Chinese language learning service Laoshi handed over its Russian business to a local partner, Setters, a communications agency. This was reported by the press service of the Setters.
The owner of the subsidiary was CEO Setters Evgeny Davydov. The agency also transferred the rights to the Laoshi trademark.
The company noted that the deal will allow the app to remain available to users in Russia and continue to develop in the country’s market.
“This is not a sale, but a transfer of assets, but with an agreement that Setters will take over the development of Laoshi’s Russian direction and invest in marketing,” Setters explained to RB.RU.
Today, the start-up cost of edtech Laoshi is about $5 million, the company noted. Previously, the startup received $570,000 in investments. In Russia, more than 53 thousand people use the service. By the third quarter of this year, their number is expected to double.
Setters said Laoshi will now be developed within the Setters Creative Capital holding company. And the company itself will invest about 15 million rubles in the start-up, the funds will be used for scaling up, strengthening the marketing component and attracting new partners.
Last October, Setters acquired a 10% stake in the Piarhab public relations agency for $125,000.
Author:
Natalia Gormaleva
Source: RB
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