Elbrus Capital Fund II announced an investment in CHEFMARKET, a leading meal kit delivery service in Russia

13 October 2017   
Elbrus Capital Fund II, a leading private equity fund in Russia and the CIS, has acquired a substantial minority stake in CHEFMARKET (the "Company"), a leading online meal kit delivery service in Russia. The Founder and CEO of CHEFMARKET, Sergey Ashin, will continue to own the controlling stake in the Company.

CHEFMARKET offers home delivery of fresh, high-quality and pre-portioned ingredients based on original recipes to its customers in Moscow, St. Petersburg and Nizhny Novgorod regions. CHEFMARKET customers make their order selections on the www.chefmarket.ru website or through a mobile application on iOS and Android platforms. The Company performs the full cycle of operations from the procurement of high-quality products and preparation of separate ingredients, to packaging and delivery to the client’s home. CHEFMARKET customers are very loyal to the service: 9 out of 10 people who have ordered from the Company recommend it to their friends and relatives. CHEFMARKET delivers more than 200 thousand meals per month.

"I am pleased that Elbrus Capital Fund has joined our Company as a shareholder. They are a very strong partner that is committed to the growth of our business from a long term perspective", says Sergey Ashin, the Founder and CEO of CHEFMARKET.

The concept of delivery of fresh meal kits competes with traditional supermarket stores and replaces everyday shopping needs for the customer – the delivered meal kits are sufficient for several days of cooking.

CHEFMARKET, founded in 2012, is a leading meal kit company with operations in Moscow and other regional markets in Russia. The shareholders of the Company include Sergey Ashin, the founder and CEO, formerly a consultant at McKinsey, venture fund AddVenture and Japanese corporation Mitsui & Co., Ltd.

About Elbrus Capital Funds:
Elbrus Capital Funds are leading private equity funds with investments in Russia and the CIS. Total assets of the funds exceed $1 billion. Key investors in the funds include large international institutional investors and international development organizations.
The investment consultant to the funds is Elbrus Capital Limited, which has advised on over 80 acquisitions since 2007.

Contact details:
CHEFMARKET: Sergey Ashin (CEO and the Founder) Tel.: +7 (916) 930-87-46
Elbrus Capital Funds: Ilya Novokhatsky, DNA Communications; Tel.: +7 (925) 518-1798; E-mail: ilya@dnapr.ru

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