Qiwi, a Russia-based operator of cash payment terminals and electronic wallets, reportedly intends to invest in start-ups that could help the group develop its own offers. This article was written by our syndication partners for Russia at East-West Digital News.
Qiwi Venture will stand as a branch of the company, not a separate investment vehicle, Qiwi’s press relations director, Anna Vysochkina, said in an interview with East-West Digital News.
“We’ll pay no attention to where the startup is from or to the nationality or faith of its founder. We’ll consider all interesting projects as long as they have at least a working prototype,” Vysochkina said.
Qiwi, which is named after the Kiwi bird, will invest up to $1m in each start-up. The overall amount of capital it will dedicate to this venture activity, however, has not yet been determined.
The founding members of the Qiwi payment services include local internet services group Mail.ru Group and Japan-based financial services firm Mitsui, which also invested an undisclosed amount in 2011.
East-West Digital News is the first international information company dedicated to Russian digital industries. Its website EWDN.COM provides news, market data, business analysis and updates pertaining to the Internet, e-commerce, mobile and telecom markets, digital TV and satellite systems, software and hardware innovation, as well as to the related investment activity and legal developments. A consulting branch, East-West Digital Consulting, provides international players with assistance for business development in Russia and advises Russian companies on their international strategies. To view EWDN’s recent 316 page report on the Russian ecommerce market click here.