INTERVIEW: Yandex–Sberbank JV to raise no extra invests over 2 yrs

MOSCOW, Jun 19 (PRIME) -- A joint venture of Russian Internet company Yandex and the country’s biggest bank Sberbank will not raise additional investments during the first two years, online retail platform Yandex.Market’s General Director Maxim Grishakov told PRIME in an interview published on Tuesday.

“At the current stage, the task of top management is to make sure during the first two years that we’ve truly created a significant business. When we do it, we’ll consider an initial public offering (IPO), engagement of investors or any other options. So far we leave all variants open for ourselves,” Grishakov said.

In April, Yandex and Sberbank closed the deal to create the joint venture on the basis of Yandex.Market. Beta-testing of the project under the name Beru (I Take) was started in May. The marketplace offers electronics, household appliances, goods for animals and so forth.

The joint venture will expand its assortment during 2018 and start selling foodstuff and medications, among others, Grishakov said.

The number of offered items will rise to 150,000 by the end of 2018 and then it will reach 1 million during a couple of years to come.

Yandex.Market could open automatized pick-up points in branches of Sberbank.

“Now almost a half of all buyers want to get goods at collection points. The market already has companies that do it and develop, and we cooperate with them. We’re also thinking of opening our own points where there is demand, but no such zones are present,” Grishakov said.

“We’re studying an option of opening automated pick-up points at Sberbank branches. It could be done in spots where it makes sense economically, we’re thinking of testing such practice and scaling it later.”

As to storage, the joint venture could combine several means, including the construction of warehouses, purchase or rent of facilities, the executive said.

The joint venture will launch an open beta-testing of a cross-border floor by September. “It will be a product that will enable our citizens to buy goods from abroad, from Southeast Asia and other countries. Now, it is not easy and goods travel for 50–60 days,” Grishakov said.

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