Russian Venture Capital Association

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08.10.2014

A new online auction has appeared in Russia

In Russia, a new kind of online shopping is available now: a buyer has an opportunity to rule the price towards its reduction by himself. Making purchases according to this system, it is impossible to overpay: if the price doesn't suit, the buyer simply reduces it to the suitable one.

Timerun Company was created by a team of young and experienced professionals, with the support of major investors who invested more than $20 million in the start-up. It is known that one of the investors was Honored Master of Sports (wrestling) Dzhambolat Tadeev, but the names of the other partners are not disclosed.

Timerun suggests making truly profitable online shopping in a totally new and unique for the Russian community format: sitting at home on the couch, you control the price of the product you like by yourself, saving not only time but money also.

"Creation of the auction of new generation was inspired by the Dutch auction system, - says Sergey Sheviakov, CEO Timerun. - The gist of it is that at the beginning an auctioneer, for example, a car dealer, announces the market price of the car - it lights up on the scoreboard. If none of the buyers desires to buy the lot at that price, the auctioneer starts to lower the price. Buyer of goods becomes the first person who presses the button that stops the price changing". As an internal accounting unit Timerun uses Tickets. One Ticket costs 30 rubles, the first three Tickets each user receives as a gift at registration. The Tickets can be purchased through your personal account that can be accessed after the registration.

The lots in the technology, real estate, cars categories are currently presented on the site Timerun.ru. The card user can see the lot at the initial price, and the current price is hidden. If you click "Show price", one Ticket is written off the balance of the participant, and the price for the lot is lowered. The more the bidders number - the lower the price per lot. When the user clicks "Show price", he/she has no more than 15 seconds to make a purchase decision.

There is an internal social space on the site Timerun.ru where users can communicate with each other. Everybody has a private cabinet, in which his current balance is recorded. The cabinet can provide any information about user - name, login name, date of birth, friends, a photo, and contains a list of things that he would like to purchase. In this list each product has its cost in rubles (for example, 3000 rub.) and in Tickets (for example, 300 Tickets). Anyone can present a Ticket to his friend, thus helping to reduce the cost of the desired product.

Everything is transparent: for any purchase the customer receives the necessary papers, certificates, and documents. "If it's such expensive item like a car, you can conduct a test-drive. If it is an apartment, you can go to preview it with our partner agent "Alliance Realty", which will advise and answer all your questions concerning buying a home. At the moment, we already have an agreement on cooperation with large companies: network of home appliances and electronics "Eldorado", group of companies "Independence", one of the leading Russian car dealers, real estate agency "Alliance Realty" and other equally important for us partners, - Sheviakov commented. - We plan to expand the functionality of our service. For example, in late October we are going to offer our customers gift cards with a face value of money".

According to CEO, strengthening position in the Russian market is one of the main but not the only goal of the company: "We are planning to enter with our unique project in the market of Kazakhstan, Belarus and China, and we have everything is needed to do it - a professional team, ambitious goals, and, of course, additional investments for dynamic development of the project".

About Timerun Company

Timerun is a unique in Russia online auction, offering a new kind of online shopping with the possibility of independent control of price reduction. Thanks Timerun, customers can purchase goods in such categories as real estate, automobiles, electronics, clothing and footwear, with savings up to 50% of the initial market value. The company was launched in October 2014.

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