Potanin buys Auto.ru

Entrepreneur Vladimir Potanin's fintech group T-Technologies is expanding its presence in the digital automotive market. The company is acquiring the vehicle platform Auto.ru from technology group Yandex for around 35 billion roubles (around 380 million US dollars). The transaction had already been expected: T-Technologies had been considered the leading interested party for weeks, although other major market players had also signaled interest. The purchase was financed by borrowed capital. Strategic expansion in the automotive sector With the takeover, T-Technologies is pursuing one goal in particular: the expansion of its car loan business. The Auto.ru platform offers an attractive basis for this, as a significant proportion of vehicles sold in Russia are advertised there. Industry observers see the purchase price as an ambitious valuation. At the same time, they point to the potential for integrating financial services directly into the vehicle trade and tapping into new sources of revenue. Auto.ru is one of the leading online marketplaces for vehicles in the country. According to the company, around 43 percent of car sales were processed via the platform. Yandex acquired the service back in 2014 and has developed it further in recent years. The company is now focusing more strongly on other business areas. Expansion of the fintech ecosystem T-Technologies is thus continuing its expansion beyond the traditional banking business. In recent years, the Group has made targeted investments in digital platforms and technology companies - including investments in the cloud and fintech sector. With Auto.ru, a closer integration of digital marketplace and financial services is now being created. The aim is to support customers along the entire value chain - from vehicle search to financing. The post Potanin buys Auto.ru appeared first on ostwirtschaft.de.