Naspers, which invested $50m in the classified listings platform two years ago, upped its stake to almost 68%, as Kinnevik made a 13x return on its investment.
Internet and media group Naspers paid $1.2bn today to increase its stake in one of its portfolio companies, Russia-based classified listings platform Avito, from 17.4% to 67.9%.
Founded in 2007, Avito claims to be the largest classified listings website in Russia and the third largest in the world, with more than 50% of its 35 million monthly visitors now accessing it through mobile.
Avito’s revenue increased by 76% in 2014 to reach $76.5m, after it moved to strengthen in several…