Leading Classifieds Group in Kazakhstan, Kolesa Taken Over by Fintech and E-commerce Firm Kaspi.kz

Kazakhstan-based e-commerce and fintech business Kaspi.kz has announced that it has paid $88.5 million to acquire a 40% stake in the country's leading online classifieds operator Kolesa Group.

Kolesa owns and operates Kazakhstan's leading real estate vertical, Krisha.kz, the generalist marketplace site Market.kz and the country's leading automotive portal, Kolesa.kz.

Kaspi.kz is has been listed on the London Stock Exchange since 2020 and describes itself as the largest payments, marketplace and fintech ecosystem in Kazakhstan with aspirations to grow in Central Asia and the Caucasus region.

According to Kaspi.kz's Q2 statement to the market it paid around KTZ39 billion ($88.5 million) for a 40% stake and a 51% control of the voting rights of Kolesa which it will fully incorporate. The deal is expected to be completed in Q3 or Q4 of this year.

The report describes Kolesa Group as a fast-growing and highly profitable company that made KZT27 billion in revenue and KZT6 billion in Net income ($60 million and $13.5 million respectively) in the first half of 2023.

In real estate, Kolesa's Krisha competes with Kn.kz in the secondary market and with Ringier-owned Homsters in new builds.