Page 15 - bne_Tech_09_2019

Investment
September 2019 www.intellinews.com I Page 15
Reportedly, now the first deputy chair of Sberbank Lev Khasis converted his share in Instamart to the share in SBT Venture Fund II, controlled by Fond Ross. The size of the share of the amount
of the deal was not disclosed, but Instamart's value is currently estimated at RUB1.8bn ($28mn) by Vedomosti's sources.
Instamart was founded in 2013 by former analysts of Sberbank Pyotr Fedchenkov, Dmitry Zhulin, and Andrei Zhulin. The service allows ordering groceries from retailers such as Metro Cash & Carry, or Auchan, similar to the US service Instamart.
The company has RUB1bn orders in 2018 and made net revenues of RUB200mn. Apart from
Khasis who got 30% stake in the start-up, other investors included Qiwi electronic payment system, Mail.ru Group internet major, former head of Dixy retailer Ilya Yakubson, Gazprom Media Partners, and others.
Notably, the involvement of both Mail.ru and Sberbank could indicate that Instamart is poised to be included in the recently announced partnership between two majors on developing food delivery and transportation segments.
Sources told Vedomosti daily that swapping the shares away from Khasis eliminated the conflict of interest that would allow the further development of a partnership with Sberbank.