Report states Russia’s top IT firms enjoy great increase in turnover
(MENAFN) Russia’s leading IT firms have nearly doubled their revenue over the past three years, reaching a combined turnover exceeding $80 billion, according to a report released Tuesday by Smart Ranking.
The study found that the total revenue of the country’s top 100 IT companies jumped 95% since 2022, hitting 6.7 trillion rubles (around $83.1 billion). The top ten firms, including tech leaders like Yandex, VK, and the state-run telecom operator Rostelecom, contributed 70% of that amount — about 4.6 trillion rubles ($57 billion).
Yandex led the surge with a 110% increase in revenue, reaching 1.95 trillion rubles. Tinkoff Bank followed with a 163% rise to 962 billion rubles, while e-commerce giant Wildberries saw its revenue grow by 108% to 657.5 billion rubles. ICS Holding, the smallest in the top ten, posted a 198% revenue boost to 140 billion rubles.
Smart Ranking clarified that the figures reflect earnings from digital services and products only, excluding hardware sales and offline business.
Several factors have driven this growth, including the exit of Western tech firms following the Ukraine conflict, a rise in mergers and acquisitions, and increasing demand for integrated digital services. Eight of the top ten companies operate multi-service platforms offering features like ride-hailing, digital payments, and food delivery.
Dmitry Kalaev, head of the Internet Initiatives Development Fund Accelerator, noted that only 11 of the 100 companies are publicly traded. He highlighted this as a sign of limited access to investment and observed that high interest rates are hindering IPO activity.
Kalaev also pointed out that Russian tech firms face significant challenges expanding internationally, largely due to funding shortages and difficulties in developing globally competitive high-tech products.
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