German HelloFresh has acquired a 10% stake in Russian ready-to-cook meal delivery service Chefmarket for an undisclosed amount of "several million euros", RBC business portal reports.
Previously in 2017 the Moscow-based food delivery startup secured $3.5mn from Mitsui & Co, just one year after the Japanese corporation led a previous $1.5mn round.
HelloFresh was founded in Germany in 2011, and made over €3.7bn in revenues in 2020, out of which €2bn came from its largest US market with 30.7mn orders out of total 60.3mn. The company commented that Russian foodtech market is the largest in Europe and fifth in the world in terms of households.
The new investment from HelloFresh will be used to expand the scale of Chefmarket and launch new products. In 2020 Chefmarket delivered 3.6mn meals.
Chefmarket offers home delivery of food products based on recipes from renowned Russian and Western European chefs. Along with groceries, Chefmarket customers receive step-by-step photo instructions. A subscription offer allows customers to select three or five meals to be delivered weekly.
The service was founded by Sergei Ashin in 2012 and currently operates in Moscow, St Petersburg, Nizhny Novgorod and adjacent areas. The company almost doubled its revenues in 2020 to RUB1bn ($13.7mn), making a profit of RUB0.18mn.
Related Articles
Renewables could power 80% of data centres, Goldman Sachs says
Renewables can supply the vast majority of power required for the growing demand of energy needed to operate data centres, research by Goldman Sachs published on January 23 revealed. Power demand ... more
Tajikistan jails editor-in-chief of independent publication for 10 years on “trumped-up” charges
The editor-in-chief of Paik, the only independent publication in Tajikistan’s southwestern Khatlon region, has been sentenced to 10 years in prison, Radio Ozodi ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
13 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago