Baring Vostok Investment Fund is going to invest $ 15 million in Eruditor Group
Baring Vostok, a large investment fund, intends to invest 15 million US dollars in the group of Internet companies Eruditor Group (“Your tutor”, “Infodoctor”). It is worth noting that over the past few months, investors have become quite active in the field of online education. So, just last week, investors from CapMan Russia II and Russia Partners Technology Fund invested about $ 10 million in the growing Russian startup Maximum Education, which helps users prepare for exams.
By investing $ 15 million in the Eruditor Group, Baring Vostok becomes a co-owner of the group. Even by the standards of the Western market, $ 15 million is a major investment, and it has been preparing for more than one week. According to some sourcesThe deal has been in preparation for the past year. At the same time, the ruble fell strongly on the deal. So, last year the Eruditor Group was going to sell its stake in the company much more expensive. But after the United States and the EU imposed sanctions, with the subsequent depreciation of the ruble against the dollar, Western investors refused the deal. Now Baring Vostok gets a large share in this group of companies. According to some reports, Baring Vostok receives 25% of the Eruditor Group.
Currently, the Eruditor Group owns 8 online projects, the largest of which are “Your tutor” and “Information Doctor” (allows users to choose a doctor and make an appointment). They have invested in the Eruditor Group repeatedly: since 2011, the group has received more than 14 million US dollars. According to representatives of the Eruditor Group, the company is profitable.
According to Anton Inshutin, managing partner of InVenture Partners, so far only online education service brings money to the company. Nevertheless, other company resources continue to increase the user base and increase profitability. The total revenue of the Eruditor Group for the month now is 40-50 million rubles per month. “The growth of a service for recruiting tutors can slow down, but there is a huge potential for growing an online record in beauty salons and a home care service,” says Dmitry Petrukhin, general director of the DocDoc doctor search service, competing with InfoDoc. In turn, Anton Ishutin expects growth in the company's total revenue to 1 billion rubles.
Now the user base of the DocDoc doctor’s appointment service is also growing (the main competitor of the Infodoctor, Eruditor Group service. Last year alone, the referral grew by 480%. Now, according to RBC.research, about 20% of patients in Moscow clinics are making an appointment via the Internet This year, a similar indicator should reach 27%.