Whoosh, the Russian electric scooter rental operator, completed an additional share offering to fund expansion and growth plans. The company raised 2.1 billion rubles through the public placement, according to press statements published by leading business news outlet Kommersant. The move marks a notable step for Whoosh as it navigates a challenging market environment and seeks to broaden its footprint across more regions.
With this capital infusion, Whoosh would be positioned to support a broader strategy that includes entering new markets and investing in a range of development programs. The company’s market valuation is reported to stand at roughly 20.6 billion rubles following the completion of the offering, reflecting investor confidence in its growth prospects despite geopolitical headwinds.
The placement price for the new shares was set at 185 rubles per ordinary share by the board of directors, with the quantity of new shares issued totaling 50 million, each with a nominal value of 0.01 rubles. The funds raised through the offering are intended to bolster the company’s liquidity and accelerate its investment initiatives, including fleet expansion, technology upgrades, and potential partnerships aimed at scaling operations in existing markets and exploring opportunities in adjacent regions.
Currently, Whoosh’s geographic presence is primarily focused on Russia, with activities also extending to Kazakhstan and Belarus. The company has signaled its intent to leverage the additional capital to support international growth, logistics optimization, and customer acquisition efforts as it contends with a fluctuating market landscape and evolving regulatory considerations.
The announcement aligns with Whoosh’s broader objective of maintaining a robust growth trajectory in the shared mobility sector while addressing the operational and regulatory complexities inherent to a multinational expansion. As the company progresses, investors and industry observers will be watching closely to assess execution risk, competitive dynamics, and the speed at which Whoosh can scale its service offering while maintaining service quality and safety standards for riders across diverse markets.