Russian e-commerce company Goods expects to receive 2.5 billion yuan in investment

SberBank said in a statement that it intends to acquire 85% of the shares of Goods, an integrated e-commerce platform under the M.Video-Eldorado Group. Currently, M.Video-Eldorado holds 80% of Goods' shares, and the remaining 20% ​​is held by Goods' founder Alexander Tynkovan.

It is reported that the Goods website is valued at about 10 billion rubles. SberBank will spend 30 billion rubles to acquire and develop Goods and integrate it into the SberMarket, SberLogistics, SberEapteka, Samokat and other ecosystems.

This is not the first attempt of SberBank to enter the e-commerce market. In 2018, SberBank and Russian Internet company Yandex established a joint venture and launched an e-commerce platform Beru. However, two years later, the two partners parted ways, and Yandex bought its shares in Beru from SberBank for 42 billion rubles.

Earlier this month, it was reported that SberBank was interested in acquiring Citilink, a Russian 3C product e-commerce company under the Merlion Group, for $1 billion. Now that it is acquiring Goods, SberBank seems determined to "make a big move" in the Russian e-commerce market. Mikhail Burmistrov, CEO of INFOLine, said that the acquisition of Goods will make Sberbank more competitive in the Russian e-commerce market.

Goods was founded in 2016 and fully launched in July 2018. The platform's product categories include household appliances, children's products, pet products, electronic products, sporting goods, furniture, clothing, shoes, etc., with 1.6 million products, and its annual turnover in 2019 was 6 billion rubles.

Goods official website

According to Data Insight , Goods ranked 26th in online sales in Russia in 2019. Mikhail said that Goods' turnover in 2020 more than tripled from 2019 to 12.1 billion rubles.

Fyodor Virin of Data Insight said that it is difficult for medium-sized e-commerce companies like Goods and Ozon to gain a foothold because they do not have enough funds to purchase traffic . As the largest state-owned commercial bank in Russia, SberBank already has a huge user base. After the successful acquisition, with the support of SberBank's traffic and ecosystem, Goods is expected to continue to grow three to four times in size.

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