KupiVIP is set to use the funds to build out capacity and launch new products on the Russian internet market.
Apart from the existing investors, global venture companies Accel Partners and Mangrove Capital Partners, other venture companies have also taken part in the USD 55 million financing round, namely Balderton Capital, Bessemer Venture Partners and Russia Partners.
KupiVIP has 7 million registered members and has recorded a 600% growth year-on-year in terms of revenues. Russia has the largest internet market in Europe with 60 million users out of a population of 142 million.
Groupon, the US group buying site, has started offering deals through Odnoklassniki, a Russian social network owned by Mail.ru.
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