Mail.ru Group acquires 25% in Uchi.ru, RDIF, RCIF to be minority shareholders in online education service
MOSCOW. Dec 8 (Interfax) - Mail.ru Group, the Russian Direct Investment Fund (RDIF), and the Russia-China Investment Fund (RCIF) have invested in the Uchi.ru online education service, the companies said in a joint statement.
Mail.ru said that it has acquired 25% of the online education service for 3.75 billion rubles, with the possibility of taking a controlling stake in Uchi.ru via an option, the first of which would be an option to increase its stake to 49.5% that could be exercised at the end of 2021. Mail.ru could acquire control of the education service via call and put options in 2022-2023, the company told Interfax.
RDIF and RCIF are investing in the service in addition to Mail.ru, RDIF said. The amount of investment has not been specified, and the two funds are set to acquire a minority stake in Uchi.ru. The parties are expected to close the deal by the end of the year.
"The funds received as a result of the deal will allow Uchi.ru to expand its technological and product base. The company plans to improve and upgrade its technological platform, as well as develop interactive elements and new education products," the RDIF said in the statement.
Founded in 2012, Uchi.ru is an education platform for primary school education. The service develops its projects in Russia as well as in the United States, Canada, Indonesia, Vietnam, and other countries.
According to the SPARK-Interfax system, nine individuals have shares in Uchi.ru, with the stakes distributed among the founders of the service, Ivan Kolomoets and Yevgeny Milyutin, who own 17.11% and 20.17%, respectively, from the former president of Merlion, Alexey Sonka; as well as Vladimir Zubrilin, who owns 17.43%; Andrey Suzdaltsev, who owns 15.37%; Yuri Virovets, who owns 4.86%; Yekaterina Kashirskaya, who owns 4.85%; Yekaterina Zotova, who owns 2.3%; and Yevgeny Vorontsov, who owns 0.8%.
Mail.ru Group has specified that the acquired 25% stake would be bought out proportionally from all owners of Uchi.ru. Meantime, the founders of the service are to remain shareholders and continue to develop the platform.
In 2019, Uchi.ru had revenue of 981 million rubles, and net profit of 295.6 million rubles. Revenue of about 3 billion rubles is expected in 2020, according to Mail.ru. The company's foreign revenue by the end of the year could exceed $2 million. Mail.ru Group has been developing online education for quite some time for schoolchildren as well as specialists in order build professional skills and expertise. Specifically, the company develops the services Algorithmika, Skillbox, GeekBrains, and others.
The Russian online education market overall could triple in 2023 against 2019, thus exceeding 140 billion rubles, Mail.ru said in a presentation. Specifically, the online education market for schoolchildren, among whom Uchi.ru is the top player, is expected to triple to 38 billion rubles in 2023.
