A war has broken out between Russia’s e-commerce companies.
Kupikupon, Russia’s answer to the discount deal online retailer Groupon, was launched in May 2010 by four Uzbeks all in their 20s. In the first year Kupikupon saw its revenues grow from nothing to $400,000. This year the company expects turnover of $30m, rising to $110m by the end of 2012. That’s explosive, even by internet standards.
And when explosions happen in the Russian market, they are usually pretty impressive!
