Mail.ru Group will buy 25% of the Russian educational service for schoolchildren Uchi.ru for 3.75 billion rubles (equivalent to $51.1 million).
The Internet holding will be able to increase its share to a controlling one through an option. The first option to increase the stake to 49.5% can be exercised at the end of 2021. The founders of Uchi.ru will remain shareholders and will continue to develop the platform.
The Mail.ru Group specified that according to the plan in 2020, the revenue of the Uchi.ru platform will amount to over 2.5 billion rubles ($34.1 million). This service brings 90% of the company's total revenue, which is expected to be about 3 billion rubles ($40.9 million). This is almost three times more year-on-year. Uchi.ru's foreign revenue is projected to exceed $2 million in 2020.
Uchi.ru is not the first educational project for Mail.ru Group.
The group already has stakes in the Skillbox educational platform, the SkillFactory, as well as the GeekBrains online school and Algorithmics, a service-developer of educational programming courses for children.