MOSCOW, Nov 17 (PRIME) – Russia’s1C, Mail.ru Group, Playrix, Tinkoff Bank, Wildberries, and Yandex are among the top 100 tech challengers, according to a Boston Consulting Group (BCG) report seen by PRIME on Tuesday.
“While previous emerging-market tech leaders came predominantly from China, the current generation is much more geographically diverse, encompassing Africa, Asia, Latin America, the Middle East, and Russia. More than 10,000 tech companies have been founded in emerging markets since 2014, 47% of them outside China. Among emerging-market tech unicorns, companies valued at U.S. $1 billion or more, one-third hail from countries other than China,” BCG said.
In 2016–2019, average annual revenue of Russian companies stood at $1.8 billion compared with the top 100’s $2 billion.
BCG Managing Director and partner Ivan Kotov said that despite the slight difference in revenue, the Russian tech challengers’ growth rates are six times higher that those of the tech players of the S&P 500 index.
“They successfully work not only on the internal market, but also abroad. Their secret is in innovations, new and unexpected for competitors and traditional companies approaches, able to change not only their own but also other industries, supply chains, and markets,” Kotov said.
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