The online insurance service Pampadu bought the stake of a foreign investor and consolidated 100% of the business in Russian jurisdiction. The company informed RB.RU about this.
Pampadu is an online platform that brings together agents, companies and webmasters for affiliate sales of banking and insurance products.
Previously, 42% of the company belonged to a German investment fund. The foreign partner’s initial investment was estimated at $400 thousand (Admitad Projects was reported to have invested in Pampada in December 2020).
The purchase of the foreign investor’s stake was completed by the end of 2023 after the transaction was approved by the government commission of the Ministry of Digital Development and a subcommittee of the Ministry of Finance.
The transaction was carried out at the expense of the founder and CEO of Pampadu, Sergei Loktev, with his own funds.
“The launch of new products required regular expenses that previously covered investments. The threat of closure of SWIFT made transfers from Germany to Russia difficult, so it was decided to buy out the partner. By investing our funds in the company, we were able to protect ourselves from foreign economic risks,” said Loktev, whose words are quoted in the press release.
Following the completion of the transaction, Pampadu focused on the development of the company in the Russian market. The company has identified new business areas: independent verticals in the field of insurance, finance and human resources.
It is reported that after buying out the German investor, the service managed to expand its business and achieve profitability. In 2023, the profits of the new verticals increased by 3 to 5 times, and the financial vertical grew by 10 times compared to 2022 (the company does not provide absolute values).
- According to the Kontur.Focus system, as of November 30, 2023, 88% of Insurance Partners LLC (Pampadu legal entity) belongs to Sergei Loktev, and Andrey Kalashnikov and Alexey Malikov each own 6%.
- The German Admitad projects, as evident from the data on the founders and participants, gradually reduced their participation: from 42% in December 2021 to less than 1% in April 2023. In November 2023, the structure was completely withdrawn of the LLC.
- The LLC’s income at the end of 2022 amounted to 225 million rubles, net profit – 5.2 million rubles.
Author:
Anastasia Marina
Source: RB
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