Irina Kolomoyets, a relative of Ivan Kolomoyets, consolidated 100% of the LinguaLeo online school. This is demonstrated by the data of the Unified State Register of Legal Entities, noted the RB.RU correspondent. Analysts estimated the company’s Russian business at between $0.8 million and $1 million.
Participants in the EdTech market expect greater growth, but all players will have to look for new points of contact to contact the public and transmit more clearly and powerfully the value of their product in the context of competition.
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Irina Kolomoets acquired 75% of Lingualeo LLC in 2023. The purchase, taking into account the discount, was then valued at 10 million rubles. Now the businessman has bought the remaining 25% from the Virginia offshore LinguaLeo Inc. The changes were registered on March 4, 2024. At the time of this publication, representatives of the service did not respond to the request of RB.RU.
- LinguaLeo is a service for learning English, Spanish, German, French, Chinese and other languages. It is available on the web platform and as free mobile apps for iOS, Android, HMS and browser extensions.
- According to the Unified State Register of Legal Entities, Lingualeo LLC’s revenue in 2022 amounted to 163 million rubles, net profit – 17.7 million rubles. The authorized capital is 312.5 thousand rubles.
Since 2022, investors and business owners are trying to distance themselves from investing in startups in Russia: by abandoning them or dividing their assets.
According to the founder of the analytical company Dsight, Arseny Dabbakh, the operation to buy 25% of LinguaLeo “is a technical operation (division into Russian and foreign companies) or an exit of an asset related to the business in the Russian Federation.”
The expert also believes that in this case it is not correct to use market estimates: in Russia the business as a whole shows positive dynamics. He estimated LinguaLeo’s Russian business at between $0.8 and $1 million based on financial indicators.
The Russian online education market in 2023 grew by more than 30%, to approximately 120 billion rubles, according to data from the Smart Ranking agency. The total revenue of the 100 largest Russian educational technology companies then amounted to 118 billion rubles, 31% more than the same figure in 2022.
The general director of the IT school Skillfactory, Egor Sorokin, is confident that the EdTech market will continue to grow and there will be more open communication with users. All actors will have to look for new points of contact to reach the public and transmit the value of the product more clearly and forcefully.
The school representative emphasizes that the Russian market is already quite large, so companies should expand into new segments. Skillfactory expects strong growth in the field of formal education (development of joint disciplines with universities, including online master’s degrees and additional vocational training), as well as closer work with the B2B segment.
“The trend of microtraining of employees will develop more actively, allowing specialists to instantly improve and develop their individual skills without interrupting their work process. This is definitely a new growth field for the entire EdTech market,” Sorokin concluded.
Vitaly Altukhov, co-founder of the professional development service for teenagers Profilum, also highlights the growth of the EdTech market in Russia.
According to Altukhov, the segment of online education in applied technical professions can be considered the most promising: so far it has been little explored by actors, but the potential of its demand can be judged by the general economic conditions, the growing demand for vocational training secondary education and the labor market situation.
He also suggested that in conditions of shortage of qualified personnel in various segments of the economy, EdTech in the b2b sector can show significant growth: developing current personnel is more profitable than searching for new ones and participating in the salary race.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
