Elbrus Capital

Elbrus Capital is a private equity and venture capital firm based in Moscow, specializing in investments in early-stage, middle-market, and growth-oriented companies primarily in Russia and the CIS region. With a focus on sectors such as digital services, consumer goods, outsourcing, and healthcare, the firm aims to support businesses seeking significant growth and consolidation opportunities. Since its inception in 2007, Elbrus Capital has made over 90 acquisitions, investing between $30 million and $100 million in companies valued at $50 million to $100 million. The firm typically seeks significant minority stakes or controlling interests in its portfolio companies, which span various industries, including technology, media, and consumer services. Elbrus Capital's investment horizon generally ranges from three to seven years, emphasizing partnerships with ambitious entrepreneurs to enhance business development.

Irek Akhunianov

Private Equity Associate

Dmitry Antipov

Partner

Mikhail Bekker

Director

Ilya Brovin

Director

Maxim Golubkov

Senior Associate

Nail Khabibullin

Investment

Kirill Kondratyev

Associate

Evgeny Koudryavtsev

Director

Dmitri Krukov

Co-Founder & Senior Partner

Valentin Mashkov

Partner

Sergey Panarin

Associate

Alexander Savin

Senior Partner and Co-Founder

Yan Stirmanov

Analyst

Alexey Voronin

Associate

Past deals in CIS

Breffi

Venture Round in 2021
Operator of an omnichannel pharma marketing platform intended to promote pharmaceutical brands via remote and digital channels. The company uses approaches based on dynamic data analysis, automation of communication processes with the target audience and the use of its own IT platforms, enabling the pharmaceutical market to get all kinds of digital needs for their promotion.

Rubbles

Venture Round in 2021
Rubbles is a leading Russian IT company specializing in developing solutions for optimizing key business processes of large businesses based on processing large data sets.

Aviasales

Series B in 2021
Aviasales.ru is an online airline ticket search portal based in Russia, renowned as the largest travel metasearch engine in the country. It assists consumers in finding affordable flights and hotel accommodations both domestically and internationally. With the advent of e-tickets, Russian travelers have increasingly turned to Aviasales for their flight bookings, eliminating the need to visit airline offices. Additionally, the platform aggregates hotel listings from approximately 30 online travel agencies, enhancing users' ability to secure economical lodging options. Aviasales also offers B2B travel technology solutions, including travel payouts and analytics services through its Aviastats platform. In English- and German-speaking markets, the company operates under the name JetRadar.

Banki.ru

Private Equity Round in 2020
Banki.ru, according to all rating systems in Russia, is the number one bank information website which is profitable and growing rapidly. The Company was founded in 2005. Today, the Company focuses on building a database for deposit information, mortgages, credit cards, consumer loans, car loans, business loans and others. This is the key value proposition for the visitor as he does not need to search different websites but can find all the information he needs in one place. Users can send a request for all types of loans to the bank through the Banki.ru. The database is regularly monitored and updated every month. Banki.ru gives an opportunity to the visitors to write reviews about banks - Public Rating of Banki.ru, popular among Russians, consists of 30,000 clients' reviews. Banks in their turn quickly respond to the customers complaints in Public Ranking, solve their problems and answer the questions by means of Hot lines. Audience of Banki.ru is equal to over 1 million unique visitors per month. About 150-200 Russian banks place an advertisment on Banki.ru per year. In 2010 Russian investment fund Finam Capital invested Banki.ru, but its original founders still have a majority interest. In 2011 Banki.ru aquired Ukrainian site Banki.ua The auditor of the Company is Grant Thornton Russia.

YCLIENTS

Series A in 2019
YCLIENTS is a cloud-based scheduling and business management software for local service businesses. Online scheduling allows an owner access to information about business work activity anytime and from anywhere. And it automatically forms customers database with future sending marketing messages.

Active Component

Series B in 2018
Acticomp is one of the few domestic manufacturers of active pharmaceutical substances in the Russian market. They have been successfully working on the market for more than 10 years, and during this time the image of a bona fide manufacturer and reliable partner has been firmly established for us.

Chefmarket.ru

Series A in 2016
Chefmarket.ru is a leading meal kit delivery service in Russia, providing customers with everything needed to prepare delicious home-cooked meals. The service offers weekly deliveries of fresh ingredients along with easy-to-follow photo recipes, ensuring that customers can enjoy a variety of meals without the hassle of meal planning. Subscribers receive curated meal options, while non-subscribers can try the service with a trial delivery. Chefmarket.ru collaborates with prominent chefs and culinary magazines to enhance its offerings. The platform simplifies cooking at home, making it accessible and enjoyable for all.

Moscow Brewing Company

Acquisition in 2016
Moscow Brewing Company is a beer and soft drinks manufacturer with annual sales of over 16 million hectolitres with leading market positions in Russia, and international beer and soft drinks markets. Product portfolio comprises several dozens of mainstream and craft beer brands, including Zhiguli and Khamovniki.

CIAN Group

Acquisition in 2015
Cyan - this is the most convenient way to search for property or exact address on a map, taking into account all the parameters of interest to you. If you need to rent an apartment - you can use the base CIAN.RU! It is thousands of actual announcements of sale or rental of real estate in Moscow and across Russia, the new ads appear every day. Buy an apartment in Moscow - just as housing is proven to CIAN.RU!

HeadHunter

Acquisition in 2014
HeadHunter is an online recruitment platform established in 2000 and based in Moscow, Russia. It operates in several countries, including Russia, Ukraine, Belarus, Kazakhstan, Azerbaijan, Lithuania, Latvia, and Estonia, focusing on connecting job seekers with employers. The platform offers employers and recruiters paid access to a comprehensive CV database and a job postings service. Additionally, HeadHunter provides a range of services to both job seekers and employers, facilitating the recruitment process through its desktop sites, mobile sites, and applications. The company aims to streamline the hiring process by offering tools and resources that support both parties in finding suitable employment opportunities.

Intercomp Global Services

Acquisition in 2013
Intercomp Global Services is a leading BPO provider in EMEA, and pioneer in the CEE and CIS regions. We offer extensive expertise and experience in accounting, HR administration and, in particular, payroll services. Clients from all industries have relied on Intercomp Global Services since 1994 for standardized multi-country payroll services. Delivering to over 500 clients (mostly Fortune 1000) varying from 1 to 14,000 employees across 25 countries and growing. We bring peace of mind, efficiency and cost savings to our clients with our centralized payroll model and platform.

B2B-Center

Private Equity Round in 2013
B2B-Center is the operator of a major e-procurement marketplace in Russia. B2B-Center platform enables businesses both to sell and purchase products and services, thus extending sales channels for suppliers and improving sourcing and procurement efficiency. Daily contracts value on B2B-Center is between USD $70-300 mn, with an average transaction amount of USD $200,000. As of today, more than 80% of the business sector's e-trade in Russia takes place on B2B-Center, of which the clients are over 343,000 companies from nearly 100 countries.

OSG Records Management

Acquisition in 2013
OSG Records Management specializes in document storage and management solutions, serving a diverse range of clients across various industry sectors for over 40 years. The company offers a comprehensive suite of services, including document storage, archiving, electronic archiving, and confidential document destruction. By utilizing encrypted systems, OSG enables organizations to manage their documents more efficiently and securely. With a focus on both archival and commercial needs, OSG provides tailored solutions that enhance document handling and ensure compliance with regulatory requirements.

PickPoint

Acquisition in 2012
PickPoint, Ltd. provides pick-up and delivery service for online orders from post offices. It caters to the e-commerce market. the company offers its service through an application. PickPoint, Ltd. was founded in 2010 and is based in Moscow, Russia.

SPSR-Express

Private Equity Round in 2012
SPSR-Express is a company that provides express mail services within the Russian Federation and internationally, focusing on the delivery of documents, mail, consignments, and cargo. Founded in 2001 and based in Moscow, the company offers a variety of services, including direct mailing, customs clearance, and specialized delivery using custom vehicles. SPSR-Express also develops tailored solutions to meet the specific needs of its clients, including those in remote trading. The company operates through multiple branches and representative offices across Russia and has been a subsidiary of DPD in Russia since May 2017.

SPSR-Express

Acquisition in 2012
SPSR-Express is a company that provides express mail services within the Russian Federation and internationally, focusing on the delivery of documents, mail, consignments, and cargo. Founded in 2001 and based in Moscow, the company offers a variety of services, including direct mailing, customs clearance, and specialized delivery using custom vehicles. SPSR-Express also develops tailored solutions to meet the specific needs of its clients, including those in remote trading. The company operates through multiple branches and representative offices across Russia and has been a subsidiary of DPD in Russia since May 2017.

National Medical Network

Acquisition in 2012
National Medical Network operates a network of private clinics and diagnostic centers across Russia, managing 27 facilities in five cities. The company employs a buy-and-build strategy to expand its presence in the healthcare sector. It focuses on providing comprehensive healthcare services, including medical examinations and health surveys for employees, thus enabling employers to address their workforce's health needs effectively. National Medical Network combines skilled professionals in finance, sales, marketing, information technology, and human resources with advanced medical technologies to enhance operational efficiencies within its clinics. By offering financial support and leveraging modern management practices, the company aims to improve healthcare delivery in local markets.

Blesk InCare

Acquisition in 2011
Blesk InCare is a leading textile rental service company and contract laundry processor for linen used in hotels, restaurants, hospitals and a wide range of industries and organizations. Beside that, Blesk InCare is the biggest dust control mat service provider in Russia. They run six industrial laundries in Russia and Ukraine

UNITED CATERING GROUP

Acquisition in 2011
UCG is a catering business, servicing business centers and industrial sites across 90 locations in Russia.

STRELA Telecom

Acquisition in 2010
Strela Telecom provides broadband internet and cable TV services.

Mail.ru Group

Private Equity Round in 2007
Mail.ru Group was founded by Yuri Milner and is the largest Internet company in the Russian-speaking world. It is one of the largest Internet companies in Russia, and the world's seventh largest Internet business in terms of page views. Mail.ru Group operates two of the three largest Russian language social networking sites (Odnoklassniki.ru and Moi Mir@Mail.Ru), the two largest instant messaging networks in Russia (ICQ and Agent), Russia's leading email service, Russia's second largest Internet portal and Russia's largest online games company. Mail also holds strategic equity stakes of 32.49% in vKontakte, Russia's largest social networking site, and 25.09% in QIWI, formerly OE Investments, one of Russia's leading payment-processing companies. It also holds small minority stakes in Facebook, Zynga and Groupon.

Vyberi Radio

Acquisition in 2007
Vyberi Radio OOO is a regional group of radio broadcasting stations based in Moscow, Russia. Established in 2006, the company operates multiple radio stations and is a subsidiary of UTH Russia Limited. Vyberi Radio focuses on providing diverse programming to cater to various audience preferences within the region.

UTV Holding

Acquisition in 2007
UTV Holding is one of the fastest growing companies in the Russian telecom industry. Operates two national Free-To-Air TV channels U Channel and Disney Channel Russia, cable channel MuzTV and a group of 98 owned and operated regional TV stations in Russia.