Yaresko became a co-founder of Rozetka.ua

power socketHorizon Capital, a fund co-founded by Ukraine's current Finance Minister Natalia Yaresko, has become a co-owner of Ukraine's largest online store, Rozetka.ua, reports Zahvat.net.

 

The deal itself was announced by the fund's director, Elena Koszarna, at a business forum in Washington, while the details, including the identity of Rozetka.ua, were revealed by Ukrainian Minister of Economic Development Aivaras Abromavicius. Financial and other details have not yet been released; Koszarna promised to disclose them in a press release. However, GrowthUP Group managing partner Denys Dovgopolyi stated that the deal could be worth between $200 and $700 million. Experts estimate that the store's turnover last year was between $200 and $300 million.

 

Dovgopoly also noted that Horizon Capital could receive between 5% and 15%, as the fund typically maintains a minority stake in transactions, and predicted a future resale to a strategic investor. Rozetka.ua CEO Vladislav Chechotkin has not yet commented on this matter. The owner himself stated that he is on vacation at the seaside.

 

It's worth noting that Rozetka.ua is the largest Ukrainian online store selling electronics, toys, sporting goods, and much more. The store's owners, Chechotkin himself and his wife, Irina, have not raised any outside investment. The store has been operating since 2005. Following the "tax incident" of April 19, 2012, when the store's server was seized by tax officials on suspicion of evading eight million rubles in taxes, the website was transferred to German hosting and the domain name was changed to rozetka.com.ua.

 

Horizon Capital was founded in 2006 by Natalia Yaresko and held stakes in a number of Ukrainian companies, including Inkerman, Vitmark-Ukraine, Biopharma, and others. The fund also held stakes in Belarusian companies.

 

During Viktor Yushchenko's presidency, Yaresko herself was a member of the Advisory Council on Foreign Investments under the President, as well as the advisory committee of the Ukrainian Center for Foreign Investment Promotion under the Cabinet of Ministers of Ukraine.

 

On the topic: New Finance Minister Natalia Yaresko. Food for thought

 

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