Private-equity funds iTech Capital and Elbrus Capital are seizing on a rebound in Russian tourism at home and abroad with a $43 million investment in one of the country’s biggest flight-comparison websites.
Aviasales stands to benefit from passenger growth that’s outpaced the recovery in Europe and is returning toward pre-pandemic levels. Aviasales will use the funds to expand and launch new products, it said in a statement.
The investment is one of the biggest Russian deals this year in a private-equity market chilled by geopolitical tensions with the West and the 2019 arrest of U.S. businessman
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