment Fund (RCIF, established by the Russian Direct Investment Fund and China Investment Corporation) and SberInvest announce an investment of RUB1.6 bn in Eruditor Group holding, owner of the leading Russian professional services marketplace Profi and Zoon information service.
The announcement was made on the sidelines of St. Petersburg International Economic Forum.
The investment is structured as a syndicated venture loan, with several investors participating, and is the first of its kind to be implemented on the Russian market. Russian technology companies are interested in venture loans, serving as an alternative solution for financing fast-growing businesses.
Profi enables professionals to search for customers and users to find qualified specialists in multiple sectors, including tutors, repair and beauty professionals, sports coaches, etc. In total, more than 1.5 million specialists are registered on Profi in 900 service areas.
Zoon is a service that provides consumers with information about various places and organizations in the tertiary sector and helps businesses to promote themselves. Zoon’s website is visited by 15 million people every month.
The funds attracted from RCIF and SberInvest will be used to develop existing and new products and services, as well as to expand the business into foreign markets such as CIS, China, India, USA, Canada and others.
Anatoly Braverman, First Deputy CEO of the Russian Direct Investment Fund (RDIF) and Co-CEO of the Russia-China Investment Fund, said:
“The digitalization of the economy provides consumers with simple and convenient access to a variety of services and we expect the client base of Eruditor Group to expand further. The company's platforms are already among the leaders in their segments, with the services being used by millions of people. The investments we are announcing today are aimed at developing the business of the Eruditor Group, through offering new services, as well as supporting the international expansion of the company and allowing it to compete in the largest markets.”
Oscar Ratsin, Vice President of Sberbank and Chairman of the Board of Directors of Sberbank Investments LLC, commented:
“Russian companies from new digital economy are demonstrating high growth rates, offering innovative services to users. Eruditor Group has integrated the digitalization of the consumer and business services. We expect the joint investment with RCIF to help Eruditor Group to become an industry leader and contribute to its successful development abroad. The flexible structure of venture financing will provide management with an opportunity to focus on the further development of services and help to synchronize the interests of the company and its investors."
Russia-China Investment Fund (RCIF) is a private equity fund established jointly by RDIF and CIC that aims to generate competitive returns by investing in projects that advance bilateral economic cooperation between Russia and China. Further information can be found at www.rcif.com
PJSC Sberbank is Russia’s largest bank and a leading global financial institution. Holding almost one-third of aggregate Russian banking sector assets, Sberbank is the key lender to the national economy and one of the biggest deposit takers in Russia. The Government of the Russian Federation represented by the Ministry of Finance of the Russian Federation is the principal shareholder of PJSC Sberbank owning 50% plus one voting share of the bank’s authorized capital, with the remaining 50% minus one voting share held by domestic and international investors. Sberbank has customers in 18 countries. The bank has a major distribution network in Russia with about 14,000 branches, while its international operations – subsidiary banks, branches, and chapters – include the UK, US, CIS, Central and Eastern Europe, India, China, and other countries. It holds general banking license No. 1481 dd. August 11, 2015, from the Bank of Russia. Official websites of the bank: www.sberbank.com/ru (Sberbank Group website), www.sberbank.ru/ru/person. In 2020, Sberbank underwent a rebranding, offering financial and non-financial services of the bank and Sberbank Group to individual and corporate customers. Today, the Sber ecosystem is a raft of services for life and daily assistance in handling pressing everyday issues for individual customers and businesses. The Sber ecosystem website: www.sber.ru/new.
Sberbank Investments LLC is a 100% subsidiary of Sberbank. Key area of activity is providing corporate customers with additional investment funds to develop their business using stock and mezzanine instruments.
For additional information contact:
Russian Direct Investment Fund
Director for External Communications
Mobile: +7 915 312 76 65
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133