Page 138 - RusRPTOct22

global food security.
9.1.7 TMT sector news
The nascent Russian crowdfunding market is slowing down due to the combination of an outflow of specialists, the “partial” mobilisation shaking up the IT sector, risk-averse investors and the general reluctance to invest and expand the business, Kommersant daily reported citing market sources. As followed by bne IntelliNews, prior to the military invasion of Ukraine the Russian equity market was going through an IPO boom, in part fuelled by the retail investment revolution.
Russia’s top three e-commerce operator Ozon Holdings is expected to maintain 2Q22 profitability gains going further, with the changing operating environment due to Russia’s military invasion of Ukraine not hurting the business, BCS Global Markets wrote on September 12 after a meeting with analysts held by the company.
As covered by bne IntelliNews, in 2Q22 Ozon broke even on adjusted IFRS EBITDA thanks to improved efficiency. The company’s gross merchandise value (GMV), including services, reached RUB170.6bn ($2.85bn), with year-on-year growth decelerating to 92% from 139% in 1Q22.
138 RUSSIA Country Report October 2022 www.intellinews.com