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Mamba

At the time of Finam’s initial investment Mamba was a developing company with a unique business model. The model is centered on the “pay as you go” principle: the users are more inclined to pay for additional instant low cost services, rather than bigger monthly subscription. Any user of the system may send an SMS-message to get any service.

Finam managed to recognize its high growth potential and negotiated a very low entry valuation. A year after the initial investment, a partial exit deal was agreed. Mail.ru, leading Russian internet holding, aquired 31,5% in Mamba in two installments at an enterprise value two times higher than it was at the moment of Finam’s investment.

Today Mamba is the number one Russian on-line dating service, which cooperates with major portals including Mail.Ru, Rambler and KM.ru and over 7000 other partners. The company’s database holds over 11 million registered users, over 40% of which are active. Mamba primarily targets customers in Russia and the CIS. According to various valuations, Mamba controls about 90% of the market. In 2008 Mamba managed to generate over $15m in revenue (54% upside from 2007) and achieved an EBITDA margin of 47%.

Company mission – making communication easy, positive and interesting.