The Funds’ first investment in telecommunications was made in 1994 in FGI Wireless (which eventually became today’s Vimpelcom, one of Russia’s largest mobile telephony operators). The company was a pioneer in cellular network development in Russia. Since 1994, Baring Vostok funds have invested over $850 million in 30 companies in the internet, software, media, and telecommunications sector.


Russia’s largest Internet company and leading search engine
Moscow, Russia
Year of initial investments:
Large minority stake
IPO at NASDAQ in 2011. Fully exited in 2016.

Yandex ( – an Internet search engine primarily for Russian and Russian-language users – was launched in September 1997. In 2000, after researching the Russian Internet market thoroughly, Baring Vostok Private Equity Fund invested in the company.

Today, Yandex is the leading internet company in Russia, operating the country’s most popular search engine and most visited web site. The company also operates in Ukraine, Kazakhstan, Belarus and Turkey. Yandex is in the world’s top five search engines by number of searches.

Development stages:

  • The legal structure of the company was created in 2000. The same year, the company launched more than 10 new Internet services, including e-mail, news, renewed search (including search for goods) and more. Also, Yandex placed television advertising for the first time, which helped it take the lead on the Russian-speaking Internet by the number of users.
  • In August 2002, the company broke even. Yandex introduced a new electronic payment system, Yandex.Money, and launched Yandex.Market – the biggest website for comparison of prices/attributes of various products in the Russian Internet.
  • In 2004-2006 Yandex introduced a number of new tools – Yandex.Maps with a traffic jam service, and a blog searching service. The network of advertising partners was expanded significantly, and a representative office in Ukraine was opened.
  • In 2007, the company started developing its own local network in districts of Russia. A Yandex Labs subdivision was opened in California, which allowed Yandex to attract the best search developers in the US.
  • In 2008, the MatrixNet large data array analysis system was integrated into the search algorithm, which let Yandex increase its share in the Russian Internet search market to 61.9% as at December 2013. The company introduced the new website, which offers search services to foreign Internet users.
  • Baring Vostok participated in preparations for the company’s IPO on NASDAQ (2011).
  • In 2013, Yandex continued to improve the quality of its search by introducing personalized search and interactive snippets called “Islands”. Yandex.Market started to offer online stores a new CPA model (cost-per-action) for listing their products, which enables online buyers at Yandex.Market to complete the transaction without leaving the page. Yandex acquired KinoPoisk, the largest and most comprehensive Russian-language web-site dedicated to movies, television programs and celebrities.
  • Yandex’s revenue grew from $72,000 in 1999 to $1,206.9 million in 2013.

Other projects


07 November 2016

CFT in TOP-3 in CNews Analytics Rating.

CNews Analytics agency has published its annual review ”IT in Banks and Insurance Companies”, which includes a rating of major bank IT suppliers. The rating was based on the results of the activity of market participants in 2015. Center of Financial Technologies was second in the rating of Russia’s major IT developers.
13 September 2012 has been acknowledged the fastest Russian federal internet provider.

According to Net Index , telecom operator is the fastest federal internet provider in Russia. The average internet speed that provides to its Subscribers in 42 cities of presence amounts to 35 Mbit/sec., which is more than two times higher than the average internet speed in Russia (about 16 Mbit/sec.).

22 August 2012 offers a new format for services consumption – the HD.

Telecom services operator launches new bundled offers in all the 42 cities of presence, comprising the basic telecom services – high-speed internet, cable and HD TV, and telephony. The key characteristics of the bundles are the utmost speed of internet access (up to 100 Mbit/sec around the clock) and the highest number of HD channels in the basic TV package among digital TV operators (23 channels), which enables the company’s Subscribers to consume high-quality HD content in the most convenient manner – with the help of a TV set or in the internet from any video-supporting mobile device.
31 July 2012

Yandex Announces Second Quarter 2012 Financial Results.

MOSCOW AND THE HAGUE, July 31, 2012, Yandex (NASDAQ: YNDX), the leading internet company in Russia operating the country’s most popular search engine and most visited website, today announced its unaudited financial results for the quarter ended June 30, 2012.