Russian online retailer Ozon released its financial results for the second quarter and upgraded the forecast of its 2021 revenue. The company’s GMV increased 94% year-on-year and is expected to grow 110% by the end of the year, up from 100% previously.

Ozon sees its GMV to grow tenfold by 2026, reaching $34 billion (2.5 trillion rubles) with the company ready to take control of a third of Russia’s e-commerce market, the company’s CEO Alexander Shulgin told Bloomberg.

Ozon is now the second-biggest Russian online retailer, growing faster than its closest competitor, Wildberries, with GMV growth of 144% in 2020, the most among Russian e-commerce players. The company, now accounting sees its goals as bringing more customers online as opposed to “taking customers” from competitors, Shulgin said.

The company’s plans include further development of its fintech products as well as adding 15-minute deliveries to Ozon Express.

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Alexander Shulgin, the CEO of Ozon

In July 2021, Ozon bought Oney Bank from Russia’s third-biggest private bank, Sovcombank, getting the necessary bank license for its own financial infrastructure offering clients installment buying. Earlier, Ozon announced building a robotic laboratory, planning to further robotize its service and boost order frequency.