Mitsubishi and Mail.ru received 21% in the Russian online service Autospot

Mitsubishi
Mitsubishi

Online service search for new cars Autospot received $ 4.1 million from Mitsubishi Corp. and Mail.ru Group. This was told by the CEO of Autospot Dmitry Andreev, representatives of Mitsubishi and co-owner of the Heron Trade platform.

Investors bought new shares of the service and received 21% in the business. The main part of this share will go to Mitsubishi, D. Andreev said. After the transaction Autospot’s value is estimated at $19.1 million.

Autospot is an aggregator that collects information about new cars in stock, prices and discounts from authorized dealers – more than 30 thousand cars of 33 brands.

The project was created in 2013 with the money of Dmitry Razorenov’s structures (former Vice President and co-owner of AVVA, which owned a stake in AVTOVAZ) and FastLane Ventures Fund. In 2014, the site received the first investment from Fund SOL Ventures of founder of Delivery Club Levon Hovhannisyan and his partners, as well as from the founder of the Superjob and “Manufacturer” portals Sergey Gabestro.

After the last round of investments, the largest owners of Autospot are Heron Trade, Mitsubishi and SOL Ventures, says D. Andreev. Heron Trade invested in Autospot from the investment company Lime Capital, D. Razorenov said.

Mitsubishi Corp. manages about 1.3 thousand companies in many industries and around the world. Among Mitsubishi’s Russian investments are the projects of PJSC Gazprom, the distributor of Mitsubishi Motors, pipe and flat products, the Russian division of the Japanese chain Uniqlo.

For Mitsubishi this is the first investment in Russian Internet services related to cars, assured the representative of the Japanese company Takafumi Fujita.

“We are confident that sales of new cars and related services through the online channel will develop, and this site will become a strong platform for car sales in Russia,” he said.

Autospot has partnered with 380 dealers, including “Rolf”, “Avtomir”, “Avtospetstsentr”, Major, Provides, and others, in Moscow, St.-Petersburg, Krasnodar, Kazan, and 16 more cities.

Autospot sales are a little more than 1 thousand cars per month. It works on the model CPS (cost per sale), that is, receives a commission from the dealer upon sale. The size of the commission is not disclosed. According to the General Director of “Autospeccenter Kia Capital” Dmitry Konstantinov, it is around 1-2%.

Autospot business is operationally profitable, but there is no net profit yet, says D. Andreev: “in the coming year, our task is to aggressively increase the market share.”

Due to new investments Autospot intends to to increase sales by mid-2021 ten times compared to the first half of 2018, that is, to get 5% of the market, says Andreev. According to him, investments will be used to scale the business, expansion into the regions and launch new directions – car loans and car insurance.

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