Support The Moscow Times!

Ostrovok.ru Gets $25M

Russian Internet hotel booking service, Ostrovok.ru, has secured $25 million in investments from a group of partners, including a co-founder of internet group Mail.ru, in what could be the biggest such deal in Russia's online travel industry.

"All the money raised in this round of financing will be sent for further development of the company," the company said in a statement.

Apart from Yury Milner, a co-founder of Mail.ru, the group of investors includes Steve Hellman, the head of the Credit Suisse Russian unit.

Online hotel booking is a fast growing business in Russia. According to consultancy firm J'son & Partners, overall turnover in Russia's tourism and services sector rose 14 percent last year to more than 1 trillion rubles.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.