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"Wheely in food delivery: Russian delivery service Broniboy has raises ₽100M

Thursday, May 13, 2021

Startup Jedi

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Krasnodarzernoprodukt Group, Yuzhnaya Trading Company along with CEO Sergei Taran and two investors from Moscow and Krasnodar each invested ₽25M in Russian delivery service Broniboy. The company’s total valuation reached ₽3B.

According to project co-founder Alexander Radionov, the round was effectively closed. All potential investors were asked to come “next time”: according to Radionov, large sums of money, such as a billion, would only negatively affect the development of the project. However, the plan is to raise a billion by the end of 2022, which will break the record for FoodTech investments in the Russian market.

The raised funds are planned to be used for developing the service in new cities of presence. The company has existed since 2017, and started as a restaurant reservation service. However, low demand prompted co-founders to pivot, and that was how a workable business model was found. The service started in the Russian regions (with Krasnodar accounting for 40% of the delivery market), gradually expanding its geographical presence.

The service is positioning itself as “Wheely in food delivery”: delivery can be ordered from restaurants, but not fast food. Other services include delivery from grocery shops, florists and pharmacies. The partners charge an average of 15% lower fees than their large competitors.

Thanks to a boom during the pandemic, Broniboy has reported a turnover of ₽300M in 2020. It plans to not only increase this figure to a billion by the end of 2021, but eventually go for an IPO as well. To this end, the company is undergoing a process of reorganisation into a JSC.

13 May 2021

 

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