like a dog with a bone, I kept digging and checking and when you read stuff like this from MAY 2017 and see he is getting it done - the filings were right so we got us a winner!!! Im telling, he will be the Buffet of CIS - he is buying, dealing, expanding - with this float, it won't take much to have PPS where ever he wants - and the 120 month employee share program lock up is brilliant - have to hold 10 YEARS!!!
F: Mr. Turlov, Freedom Finance recently invested in Chocofamily . Why did you decide to invest in non-core business?
- This was not an investment by Freedom Finance, it was my personal investment. Precisely because it was non-core for Freedom Finance itself.
Choco now has a unique market position. The company is a leader in several very important fast-growing business segments. At the same time, it is one of the most well-structured and managed partner companies in its field. Watching how such projects develop in Russia and the West, how much investment they attract, how much they cost, what dynamics they show, I really believe that the thing that Ramil Mukhoriapov is doing is doing right. They successfully win and global competition, and the purchase of Foodpanda to that, in general, some confirmation. They are now preparing for another important deal - the purchase of their competitor. In addition, they are now virtually all the same become almost the key lantern here, in the most profitable part of the business. And there are quite a lot of interesting ideas that are now being discussed inside Chocofamily. I enter the supervisory board. And, from my point of view, they are doing very right things.
F: For example?
- They can now increase in the future market share by buying weaker competitors and by expanding the range of services, by providing financial services to their customers. I am sure that this segment of the Internet will cost much more than it costs now. In Russia, for example, the Internet delivery service for food was sold for $ 100 million . Choco is now also the largest service for delivery of food in Kazakhstan and will be able to develop in conditions more favorable than Russian, against a background of lower competition. They successfully compete in the sale of tickets, are now the largest distributor of tickets on the Internet. I really like their competitive position. Many of the assets of Choco (not all, some of the projects) may be sold in the foreseeable future. Of those where they failed to achieve leadership. Those projects in which they are now demonstrating growth are indeed potential. Each of them can cost tens of millions of dollars. I believe that this team has now a good potential in the development of tourist business.
F: Freedom Finance buys its direct competitor - Asyl-Invest was one of the most active players on the market after you. What caused this decision? What are your future plans in the market?
- Of course, Asyl-Invest is almost the only company with a business model similar to ours. This is the reason why they were interesting to us. It would be stupid enough to buy any other company, because the business of the vast majority of other companies is quite tightly tied to their shareholders and to the specific connection of their management and shareholders who can not be sold together with the company. Here - a large enough "live" customer base, similar to our business model. The only thing we can always do is buy a team and, to put it bluntly, buy customers - open accounts and relationships, which previously were built long enough.
We invested a lot of resources in our back-office, in our trading platforms, analytics, education of our guys, construction of branch networks. Now we will be able to serve all Asyl-Invest clients with our infrastructure in all the cities of our presence. For us, there is a direct synergy in saving on costs, because it is quite a capital-intensive business. It is from the point of view of the content of the infrastructure that a brokerage company, even without the state, "eats" almost $ 100,000 per month of its operating costs. Here for us there will be a certain cost savings, which can result in a significant increase in the quality of the service due to the fact that customers will now work with a joint team of specialists.
F: With the launch of T + 2 bidding mode on KASE, Freedom Finance has an opportunity to launch a new service in Kazakhstan - a trading leverage. Now the clients of the broker can make purchases of securities, in fact, in debt. How will this contribute to the development of the Kazakhstan Stock Exchange?
- In my opinion, this should bring liquidity to the site itself, that is, it should attract not only long-term investors, but also short-term investors, which just provide new liquidity, trade, and give some necessary comfort to long-term investors. If we do not have "short" speculators, which are quite actively buying and selling the Central Bank, then "long" investors will be harder to buy and sell.
The more trades, the easier it is to buy and sell a paper, the easier it is, including "long" investors to make a decision. If they know that the paper can be easily sold, they are more likely to buy it. Therefore, I believe this can bring a significant increase in turnover by 30-40% simply due to the use of credit funds. Can grow the total turnover of stock trading, and we can get a good effect for the development of the entire market. This can attract additional, including long-term investors, those investors who do not need this service, but who will be pulled to the market simply against the background of the general development of liquidity saturation.
Internet holding Chocofamily attracted 700 million tenge . The funds in the company's capital were invested by the structures of Timur Turlov (Freedom Finance) and the partner of the I2BF Global fund Adil Nurgozhin . Part of the funds raised was directed to purchase 100% in Foodpanda Kazakhstan.
Foodpanda.kz was a key competitor to Chocofamily in the Kazakhstan online food ordering market. Foodpanda Kazakhstan was a part of the international service for online ordering and delivery of food Delivery Hero.
Founder Chocofamily Ramil Mukhorjapov noted that this is a landmark deal for the market.
- This deal proves that Kazakhstan's Internet companies can develop along the classical western path: not just to attract money for one day, but to demonstrate a steady growth of 80% per year for 5 consecutive years, to systematically build work with investors, Says Ramil Mukhorjapov.
After the consolidation of the two companies, Chocofood.kz will become the absolute leader among the food-tech services, having occupied about 80% of the market .
- Our strategy is based on the belief that in this industry only the market leader has a key advantage. The decision to sell our Kazakhstani business is consistent with this strategy and was taken into the right time for Delivery Hero, "Delivery Strategy strategy director Ralph Wenzel commented on the deal.
Ramil Mukhoriapov stressed that the attracted investments will be aimed at strengthening the holding's leading positions in the e-commerce market of Kazakhstan.
For Chocofamily this is the third investment round, in 2016 the holding received $ 1 million from co-owner of several IT companies Murat Abdrakhmanov , and in 2013 - $ 400 thousand from DEMUS Capital. The company's capitalization since the first investors' entry in 2011 increased 147 times and by the end of the round it exceeded $ 15 million . In 2016 the turnover of Chocofamily increased from KZT6.2 bn. To more than KZT11 bn. , And the number of registered users exceeded 1.2 m . In 2017 the company expects growth of turnover to 19 billion tenge .
The head and shareholder of Freedom Finance, Timur Turlov, explained why he decided to invest in Kazakhstan's inter-holding.
Joining with Foodpanda will allow Chocofood.kz to accelerate the launch of its own delivery service, use the international experience to reduce the time of food delivery from 60 to 30 minutes .
The Chocofood project was launched in August 2013. There are more than 120 thousand active users in the database, over 500 restaurants are available , and after the association with Foodpanda.kz the number of restaurants will increase to 700 .
- I believe that Chocofamily has a unique market position in a number of key segments of the Internet in Kazakhstan, and its team is able to win competition with the world's leading brands represented in the country. I'm sure that the company is now at a very important stage of disclosing its value, at the stage of quantitative growth and replication of its successful business model. I expect that, in addition to financial investment, I can also bring my expertise in attracting capital and financing the company's further development, which can be very much in demand at this stage , Timur Turlov stressed.
I can't find quote now - but it was a substantial amount, i believe in millions, TT put of his own funds in choco and is already paying off...... the Man with the Working PLAN!!
Holding Chocofamily bought Besmart and share in iDoctor
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