In 2011, e-commerce revenues in Russia USD 10.4 billion have jumped by 30 percent as compared to 2010, reaching USD 10.4 billion, media outlet themoscowtimes.com has revealed.

According to the source, the significant growth is the result of an increased turnover and user base registered by e-commerce websites such as Avito.ru. Since its inception in 2007, Avito.ru provides individuals with a free market place to sell good and entrepreneurs and small business with paid-for premium services.

In 2011, the website’s income reached USD 10 million and the company expects it to triple in 2012. During the same period, commercial activities have reached USD 15 billion.

In 2010, Fast Lane Ventures, a venture capital holding, also became an active participant in the Russian e-commerce sector. Currently, the company has 15 projects in various segments, including online trading.

At the end of 2011, Russia has registered 60 million internet users.