20 most expensive companies Runet: rating Forbes – Forbes Russia

In December 2015 Naspers Fund completed the acquisition of 50.5% stake Avito. The company, established in Russia by two Swedish entrepreneurs, taking into account the debt was estimated at $ 2.7 billion. Does this mean that all boards can now count on the same multiples in assessing? Not at all.

The fund iTech Capital noted that the prospect of the industry is no longer a decisive factor for investment decisions. The focus shifted to the effectiveness of a particular company, its performance, achievement, business model, team – anything that allows more thorough approach to risk assessment.

As we consider

^{data revenue (excluding VAT) are provided by the companies themselves. In other cases, it provides an assessment obtained by interviewing market participants and analysts. We took the company has initially counted on the business on the Internet, created in Russia or mainly operating in the Russian market. In this project, there are no companies from fast-growing sphere finteha business model which strongly distinguishes them from other participants. The capitalization of public companies is given according to the stock exchange on February 1, 2016. All other figures on the cost – expert assessment of Forbes. For each company, they are calculated based on multiples of peers, trades, scores of venture capitalists. Thank you for consulting experts iTech Capital, UFG, InVenture Partners, Genesis Technology Capital, Maxfield Capital, Prostor Capital, Almaz Capital and Venture Angels.}

«Money is not to those who simply create something interesting and promising, and those who fundamentally changes the industry”, – analyzes notable transactions, Alexei Solovyov, Managing Director of Prostor Capital. Avito bypassed absolute monopoly in personal ads – the company “Hand in Hand” – just due to the new business model. Baring Vostok Fund this year invested in a service for buying used cars CarPrice (in the same round of Almaz Capital has increased its stake) and mapping service 2GIS (with fund ru-Net Leonid Boguslavsky). Both companies offer the market new models

Maxim Shekhovtsov, managing partner of Genesis Technology Capital, believes that the situation with the ruble exchange rate can be perceived with optimism. “As never profitable to invest in companies with product development in Russia” . However, an important factor for investors becomes the presence of revenue in hard currency. The same 2GIS, for example, operates in Cyprus, Padua, Venice, Prague, Santiago and Dubai.

If you look at the biggest rounds of venture capital financing, not only in Russia, you can see the obvious trend of displacement of interest from a business online only to services that help to link offline with online, so-called online-to-offline, – this is Uber, and Gett, and Airbnb, and Food Panda, and Instacart. “If earlier such models were limited to just a message board, the trend in recent years – is to get transactional commissions, which allows to move from classic online advertising revenue to divide more offline pie. After all, as the main markets are offline, so for a long time there and will remain, “- says Eugene Timko, investment director InVenture Partners.

Alex Tuknov, chief investment Maxfield Capital, notes that at the forefront of business model, focused on flexible and less costly ways of providing services, the reduction of inefficient idle resources. “New solutions come in stagnant in terms of digital innovation industry”, – he predicts.

So that investment in Internet companies will be accurate. And “Exit” from the business, too. Not least because the market is consolidating and larger players will buy smaller ones. Unless, of course, they work effectively.

In our rating should have been at least two other companies. Why are they not? Telegram Messenger, who in Russia began to create Pavel Durov’s team evaluated does not make sense – the founder of Mashable in an interview said that the foreign investors in the messenger and never will be. A holding company Rambler & amp; Co did not disclose financial figures – those who are aware, connected by a confidentiality agreement, and the evaluation of available information at odds at times, given the diversity of the company’s assets. We felt it more appropriate to not evaluate it at all.

Cost: $ 4.7 billion

Year of foundation : 1998

Website: mail.ru, vk.ru, ok.ru

figure: 37 % of ads in the mobile ad network MyTarget, which launched in the spring of 2015 the group placed the company in China.

Dmitry Grishin, co-founder and CEO, owns 1.84% of the company.

Mail.ru Group for the first time became the most valuable company you’ll ever need, ahead of the permanent leader, “Yandex”. Despite the crisis, mobile advertising, and advertising segments in social networks continue to grow. Revenue “VKontakte”, which the group has consolidated in 2015, has grown over the first three quarters by 41.2%. Monetizing social networks, not only through advertising – in the “Classmates” option was added to money transfers between users (joint project with VTB24). And, importantly, it makes the company not only in Russia in the autumn of her game Armored Warfare published in four languages, just one month after launch in Russia.