Central regions | Finance, business | Technology & innovation
Russian state fund backs online hypermarket of children’s goods
8 Sep '14
The Internet Initiatives Development Fund (IIDF), a Russian government program set up to support Internet projects, is injecting just under $3m in Babadu, a Russian online hypermarket of children’s goods, Cnews.ru reported.
It is a second financing round for the fast-growing Babadu team. It earlier received an investment of “several million dollars” from Target Ventures, a VC fund.
The IIDF funding will reportedly be funneled to spur the further development of the Babadu business, including a broader marketing campaign to expand its client base and an improvement of the company’s operational efficiency. Babadu expects to achieve the latter by upgrading and optimizing its software that supports warehousing and sales.
According to IIDF, the current support will “pave the way for building a player worth a few hundred million dollars.”