Avito Ranks With Craigslist in Online Classified Ads, Sees Revenue Doubling

Avito is Russia’s leading classifieds site, with millions of daily visits. Jonas Nordelander, CEO of Avito, tells TheStreet’s Jill Malandrino what Avito has done in Russia that is different from Craigslist.org. Apart from capturing personal listings like roommate search or furniture, for example, Avito is in a position like a Monster.com or Autotrader.com. In fact, Avito transacted 40% of all used cars this year for the market place. Nordelander says the company derives revenue from a 'freemium' model, in which there is no charge for the core model, but ads can be 'bumped' up. Avito also makes a chunk of money from the huge amount of data the company has and he expects revenue to double this year and profitability to more than double. The company is exploring plans to go public, depending on a few factors, but Nordelander says gaining access to the capital markets could lend more credibility and attract top talent.