By Andrei Skvarsky.
Russia’s Baring Vostok private equity firm was the biggest investor in a recent new round of funding for CarPrice in which $40m was raised for the Russian online used-car broker.
The other investors included Almaz Capital, a Russian venture fund one of whose general partners is Charlie Ryan, a famous banker and one of the key builders of post-Soviet Russia’s banking sector, according to Baring Vostok and international information company East-West Digital News (EWDN), which focuses on Russian digital industries.
“We are very excited that the fund of Baring Vostok has become a partner for one of the fastest growing companies in Russia,” a Baring Vostok statement quoted Elena Ivashentseva, a senior partner at the private equity firm, as saying in reference to Baring Vostok Private Equity Fund V, which led the investment round.
The same statement quoted CarPrice chief executive Eduard Gurinovich as saying sales of new cars in Russia had experienced a “collapse” recently, and that “it is fairly obvious that buyers are increasingly shifting to second hand cars”.
According to an EWDN statement, CarPrice contemplates expansion to markets in Europe, Asia and South America.
CarPrice “offers instant online car valuations and inspection”, Bloomberg says.
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