Online retailer invests 1 mln euro in Bulgaria’s eBag

Czech Republic-based online grocery retailer has expanded to Bulgaria by acquiring a stake in local peer eBag for 1 million euro ($1.1 million), Radio Prague International reported. The acquisition of a stake in the Bulgarian food e-store is part of the European expansion of the Czech company. “ entered its first foreign market at the end of last year, opening a new online store in Hungary. The founder and majority shareholder of, Tomas Cupr, also plans to expand to Austria and Germany this year,” Radio Prague International said in a news report published on its website last week.  According to Cupr, intends to gradually increase its interest in the Bulgarian company and become its sole owner in the coming years, Czech news outlet Seznam Zpravy reported last week. “We are entering the market in Sofia, another city with more than a million inhabitants. We therefore expect a similar potential as in Prague,” Seznam Zpravy quoted Cupr as saying, adding that the company expects its turnover to exceed 8 billion crowns ($335.1 million/299.1 million euro) this year. is operated by Prague-headquartered Velka Pecka, in which Cupr owns a majority stake, the news report reads., which has more than 450,000 customers, increased its turnover by 60% year-on-year to over 4 billion crowns in 2019, according to Seznam Zpravy. The eBag online store is operated by Sofia-based company. Convenience, which has a registered capital of 75,560 levs ($43,300/38,600 euro). Convenience is majority-owned by its CEO Ivan Aleksandrov, according to data by the Bulgarian commercial register.

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