Romania has a second unicorn after UiPath, as eMAG has been evaluated at over USD 1 billion by its main shareholder Naspers. eMAG CEO Iulian Stanciu told Business Review that this was a goal he had set for the company from the very beginning. According to Iulian Stanciu, CEO and minority shareholder of eMAG, the business is evaluated every year by annalists.
“I knew from the beginning that eMAG could grow into something big. Since I came to eMAG I’ve been telling people that I wanted it to be a billion-dollar business. They said, you’re crazy! We have too many problems! We were losing clients, services were not great, but a few things were very good: Radu Apostolescu, who created the brand, was a visionary, as he built it to be the customer-oriented. Bogdan Vlad, another founder, the one who built the back-end technology, also had a visionary approach. To their visions I added my knowledge of finance and leadership. The major growth is mainly due to the funding that eMAG has received. We got USD 200 million in funding from Naspers in exchange for a majority share package. You can do a lot of things with this kind of money,” said Iulian Stanciu for Business Review.
eMag is a Romanian company founded in 2001, a pioneer of the Romanian online market, which also has a presence in Bulgaria, Hungary and Poland. For 17 years, the company has been constantly investing in technology-based services developed in Romania that help customers save time and money.
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