ivi Revenue, Valuation, Funding & Investors
ivi is valued at $1B as of May 2021, a 8.3x multiple on its last reported $121M revenue.
Last ivi valuation
$1B
Series D · May 2021
Last ivi funding round
$250M
Series D · May 2021
ivi revenue
$121M
Series D · May 2021
Key investors in ivi
Baring Vostok Capital Partners
Russian Direct Investment Fund
RTP Global
Mubadala
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MillhouseINVEST AG
About ivi
ivi is a Moscow-based video streaming service that delivers over 20,000 titles, including movies, TV series, and live channels, to more than 5 million monthly active users in Russia and CIS countries. Launched in 2010, the platform licenses content from Hollywood studios like Warner Bros. and Disney, alongside Russian productions. Features include 4K streaming, offline downloads, and personalized recommendations powered by algorithms. ivi expanded into smart TV apps and partnerships with telecom providers such as Rostelecom, generating revenue through subscriptions starting at 199 rubles per month and ad-supported tiers.
Founded
2010
HQ
MoscowWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription, Advertising
Revenue
$121M (May 2021)
Valuation
$1B (May 2021)
ivi Valuation
ivi is currently valued at $1B, based on its Series D in May 2021.
The $250M round was led by VTB Bank, with participation from Russian Direct Investment Fund, INVEST AG, Millhouse, Baring Vostok Capital Partners and Flashpoint Investments LLC.
ivi's valuation has grown 1.4x from $700M at its Series B in May 2018 to $1B in May 2021, across 5 priced rounds.
ivi valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2021 | Series D | $1B | 8.3x |
| Jan 2020 | Secondary | $1B | 11.4x |
| Sep 2019 | Secondary | $200M | 2.1x |
| May 2019 | Secondary | $720M | 15.7x |
| May 2018 | Series B | $700M | 7.4x |
ivi Revenue
ivi's latest recorded revenue is $121M, as of its Series D in May 2021. At a $1B valuation, that implies a 8.3x revenue multiple.
Revenue grew from $95M in May 2018 to $121M in May 2021, while the revenue multiple moved from 7.4x to 8.3x.
ivi revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2021 | $121M | $1B | 8.3x | Series D |
| Jan 2020 | $88M | $1B | 11.4x | Secondary |
| Sep 2019 | $95M | $200M | 2.1x | Secondary |
| May 2019 | $46M | $720M | 15.7x | Secondary |
| May 2018 | $95M | $700M | 7.4x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
ivi Funding History
ivi has raised a total of $315M across 3 funding rounds, plus 4 secondary share sales.
ivi's first fundraising round was a $25M Series B in May 2018. The most recent completed round was a $250M Series D in May 2021.
ivi funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series D | VTB Bank (lead); Russian Direct Investment Fund; INVEST AG; Millhouse; Baring Vostok Capital Partners; Flashpoint Investments LLC | $250M | $1B | Ivi.ru, Russia's leading online video streaming platform with over 30% market share in 2020 per TMT Consulting, attracted a record $250 million equity funding round on May 25-27, 2021, led by VTB Bank with participation from Millhouse Capital, Invest AG, Baring Vostok Capital Partners, Flashpoint, Russian Direct Investment Fund, and RTP Global. VTB Bank became the largest shareholder post-transaction and gained board representation. Forbes Russia reported the deal valued Ivi slightly under $1 billion, citing an unnamed investment banker. The round marks one of the largest tech investments in recent Russian history and the biggest ever in the online streaming sector. Ivi reported 2020 revenue of 8.8 billion rubles ($121 million), up 44% from 2019, with user-generated revenues now surpassing advertising. The platform served over 50 million unique monthly users and offered a catalog of around 100,000 titles from 400 studios, including Hollywood majors. Funds were allocated to expand content offerings, produce original content, advance the technological platform, and boost marketing. Previous investors like Baring Vostok, Flashpoint, RDIF, and RTP Global had joined in a 2019 round. The investment occurred amid strong sector growth, with the Russian online video market reaching nearly 39 billion rubles ($540 million) in 2020 per Telecom Daily, up 52% year-over-year, fueled by Covid lockdowns. |
| Jan 2020 | Secondary | - | $11M | $1B | IVI is Russia's leading online video streaming platform with over 30% market share in 2020, more than 50 million unique monthly users, and a catalog of over 100,000 content items from 400 studios. In May 2021, IVI raised $250 million from a consortium including state-backed VTB Bank and RDIF, plus private investors like Roman Abramovich’s Millhouse Capital, AG Invest, Baring Vostok, Flashpoint Capital, and RTP Global. Forbes Russia reported the deal valued IVI slightly under $1 billion, citing an investment banker. Some investors participated in IVI's prior rounds, including 2019. IVI reported 2020 revenue of 8.8 billion rubles ($121 million), up 44% from 2019, with user-generated revenues surpassing advertising. The funding supports content expansion, original production, technological platform development, and marketing. In 2020, Russia's OTT market grew to 27.8-38.94 billion rubles amid Covid-19 lockdowns, led by IVI ahead of Okko, Wink, and others. |
| Sep 2019 | Secondary | - | $11M | $200M | ivi.ru is Russia’s largest online video platform in terms of revenue, launched in 2010 and holding 42% of the legal Russian online video market. In September 2019, a group of top Russian and foreign investors completed a $40 million cash injection into ivi, announced earlier in June, to support content development including unique productions. Earlier in 2019, Russian telecom operator MTS considered acquiring ivi and estimated its value at 20 billion rubles (nearly $310 million), but the parties did not reach an agreement. ivi’s fundraising history includes $30 million initially from ru-Net (now RTP Global), Tiger Global Management, and Frontier Ventures, followed by $40 million in 2011 from the same investors plus Baring Vostok, and $3.5 million in 2015 from Buran Venture Capital. The company expanded operations to 11 former Soviet countries in 2015. ivi reported $95 million in revenue for 2019. The Russian online video market grew rapidly, with platforms reaching 10.6 billion rubles ($163 million) in revenues in the first half of 2019, up 44.3% year-over-year, and projected at 21.5 billion rubles ($336 million) for full-year 2019. |
| Jun 2019 | Series C | Winter Capital; Russian Direct Investment Fund; Baring Vostok Capital Partners; Mubadala; RTP Global | $40M | - | ivi is a Russian online cinema and video streaming service offering movies, TV shows, and original content via subscription and advertising models. In 2019, it reported significant growth with IFRS revenue increasing 55% year-over-year to 6.1 billion rubles excluding VAT, driven by a 68% rise in paid subscription revenue to 4.6 billion rubles (76% of total) and 27% growth in advertising revenue to 2 billion rubles. The service reached over 50 million monthly unique users, doubled its paying audience to 2.2 million, and logged 1 billion total viewing hours, with 400 million from paying users. The platform expanded its smart TV monetization and maintained strong audience metrics, with average monthly viewers growing 14% in 2019. For context, ivi's revenue continued to rise 44% to 8.8 billion rubles in 2020. |
| May 2019 | Secondary | - | $100K | $720M | ivi is one of Russia's largest over-the-top video-on-demand platforms, holding 42% of the licensed professional OTT market. In June 2019, ivi raised $40 million from investors including Russian Direct Investment Fund, Mubadala, Baring Vostok, Flashpoint VC, RTP Global, and Winter Capital to accelerate growth and expand content production. An analyst from Finam estimated ivi's valuation at $720 million, based on Netflix multiples and projected 2019 revenue, with IPO underwriters likely valuing it at $700-800 million. In 2019, ivi's revenue from its paid model increased 68% to 4.6 billion rubles excluding VAT, comprising 76% of total revenue. The paying audience doubled to 2.2 million users, and total viewing duration reached 1 billion hours, with 400 million hours from paying users. |
| May 2018 | Series B | - | $25M | $700M | ivi.ru is Russia’s largest video streaming platform by revenue, offering on-demand video content with a business model that has shifted from primarily advertising to user-generated revenues exceeding ads. In 2019, it reported 6.1 billion rubles (approximately $95 million) in revenues excluding VAT, a 55% increase from 2018, with an average monthly audience exceeding 50 million unique users by late 2019 and total viewing time of 1 billion hours, including 400 million hours from paying users. The Russian online video market was valued at around $300 million in 2019, with key domestic competitors including Okko and Amediateka, alongside international players like YouTube, iTunes, and Google Play. Analysts estimated ivi.ru could be valued at more than $700 million in early 2020 amid discussions of potential US IPO plans. The company was plotting a US IPO alongside Ozon in 2020, highlighting its growth trajectory. Traction metrics underscore strong user engagement, positioning ivi.ru as a market leader in Russia’s streaming sector. |
| Sep 2015 | Secondary | Frontier Ventures | $4M | - | - |
Who has invested in ivi?
10 investors have backed ivi across its funding rounds, including Baring Vostok Capital Partners, Russian Direct Investment Fund, RTP Global, Mubadala, Millhouse and INVEST AG.
Lead investors include VTB Bank.
ivi Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Moscow | 2 | Participant | Jun 2019 | |
| Moscow | 2 | Participant | Jun 2019 | |
 Limassol | 1 | Participant | Jun 2019 | |
 San Jose, CA | 1 | Participant | Sep 2015 | |
| Saint Petersburg | 1 | Lead | May 2021 | |
 Linz | 1 | Participant | May 2021 | |
| Millhouse | Moscow | 1 | Participant | May 2021 |
 Abu Dhabi | 1 | Participant | Jun 2019 | |
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Start Free Trialivi Competitors
ivi competitors include listed companies like Viaplay and Saregama India, and private ones like Tata Sky, Dadi Cinema, Atmosphere and Minute Media.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Mumbai | Private | - | - | $1B | - | |
 Sweden | Publicly listed | $1.8B | ($40M) | $631M | 0.6x | |
 Guangzhou | Private | - | - | $2.9B | - | |
| Austin, TX | Private | $25M | - | $1B | 40.0x | |
 London | Private | $300M | - | $1B | 3.3x | |
| India | Publicly listed | $100M | $36M | $979M | 8.6x |
ivi Public Comps
ivi is still privately-owned, but its public comps include Sinclair, Saregama India, China Television Media, MNC Digital Entertainment, ProSiebenSat.1 Media, iQIYI, Storytel, FuboTV, Nine Entertainment and Televisa.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.2B | $491M | 1.4x | 1.3x | 9.2x | 6.7x | |||
| $100M | $36M | 9.7x | 8.6x | 26.8x | 24.6x | |||
| $155M | $9M | 5.8x | - | 97.8x | - | |||
| $216M | $73M | 4.7x | - | 14.0x | - | |||
| $4.2B | ($22M) | 0.6x | 0.6x | (118.4x) | 5.8x | |||
| $4.1B | $2B | 0.6x | 0.7x | 1.3x | 104.4x | |||
| $410M | $71M | 2.3x | 2.1x | 13.2x | 10.5x | |||
| $1.6B | ($122M) | 1.9x | 0.5x | (25.2x) | 23.6x | |||
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Common questions about ivi
| When was ivi founded? | ivi was founded in 2010. |
| Where is ivi headquartered? | ivi is headquartered in Moscow, Russia. |
| Is ivi publicly listed? | No, ivi is a private, VC-backed company. |
| What is ivi's valuation? | ivi was last valued at $1B in its Series D in May 2021. |
| How much funding has ivi raised? | ivi has raised $315M across 3 funding rounds. |
| What was ivi's last funding round? | ivi's last funding round was a $250M Series D in May 2021, led by VTB Bank. |
| Who are ivi's investors? | ivi's investors include Russian Direct Investment Fund, Baring Vostok Capital Partners, Winter Capital, Frontier Ventures, VTB Bank, INVEST AG, Millhouse, Mubadala, Flashpoint Investments LLC and RTP Global. |
| What is ivi's revenue? | ivi's latest recorded revenue is $121M (May 2021). |
| What is ivi's revenue multiple? | ivi's latest valuation implies a 8.3x revenue multiple ($1B valuation on $121M of revenue). |
| Which companies are comparable to ivi? | Companies comparable to ivi include Tata Sky, Viaplay, Dadi Cinema, Atmosphere, Minute Media and Saregama India. |
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