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Delimobil

Company

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Delimobil was the first in Moscow to provide short-term car rental services under the car sharing model. In December 2016, the service became available in St. Petersburg.

Owners:
VTB Capital - 15%
Revenue and Net Profit millions Ths. rub

Owners

The car-sharing service "Delimobil" is used mainly by people aged 25 to 35 years. 90% of users have higher education. 80% of customers are men, notes Groshov Stanislav, CEO of the company. The customer base of Delimobil, according to the company's own estimates, exceeds 130 thousand people.

Initially, the fleet of the service was 100 Hyundai Solaris cars of domestic assembly, and by December 2016 it had grown to 1.6 thousand units (100 of them accounted for). St. Petersburg

Investments in the project by the end of 2016 amounted to 1 billion rubles. The service is being developed by Italian businessman Vincenzo Trani. As of December 1, 2016, the number of registered customers exceeded 160 thousand. Company representatives noted that they plan to double the fleet.

In 2017, the Delimobil car-sharing company announced a project in Yekaterinburg.

History and Performance Indicators

2024: Going public

On February 7, 2024, Delimobil entered the Moscow Stock Exchange. The company announced "high interest from a wide range" of investors, so it was decided to increase the IPO volume from 3 billion to 4.2 billion rubles. The offer was increased solely through additional issue shares. The volume of possible stabilization after the placement can be up to 15% of the number of shares placed.

On the Moscow Exchange, Delimobil shares are placed under the ticker symbol DELI in the second level of the listing. Free-float, or the share of shares in free float, according to the results of the placement will be up to 10%.

In the first minutes of trading on February 7, 2024, Delimobil's securities increased in price by 19.6% compared to the placement price - to 317 rubles per paper.

source = Delimobil
"Delimobil" went to the Moscow Exchange

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Delimobil Holding LLC, the only existing shareholder of the company, does not plan to sell shares in circulation. The funds raised as a result of the increased offer will be used to further develop the company's business, reduce its debt burden and for general corporate purposes, the message says.
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RBC financial observer Konstantin Bochkarev says that Delimobil is rated more expensive in P/E multiplier than its foreign competitors Hertz and Sixt. At the same time, Hertz and Sixt are global players that have remained profitable over the past five years and surpass the Russian company in EBITDA margin, the expert added. He also drew attention to Delimobil's ambitious plans to expand its business, the implementation of which will require significant funds. RBC's financial observer suggested that the company could receive them either through the placement of new bonds, or through an SPO soon.

Almost all portfolio managers interviewed by Kommersant said they intend to take part in the IPO. One of the newspaper's interlocutors said that in the first half of January 2024, Delimobil named guidelines for capitalization in the amount of 50-60 billion rubles, which exceeded world counterparts[1]

2023: Fleet growth by a third

By the end of 2023, there were 26,641 cars in the Delimobil fleet, which is 34% more than a year earlier. The car-sharing service published such data at the end of February 2024.

It also follows from the company's materials that Delimobil in October-December 2023 increased the fleet by 2,607 cars, largely due to models of Chinese brands, including Changan, Cherry, Geely and Haval.

source = Delimobil

The total number of registered users of Delimobil at the end of 2023 reached 9.6 million, which is 14% higher than a year ago. The average monthly active audience of the service for 2023 showed an increase of 7%.

The number of active users of the service per month in 2023 amounted to 522 thousand people, an increase of 15% on an annualized basis. The growth was due to the development of the fleet and demand for car sharing and new services, the company noted.

At the end of 2023, the number of sold minutes of operation of Delimobil cars increased by 16%, to 1.63 billion minutes. According to the results of the last three months of 2023, this figure reached 478 million minutes, showing a year-on-year growth of 37% - against the background of the development of the fleet, the growing popularity of car sharing in the cities of Delimobil's presence and marketing. There are more than 6 times more trips between cities in 2023 compared to 2022.

In 2023, Delimobil launched several new tariffs, including Skipass (for intercity trips to ski resorts), Transfer (for car allocation in areas with maximum demand) and Winter traffic jams. In addition, the service began to offer a "50% safety net" service for new users, which, according to the company, contributed to an increase in the consumption of car sharing services at the end of the year, despite New Year's traffic.[2]

2022

Revenue growth by 22% to 15.2 billion rubles

In 2022, the company "Carsharing Russia" (a legal entity of the car-sharing service "Delimobil") received revenue in the amount of 15.2 billion rubles, which is 22% more than a year earlier. Net loss decreased from 435 million to 164 million rubles. Such data were released in early April 2023.

According to Interfax, citing materials from Delimobil, taking into account the revaluation of the fleet of cars, in 2022 the company's net profit amounted to 2.2 billion rubles against 1.9 billion rubles a year earlier. The weighted average fleet size was 19,696 vehicles.

In 2022, the company's fleet grew by 1000 new cars

EBITDA grew by 38%, reaching 3.8 billion rubles, and EBITDA margin was 25% against 22% in 2021. Cash flow from the operating business of Carshering Russia LLC in 2022 increased by 28%, reaching 3.8 billion rubles.

According to Elena Bekhtina, CEO of Delimobil, by the end of 2022, the company retained a leading share in the Russian car sharing market with a share of about 50%. By the end of the year, the company's cars were available for rent in Moscow, St. Petersburg, Samara, Togliatti, Yekaterinburg, Nizhny Novgorod and Tula, Kazan, Novosibirsk.

As Vincenzo Trani, founder of Delimobil car sharing, noted, in 2022 the company's fleet grew by 1000 new cars, including due to the fact that people began to use short-term car rental services more often.

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We see that many users who used to drive both car sharing and their car transfer completely to car sharing. We, like other players, had to adapt to the new realities of the market: for example, we replenished the parks with Chinese brands that we had not worked with before. Users have already appreciated these machines. They liked the kit, the way they behave on the road, "he said.[3]
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Delimobil users spent 5 hours in a suddenly blocked car in the cold

At the end of January 2022, it became known that Delimobil users from Yekaterinburg spent 5 hours in a suddenly blocked car in the cold. According to the portal "E1," the guy and the girl rented a car through the Delimobil service for a trip from Yekaterinburg to Irbit, but right on the way the car sharing system blocked the car for unknown reasons. At the same time, the car did not start and did not allow the heating radiator to turn on, so the young couple was in danger of freezing to death.

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By this time we were freezing. I could no longer feel my fingers. We tried to keep warm. We walked three or four kilometers to the village. There were no shops, but people let us sit in some kind of warm trailer, "a girl named Alena, who suffered from a faulty car sharing machine, told the publication.
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Delimobil users spent 5 hours in a suddenly blocked car in the cold

According to her, it was possible to get through to the Delimobil theater holding only 40 minutes after the vehicle was blocked. The company said that they could not remotely start the engine, since communication with the machine was lost. Alena said that the conversation with technical support was something like this:

  • Can we ask to tow the car to the place where you will have a connection?
  • Under the contract, you do not have the right to tow a car. Otherwise, a fine.
  • Can we go to a warm place and come back when the mechanic arrives?
  • No, under the contract you cannot leave the car in a place where it cannot be parked.

The girl said that when the mechanic arrived, he said that he did not understand why they were kept so much. It turns out that he asked that customers in an unpleasant situation be given permission to tow.

"Delimobil" offered to wait for the exit service in the cold. The company called the reason for blocking the car. The service apologized, but the victims intend to go to court.[4]

2021

Revenue - 10.6 billion rubles; losses - 436.8 million rubles

At the end of 2021, Carsharing Russia (a legal entity of the Delimobil carsharing service) raised 10.6 billion rubles, which is twice as much as a year earlier. The company's net losses on an annualized basis decreased from 2.4 billion to 436.8 million rubles. Such data were released in April 2022.

{{quote 'The steady and accelerating growth of our company allows us to consider all options for the future development of the company, including opportunities to raise additional capital to expand our business, for example, potential listing through an IPO or merger with a SPAC listing, - said the founder and chairman of the board of directors of Delimobil Vincenzo Trani. }}

Delimobil remains an unprofitable car-sharing service

]] As for the main events for the service in 2021: Delimobil reopened car sharing in Rostov-on-Don. The fleet amounted to 350 cars. The service also allows travel to the nearest cities if the trip ends in Rostov-on-Don.

The company introduced a new class of cars - 100 minibuses in four cities of Russia: Yekaterinburg, Novosibirsk, Kazan and Rostov-on-Don. In addition to premium cars already used by Delimobil customers, the company also introduced the Audi A5 for users in Moscow.

"Delimobil" has updated its mobile app to allow users to photograph minor damage to a rental car and record any previous damage on the app. This update will shorten car check times for next users before they travel. In Moscow and St. Petersburg, a free service "Help" was launched to help drivers after road accidents. By April 2022, Delimobil operates in 10 regions of Russia, and the car fleet of the service has over 20 thousand cars.[5]

Refusal to conduct an IPO

In November 2021, Delimobil abandoned its IPO due to "market conditions." Investors get paid back.

Launch of cargo car sharing

In July 2021, Delimobil announced the launch of cargo car sharing. Ford Transit vans have appeared in the service fleet, which will first be available to users in Novosibirsk and Yekaterinburg.

According to Kommersant, Delimobil became the second Russian car sharing with a cargo tariff. The pioneer is Yandex.Drive, which launched the service in November 2018. By July 2021, the service is available in Moscow, St. Petersburg and Kazan, tariffs depend on a number of factors, including, for example, driving experience, rating, etc.

Car sharing "Delimobil" did not disclose prices for a new service. The company assured that tariffs will be "better than existing ones."

Other services do not plan to introduce cargo tariffs yet, but monitor competitors.

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Delimobil's attempt to occupy the niche of cargo car sharing is an indicator of the great potential of this direction. We will monitor the results of our colleagues, "a representative of Sitidriva told the newspaper.
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Delimobil announced the launch of cargo car sharing

Cargo car sharing is a logical stage in the development of the service, they agree in, BelkaCar specifying that "it is more interesting for companies with a wide base of partners - legal entities."

According to VTB Capital analyst Vladimir Bespalov, car sharing will compete with freight carriers, so the service will be cheaper for the consumer. But at the same time, he notes, it will be more profitable for car sharing to work with corporate clients than with individuals.

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There is definitely a niche for growth here, "he said.
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Bespalov also suggested that at the first stage the service will be unprofitable for Delimobil.

The price of a freight tariff is obviously higher than a passenger one, due to the high cost of cars, but it most often turns out to be lower than that of specialized cargo transportation services, said Iouri Nikolaev, publisher of the Trushering industry portal.[6]

User fines - the second item of the company's income

In second place after car sharing in the revenue of Delimobil is fines, which are collected from users for violation of the rules, damage to cars and other violations of the contract. The company received 682 million rubles from them for the first half of 2021. This is almost 14% of the total revenue of Delimobil for the period. The company announced this in preparation for the IPO.

VTB-Capital buys 15% of Delimobil for $75 million

In early June 2021, VTB-Capital, a division of VTB State Bank, announced the acquisition of a stake in the Delimobil car sharing service. The corresponding agreement was signed by the first deputy chairman of VTB Yury Solovyov and the founder of Delimobil Vincenzo Trani

Under the terms of the agreement, VTB-Capital will acquire about 15% in the parent structure of Delimobil, Luxembourg-based Delimobil Holding. The transaction amount will be $75 million. Thus, the entire company is valued at $500 million.

Troni noted that by the beginning of June 2021, VTB Group has been supporting "Delimobil" with various financial products for more than two years. Solovyov pointed out that VTB first entered the car sharing market.

According to Solovyov, VTB-Capital sees an attractive investment opportunity and believes that the expertise of the investment bank team contributes to the strengthening of Delimobil's position as one of the leading players in the Russian car sharing market

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We are keen to get additional support for our development. In principle, I think that any company that takes leadership positions, and that wants to strengthen this leadership, it needs additional partners. The main question is how to choose these partners correctly so that they are long-term, - said Trani, answering a question about the potential attraction of other partners.
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VTB buys 15% of Delimobil. Carsharing valued at $0.5 billion

The mentioned Delimobil Holding owns the Russian Carsharing Russia (Delimobil brand) and Enetime (Anytime brand).

As explained to Interfax in the press service of Delimobil, the main owner of Delimobil Holdings is the Miko Kapital Group fund created by Vincenzo Trani. Delimobil plans to spend the funds raised on the further development and strengthening of the positions of car-sharing projects in the Russian market.

Prior to that, Trani spoke about the possibility of an IPO (initial placement of shares) of companies in 2021. Reuters reported that in preparation for the IPO, Delimobil could sell up to 10% of its shares, while the IPO itself could take place in 2022.[7]

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As for the possibility of private equity deal - attracting an investor with whom we would conduct an IPO - it also remains, - said the founder of car sharing.
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2020: Revenue - RUB 5.296 billion

The revenue of Delimobil (under this brand is provided by Carshering Russia) for 2020 amounted to 5.296 billion rubles, which is 33% more than in 2019, follows from SPARK data. The net loss of the service reached 2.4 billion rubles, and the revenue of the controlled Enitime - 173 million rubles.

2018: Revenue - RUB 1.55 billion, losses - RUB 258.7 million

The first place in terms of revenue among car-sharing services Russia in is occupied by the company "Carshering Russia" (brand) "Delimobil" with revenue of 1.55 billion rubles and a loss of 258.7 million rubles at the end of 2018.

See also

Notes