Rohlik.cz acquires a minority stake in eBag.bg for EUR 1 million Rohl³k.ñz, the largest internet trader in the Czech Republic, has concluded a deal to acquire a minority stake in eBag.bg. The investment is in the amount of EUR 1 million, and the creator of Rohl?z Tomasz Chyp?p commented that in the next few years he aims at becoming the sole owner. Rohl³z.ñz has a turnover of EUR 150 million in 2019 and is expanding its activities to Hungary as well. The company has plans to enter Austria and Germany. The company aims to promote the company and its expansion in Bulgaria, according to the statement. The company was established in 2014 by Tomasz Chypyp, who is also behind the ½låvîmàt portal, a leader in online sales of goods and services at a discount. The Bulgarian eBag.bg launched in 2015, initially with the support of Fantastico, but later the two companies separated. At the moment, the online store is the largest in Bulgaria, and in 2018 the turnover amounted to BGN 6 million, according to data from Ñîmðànó Guru. The founder and majority owner is Ivan Alexandrov, and among the shareholders is Eleven Fund. Nearly 200 people work for the company.
Source: money.bg (03.07.2020)

The Czech Rohlik has invested another EUR 500,000 in the Bulgarian eBag The Bulgarian online supermarket eBag has received another investment of EUR 500,000 from the Czech company Rohlik. This is the second tranche of the EUR 1 million investment announced in the summer of 2020, with eBag being able to choose whether or not to receive the remaining amount. In total, Rohlik already holds 7.63% of the company Convinience JSC. The founder Ivan Alexandrov still has a majority share in it, and the funds Eleven, HR Capital, MFG Invest, as well as Alexandrov's partner Ivaylo Karamanolev also have minority shares. The investment was made with an eBag valuation of EUR 17.8 million. Alexandrov commented that the investment will go for further business growth. 'We continue to invest in the service and the areas we serve, as well as in our capacity. All of this requires resources.' eBag's business is usually highly seasonal, with more orders in the winter and fewer in the summer. Due to the coronavirus, the workload has become even greater in recent months. 'This period was difficult in a different way than the previous peak around the coronavirus. We had no problems with the platform, but we added many people who had to enter the process immediately,' Alexandrov added. The company currently employs 300 people, and in the last two months of 2020, 200 people were hired, some of whom did not stay.
Source: Capital (05.03.2021)

Bulgarian investment company HR Capital said it invested EUR 250,000 in local online grocery shop eBag.bg by subscribing for 730 ordinary shares from the capital increase of the online shop's operator - local company Convenience. The entire investment round is valued at EUR 1 million, with Czech online food retailer Rohlik.cz the leading investor. The funds of HR Capital used to subscribe for the new shares were received from an investment campaign under a cash loan agreement with local Citadel. The one-year loan amounts to BGN 800,000 and has an annual interest rate of 4%. It was provided for the acquisition of new investments by HR Capital. The turnover of eBag reached BGN 36.5 million last year, 50% higher compared to 2020. In 2022, HR Capital will strictly adhere to its publicly announced investment policy - participation in innovative technology companies, as well as increasing its interest in the most successful investments to date.
Source: investor.bg (08.04.2022)

The Czech shareholder in eBag received an investment of EUR 220 million One of the shareholders in the Bulgarian online supermarket eBag - the Czech Rohlik Group, received a new investment of EUR 220 million. Rohlik Group has announced that it will use the raised funds to accelerate technological innovation as well as expand its business in the markets in which it is present - Prague, Budapest, Vienna, Munich and Frankfurt, and soon in Milan, Bucharest and Madrid. In Bulgaria, the group participates as an investor in the company behind eBag - Convinience. It entered in 2020, investing a total of EUR 1 million, and this year also participated in the increase of the company's capital, holding about 10%. The majority shareholder has the founder Ivan Alexandrov, and minority shareholders are the funds Eleven, HR Capital, MFG Invest, as well as Alexandrov's partner Ivaylo Karamanolev and the financial director Miglena Popova. Two years ago, the Rohlik Group's investment was made on an eBag valuation of EUR 17.8 million. The revenues of Convinience for 2021 have reached BGN 36 million, and the staff is about 400 people. The platform focuses on its main markets - Sofia, Plovdiv, Blagoevgrad and Bansko.
Source: Capital (21.06.2022)

"MFG Invest" goes public on December 6 with an offer for BGN 10 million. The investment company "MFG Invest" plans to make its initial public offering of shares on the stock exchange on December 6. The company, which has shares in the Bulgarian unicorn Payhawk, "Settle Bulgaria", "Convenience" and others, will offer investors 1.7752 million shares with an issue price of BGN 3.38, which means that it can raise a little over BGN 6 million The offer also includes a high interest option - if there is an oversubscription of the issue, up to 1 million more shares will be released, but from the already existing ones and with a higher issue price of BGN 3.98. Thus, the theoretical ceiling for the total offering becomes 9.98 BGN million, and if the offering is successful and the entire issue is placed, the market capitalization of the new listed company may reach BGN 38.5 million.
Source: Capital (23.11.2022)

eBAG attracted a new BGN 500,000 from two investors The company, known for the eBAG - "Convenience" online store, attracted BGN 539,000 capital at the end of October from two investors. Milen Stoichkov, commercial director at eBAG, and PK Capital, an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov, will receive 330 and 220 new shares, respectively. The valuation of the online food retailer in this transaction reaches BGN 84 million, as the new shares were acquired at a price of BGN 980. In March 2022, when it last raised its capital, Convenience's shares were valued at 670 leva, which is an increase of about 50%. HR Capital and Eleven are among the earliest investors in eBag, investing about BGN 1 million more than five years ago: BGN 600,000 debt from HR in August 2018, converted at 96 BGN per share, and 410 thousand debt from "Eleven" in December 2018, which is converted into shares at a price of about BGN 116 per book. Over the years, both companies have participated in follow-on rounds and expanded their holdings. But not in the current capital increase. Convenience's capital is distributed in just over 85,000 shares, which are divided into three classes: A, B and C. The difference between them is in the rights to subscribe capital from subsequent rounds. The last class B is held by the Czech Rohlik Group, which has about a 9% stake in the online retailer. The shares give the Czech company the right of veto at general meetings and priority over other classes of shares in the subscription of new shares.
Source: Capital (03.11.2023)

The online retailer eBag will invest 5 million euros in the automation of the company's warehouse base, with financing secured through a bank loan. The investment is related to the purchase of an assembly line and a robot, including software with embedded artificial intelligence, which will help employees (pickers) in the warehouse in the preparation and packaging of the products. In 2024, the fleet will be renewed. The plans are that this year 10% of the company's cars will be electric, for this purpose the company is building the necessary infrastructure and its own charging stations. eBag's customers are already over 110,000 households that traditionally order food and household products through the online platform. The company accepts applications for Sofia, Plovdiv, Blagoevgrad and Bansko. Delivery takes up to 3 hours, and for Sofia, orders over BGN 100 are free. For 2023, eBag registered over 20% growth in orders and 42% new customers. The average order size is also growing. The result of this is a 34% increase in turnover, which exceeds BGN 80 million. eBag was founded in 2015 and for several years partnered with the "Fantastico" chain, but since 2018 it has separated and works independently. The company opened its own logistics base, which was subsequently expanded. According to the data of the online retailer eBag, it has a 70% market share in the online trade of fast moving goods. As of November 2023, the number of employees is about 250. The founder, Ivan Alexandrov, is the majority owner. The Czech Rohlik Group, the investment funds Eleven and MFG Invest, the risk investment company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev have minority shares in Convenience - the company that manages eBag. At the end of October 2023, "Convenience" attracted new capital - BGN 539 thousand - from two investors: Milen Stoichkov, commercial director at eBAG, and "PK Capital" - an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov. The valuation of the online food retailer in this transaction reaches BGN 84 million. ?
Source: Capital (25.01.2024)

The revenues of eBag.bg grow in double digits every year - in 2023 by 36% to 68 million. BGN - result of growing prices, customers, orders, quantities. The company behind the online retailer - "Convenience" has a profit of 2.6 million. BGN and there were 237 employed last year. Founder Ivan Alexandrov expects sales to jump to 115 million in 2024. BGN - by September the growth is 40%. The first online deliveries from eBag began in May 2015. The online store uses the stores of the key partner - the "Fantastico" retail chain. The result of the cooperation between the two companies is the portfolio of eBag.bg with over 10 thousand fast moving goods, reflecting the assortment of "Fantastico". Later, the online store added more than 600 pharmacy products - non-prescription drugs, nutritional supplements, medical cosmetics, homeopathy. From four in 2015. eBag employment grows to 15 in 2016 and over 30 - in 2017, and in 2018 they exceed 50. For the first six months, the revenues are about 700 thousand. BGN, next year they will reach 1.8 million. BGN, then grow to BGN 3 million. BGN In 2018, Aleksandrov also parted ways with the minority owners of Convenience - Nova Broadcasting Group and its affiliate Net Info, buying out their shares. He rents a warehouse in the metropolitan district "Modern Suburb". In 2020 the company is making a major investment to increase the capacity of the fulfillment center. And after a month comes the pandemic, when eBag orders "surge to the skies". After leasing 3,000 square meters of warehouse space in 2018. an extension to 5,500 square meters follows. The company also rents another 3 acres for parking. "We work with fewer people because we manage the business well. This allows us to give better wages and offer products at better prices," says Alexandrov. Today, the daily sales of the online retailer are over 300,000. BGN, company cars - about 100, couriers - about 150, and product suppliers - over 350. The service is available for Sofia, Plovdiv, Bansko, Blagoevgrad, Pazardzhik, Pernik, Dupnitsa. Over the years, various investors - legal entities and individuals - became shareholders in Convenience. Founder Ivan Alexandrov is the majority owner. Minority shares are held by the Czech Rohlik Group, the investment funds Eleven and MFG Invest, the risk investment company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev. At the end of October 2023, "Convenience" attracted new capital - 539 thousand. BGN - from two investors: Milen Stoichkov, commercial director at eBag, and "PK Capital" - an investment company from Varna, owned by the serial IT entrepreneur Presiyan Karakostov. The valuation of the online food retailer in this transaction reaches 84 million. BGN The total capital raised since the establishment of the company so far is 4.5 million. euro. Over the past 12 months, the company's focus has been on automation. This year, the online retailer will invest about 10 million. BGN in automation and robotization of the company center. The investments are related to the purchase of a smart assembly line and a robot, including software with embedded artificial intelligence, which helps employees (pickers) in the warehouse in the preparation and packaging of products. Development plans include opening a new automated order fulfillment center in Sofia, Varna or Plovdiv. Wherever it is - it will cover a rather serious perimeter of 100 - 200 km in the region.
Source: Capital (14.11.2024)

Sales of the top 10 online retailers in Bulgaria have grown by nearly 27% in just one year. In 2023, their total turnover exceeded half a billion. The number of people shopping online is growing steadily and by 2024 it will already be over 2.7 billion people, or 2.7% more than a year earlier, according to eMarketer. Over the past four years, the annual increase in the volume of internet sales in the country has increased by 20% and by 2024 their volume will already exceed the 2 billion euro mark, according to data from the sectoral Bulgarian E-Commerce Association (BEA). Since the pandemic year of 2020, the market has grown more than twice - then its volume was estimated at 0.97 billion euro, and by 2024 the expected value is already 2.34 billion euro. Thus, the sector already forms 2.34% of the country's GDP. Of the companies registered in Bulgaria, the company with the largest turnover in 2023 is "Ozone Entertainment" (ozone.bg), which sells video games, books, puzzles, gaming peripherals, board games, electronics, toys, baby goods, etc. In recent years, the company has expanded its portfolio with a number of acquisitions - the Pulsar video game chain, the Baby.bg baby products site, the Photo Pavillion photo equipment store, the BG Textbook bookstore, the Artline publishing house, etc. It has also doubled its warehouse space in Elin Pelin. As a result, in 2023, consolidated revenues continue to grow steadily - by 34% (after a jump of almost 73% a year earlier) to BGN 170 million. However, the expansion is also associated with growing costs, which reduces profit to under BGN 1 million for 2023. The second-place seller of second-hand clothes, Remix Global, has recorded a third consecutive year of losses. The company operates in nine countries in Central and Eastern Europe. Revenues grew from 38% in 2022 to 27% in 2023. In nominal terms, sales for the last reported financial year were BGN 114 million, with BGN 43 million coming from the Bulgarian market. In 2021, the company was bought by California-based thredUP - one of the largest online platforms for reselling clothes and accessories in the world. At the end of 2024, managers bought back the majority stake (91%) of the shares. The price was symbolic (BGN 1), apparently in exchange for assuming debts. For the third in the ranking - "Convenience" is behind the online supermarket eBag, initially partnering with the chain "Fantastico", but since 2018 it has separated and operates independently, opening its own logistics base and constantly increasing its product portfolio. Geographic coverage is also expanding - initially deliveries were only in Sofia, and to date they have also been covered in Plovdiv, Asenovgrad, Pazardzhik, Pernik, Bansko and Blagoevgrad. In 2023, sales jump by 36.45% to 68.6 million leva. The company's founder Ivan Alexandrov predicts that in 2024, revenues will exceed 100 million leva. Another top 10 retailer operates in the food segment - the Glovo delivery app, which operates on the local market through the company "Glovoapp Bulgaria" (5). The company is part of the Spanish Glovo group, which in 2021 bought the business of its competitor Foodpanda ("Delivery Hero") in Bulgaria and Romania. Initially, the focus of the company founded in Barcelona was on the delivery of ready-made food from restaurants, but later the portfolio expanded to include food from supermarkets, medicines and even flowers. On the Bulgarian market, Glovo delivers from both large chains such as "Billa", "Kaufland", Starbucks, Hesburger, "Nechuveshki Magazin", and small local businesses. In 2023, sales reached 31.6 million leva, increasing by 40.6% - which is the highest growth in the top 10. For the last reported year, orders for over 100 million leva were placed through the company. With sales of 38 million leva in 2023 is the online store for retail trade in garden, agricultural and other equipment "BG mashini" (4). The company is behind the website OnlineMashini.bg, which was created just over 10 years ago, and the sole owner Svilen Kostov expects the reported growth of over 30% for the year to be repeated in the results for 2024. The platform sells a variety of items - from screwdrivers to tractor mowers, distributed in 28 main product categories, which cover professional equipment, everything for the garden, workshop and garage. The company is currently building its own warehouse with an investment of 15 million leva, and the next goal is to expand the business to neighboring countries. The most numerous in the top ten is the group of retailers of clothing, shoes and accessories - in addition to "Remix Global", it also includes the companies behind the brands ShopSector, Creative and Euromart. Of these, the sports shoe retailer "Shop Sector" (6) of Alexander Ivanov ranked highest. The e-shop offers a wide range of brands such as Adidas, Puma, Reebok, Nike, Supra and is among the leaders in shoe sales in Bulgaria. In 2023, revenues grew by 18% to 23 million leva. Radoslav Stamenov's Blagoevgrad-based "Onlinedress" (8), which manages the Creative women's clothing, handbags and accessories chain, reported a 5.8% drop in sales to just under 18 million leva. Currently, the e-shop creative-bg.net is under reconstruction, and in 2023, the management's efforts were focused entirely on the foreign market, as the company also opened a new commercial and warehouse base. The revenues of the "Noople" company (9), registered in the Plovdiv village of Rogosh, which is behind the bg.euromart.com website, also decreased by 7.7%. In 2023, clothes, shoes, bags and accessories worth over 16 million leva were sold through the platform. The partners in the business are three Turkish citizens - Numan S?tc?, Mohibullah Abdullah and Ali Ilhan, as well as Mohammad Afzal, who has an Indian passport. S?tc? holds 51% of the capital, and the other three have equal shares of 16.3%. The online retailer in the health and diet products sector "Atop" (7), known by its trademark WowTea, also reported a decline in its sales for 2023. During the year, turnover decreased by 4% to just over 18 million leva. However, with its financial result of nearly 2.9 million leva, the company is the most profitable among the top 10 - with a profit margin of 15.8%. Over the past three years, the company has seen several changes in ownership, and currently, in addition to founders Emil Tsvetanov (35%) and Nikolay Slavov (20%), Georgi Karpuzov (30%) and Vasil Vassilev (15%) are also partners. The top ten is closed by Plovdiv-based "LaDig", which mainly deals with online sales of cosmetic products. The company is best known for two brands - waxing WaXx me and dip me manicure products, but its brands also include skin care, hair removal, teeth whitening, as well as a series of pet products. Revenues grow by over 33% in 2023, reaching 14.2 million leva, but the growth comes after a year of contraction, and so the turnover has actually returned to its 2021 levels. Its products are offered in over 50 countries, with over 1,000 sales made on a daily basis.
Source: Capital (10.02.2025)

The online retailer eBag reports a company record of 100 thousand orders in one month for March this year. As a result, the company's monthly turnover exceeds 13 million leva for the first time, with a growth of 47.57% compared to March 2024. The sales jump is double-digit and for the entire first quarter of 2025 - 44.32%. Logistics is key to the online ordering business. Therefore, in 2024, eBag is investing in automation and robotization of the company center. The investments are related to the purchase of a "smart assembly line" and a robot, including software with implemented artificial intelligence, which helps employees (pickers) in the warehouse in preparing and packaging products. The result is an increase in capacity when issuing orders and, accordingly, accelerating deliveries to customers. In 2024, eBag is investing about 10 million leva in automation and robotization of the company center. The investments continue - in April-May this year. eBag will introduce an automated buffer for ready-made orders. Founder Ivan Alexandrov is the majority owner of Convenience, the company that manages eBag. Minority stakes are held by the Czech Rohlik Group, the investment funds Eleven and MFG Invest, the venture capital company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev. At the end of October 2023, Convenience attracted new capital - 539 thousand leva - from two investors: Milen Stoichkov, commercial director at eBag, and PK Capital - an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov. The valuation of the online food retailer in this deal reaches 84 million leva. The total capital raised since the company's inception is 4.5 million euros. eBag's revenue for 2024 is 116 million. BGN, which is an increase of over 40% compared to 2023. Customers have increased by 27%, and profit is about BGN 2.5 million despite investments in growth.
Source: Capital (10.04.2025)

Finnish Wolt and Estonian Bolt are expected to enter the Bulgarian home food delivery market, in which business in recent years has had two major players - Glovo and Takeaway.com. . The two platforms are gathering teams for their Sofia offices and looking for partners. Glovo, which acquired the Foodpanda business in our country, has 31.6 million leva in revenue for 2023, and Just Eat Takeaway.com, which bought BGmenu, has 28.1 million leva. Their networks include both restaurants and all kinds of stores - from niche to supermarkets. The two companies are very likely to become related parties. Prosus - the largest shareholder in the company behind Glovo, announced in February that it wants to buy Just Eat Takeaway.com for 4.3 billion dollars. Bolt was founded in Tallinn in 2013 by the then 19-year-old Markus Willig and is basically a shared transportation platform similar to Uber. Today, it has a presence in over 600 cities in about 50 countries in Europe, Asia, Africa and South America. In 2023, revenues were 1.7 billion euros with a loss of 92 million euros. Food delivery is a newer business for Bolt, as it started in 2019 from the Baltic countries and is now present in over 20 countries. In 2021, delivery of other goods began to be offered. Bolt entered our country last year with its business as an electric scooter operator, in which it is a leader in Europe. Bolt announced that the Bolt Food service is operating in the capital Sofia and is actively looking for restaurant owners for partnerships, as well as those with flower shops, grocery stores and a number of other locations. Helsinki-based Wolt was founded in 2014 and its main business is food delivery. In 2022, it was acquired by the American giant DoorDash for over 8 billion. dollars, but continues to develop under its own brand - in 25 countries and over 300 cities. Last year, Wolt bought the Romanian delivery platform Tazz from eMag. For several months, Wolt has been gathering a team for its office in Sofia. It is now clear who will head it - Ivaylo Netsov, who developed Foodpanda in our country and stayed for some time after the deal with Glovo, and was also responsible for the international expansion of Tazz. Wolt's courier network will be managed in Bulgaria by their partners.
Source: money.bg (08.05.2025)

In the first half of 2025, the online retailer eBag reported almost 50% growth in revenue, reaching 80 million leva compared to 54 million leva for the same period in 2024. On an annual basis, the growth is over 50%, announced Ivan Alexandrov, founder and CEO of eBag. In 2024, eBag invested in automation and robotization of the company center. The funds were related to purchases of a "smart assembly line" and a robot, including software with embedded artificial intelligence, which helps employees (pickers) in the warehouse in preparing and packaging products. The result is an increase in capacity when issuing orders and, accordingly, accelerating deliveries to customers. For 2025, eBag plans investments in the amount of 7 million leva, of which 4 million have already been realized. The company also plans to open a new, automated Fulfillment Center in 2027. The expected investment in it will be about 45 million euros. Founder Ivan Alexandrov is the majority owner of Convenience, the company that manages eBag. Minority shares are held by the Czech Rohlik Group, the investment funds Eleven and MFG Invest, the venture capital company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev. At the end of October 2023, Convenience attracted new capital - 539 thousand leva - from two investors: Milen Stoichkov, sales director at eBag, and PK Capital - an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov. eBag's revenue for 2024 is 116 million leva, which is an increase of over 40% compared to 2023. Customers have increased by 27%, and profit is about 2.5 million leva despite investments in growth. Today, there are almost 600 employees.
Source: Capital (15.08.2025)

Since the organic food producer Smart Organic moved its shares to the main segment of the Bulgarian Stock Exchange for trading, the market for small and medium-sized companies on the Beam stock exchange has also lost a large part of its capitalization - almost half, with the shares of 17 companies with a total market valuation of BGN 285 million as of September 1 now being traded on the market. The segment has so far raised almost BGN 50 million in financing, and one company - Reiswolf - went public without increasing its capital. The revenues of some companies such as Biodit, Sin Kars Industry and Mellifera are decreasing compared to the first six months of the previous year. "Dronamics Capital", for example, is a company that holds an instrument whose sole purpose is to convert into shares of the British company when a capital raising event or initial public offering occurs - something that has not yet happened, although the company raised nearly 6 million leva in December 2021. Nevertheless, "Dronamics" is one of the most profitable stocks in the last year on the beam market with a growth of about 1% in the last year and over 66% in the last six months. The most profitable at the end of June were investors in private companies "MFG Invest" and "HR Capital", which registered net profits of about 2.4 million and 2.2 million leva respectively due to positive differences from the revaluation of investments, as well as the creditor "ITF Group" with a net profit of about 2.6 million leva. The latter is also the second largest on the market in terms of revenue, with a turnover of nearly 15.9 million leva for the first six months. Only the solar panel trader AmonRa Energy is larger than it, with revenues over 33.5 million leva. At the other end of the spectrum are the honey company Melifera and the insurance broker Boleron, with only 59 thousand and 252 thousand leva, respectively. Behind the growth in HR Capital's profits is the investment in the Bulgarian online food store Convenience (ebag), where it reports a growth in fair value of over 3.4 million leva to 19.6 million leva. The investment company has a stake of about 19% in Convenience, which means in practice that the company is valued at about 100 million leva. This is also HR's largest investment, forming over 70% of the company's investment portfolio. The same situation is with "MFG Invest", which also has a stake in the online provider, but a smaller one - about 12%. Unlike HR, at MFG the largest investment in the portfolio is Payhawk, of which it owns a 1.8% stake and which is valued at 29 million leva, or a total valuation of the company of 1.6 billion leva. The car manufacturer from Ruse "Sin Cars Industry" declared sales of 4 electric vans L City Koffer for the first six months, and the company is now also offering a sports car Sin R1. Fintech "Paysera Bulgaria" continues to harbor hopes for an electronic money license from the Bulgarian National Bank, which would allow the company to retain a larger percentage of its revenues at the expense of the Lithuanian Paysera LT, with whose franchise it operates. The company already sells event tickets, which can be considered competition for companies such as Eventim and Ticketstation. The document archiving, storage and destruction company "Reiswolf", which listed directly on the market in September 2024 without raising capital, is already the second largest in terms of capitalization after the solar company "AmonRa Energy". Shares of the biometric company "Biodit", which announced restructuring in February this year, continue to search for the bottom and are among the biggest losers in the last year. Increases in the capital of "Mellifera", "Impulse Growth" and "Webit Investment Network" show that investors are still ready to trust the companies of beam. The index of the beamX segment shows growth of over 5% in the last year and more than 20% in the last six months.
Source: Capital (04.09.2025)

HR Capital AD announced the conclusion of a preliminary agreement for the purchase of approximately 3,400 shares of the capital of Convenience AD, owner of Ebag.bg. The expected price is between 1,700 and 2,200 BGN per share, and the shares purchased may be 50% more or less. Therefore, at a price of 2,200 BGN, this makes 7.5 million for the package of 3,400 shares. According to the preliminary agreement, the shares purchased may be plus or minus 50% of the specified 3,400, therefore between 1,700 and 5,100 pieces. The seller is MFG Invest AD. In reality, 3,400 shares are 5.5% of the 61,680 ordinary shares issued by Convenience AD. Therefore, up to 7.5 million BGN for 5.5% makes an estimate of 136 million BGN for Ebag.bg. For 2024, Convenience AD ??has revenues of BGN 97 million and a profit of BGN 2.6 million (compared to BGN 68 million and BGN 2.2 million, respectively, for 2023). For 2025, revenues are expected to increase by over 50%. As of June 30, 2025, HR Capital AD owns 19.17% of Convenience AD, valued at BGN 19.661 million, or BGN 1.03 million for every 1%. The company now expects to pay up to BGN 1.36 million for every 1% for the new shares, but it could be as low as 1.05% if the purchase price is in the lower range of BGN 1,700 per share. Years ago, Ebag.bg worked with products from the "Fantastico" chain, but since 2018 it has been operating independently with its own central warehouse. An analogue of Ebag.bg at the moment is, for example, Glovo, which carries out deliveries from the "Billa" chain. Conditions for finalizing the deal are the successful conduct of an initial public offering (IPO) procedure for a bond issue issued by "HR Capital". The purpose of the issue is to raise the necessary resources to finance the purchase price. The deal is also subject to approval according to the procedures provided for in the statutes of all countries.
Source: investor.bg (24.11.2025)

HR Capital AD will issue secured convertible bonds that provide investors with both a fixed income and the opportunity to participate in the growth of the company's portfolio value. The total value of the bonds is up to EUR 5.007 million, each with a nominal value of EUR 1,000. The raised up to EUR 5,007,000 will finance the acquisition and increase of HR Capital AD's stake in eBag - the leading Bulgarian online grocery delivery platform. The decision to issue the bonds was made by a resolution of the Company's Board of Directors at the end of December 2025. The term of the bond loan will be 42 months, and the bondholders will have the right to convert them in the second (at a 22% discount) and the third year (at a 33% discount) into shares of HR Capital AD. The right to subscribe for convertible bonds is granted to persons who have acquired ordinary shares, class "A", no later than 5 (five) business days after the date of publication of the announcement of the offering on the internet site of the beam market of the Bulgarian Stock Exchange (BSE). 9,113,199 rights will be issued (1 share = 1 right), with 1,820 rights giving the opportunity to subscribe for 1 bond. Each person, holder of rights, may subscribe for at least one bond provided that he holds at least 1,820 rights. The maximum possible number of bonds that each person may subscribe for is equal to the number of acquired and/or held rights, divided by 1,820. The interest is 11% with deferred payment and is not convertible into shares. When exercising the conversion, the investor waives the right to receive the interest in cash. The funds from the bond issue will be deposited in an ESCROW account and will be utilized only upon a proven transaction for the purchase of a share in eBag. The offering will be considered successful if bonds with a total nominal value of not less than EUR 1,750,000 are subscribed and paid. eBag.bg is the leading online grocery delivery platform in Bulgaria, serving over 50,000 active households in Sofia, Plovdiv, Bansko, Blagoevgrad, etc. Founded in 2017, the company has established itself as a dominant player in this segment, combining its own logistics infrastructure with a sustainable base of loyal, repeat customers. eBag employs over 600 people. By 2028, revenues are expected to reach EUR 225 million excluding VAT at a 7% EBITDA margin. Ebag has over 150,000 customers, including 29,000 new ones in 2024 alone. The company offers over 18,000 unique items and has 104,000 unique orders per month (3,500 per day). The average order size is 70 euros.
Source: Darik Radio (20.01.2026)

HR Capital AD has sold 5006 of the 5007 bonds offered. The offering began on January 28, 2026 and ended on February 13, with the issue price of all 5006 bonds applied for subscription having been paid. As a result of the offering, an amount of EUR 5,006,000 was raised on the company's savings account at TBI Bank EAD. The amount of commissions and expenses on the offering amounted to EUR 125,940.47. The investment intermediary that handled the procedure is Karol AD. The company announced that it will issue bonds for up to 5,007,000 euros at the end of December 2025. The funds raised are intended to purchase shares from the capital of Convenience AD ??(ebag.bg) by MFG Invest AD according to a preliminary agreement concluded between the parties.
Source: investor.bg (16.02.2026)

According to rough estimates, the entire FMCG market in Bulgaria is worth about 11-12 billion euros, and has been growing steadily in recent years due to the increasing purchasing power of the people in the country. The leading 10 players generate a consolidated net turnover from the sale of goods of nearly 5 billion euros. Lidl consolidated its leadership in the market in the past 2025. In 2025, Lidl also consolidated itself as a leader in the largest cities and markets in the country: Sofia, Plovdiv, Varna. Otherwise, the leading three in the retail trade of FMCG and mainly food consists of Lidl, Kaufland and Billa and has not changed in the last few years. The online retailer eBag has experienced dynamic development in recent years, and in 2025 it is most likely already part of the leading ten in terms of turnover in the country with nearly 50% annual revenue growth. Another rapidly developing chain is Minimart, which ended 2025 with 302 stores in the country, or nearly 150 more than the previous year.
Source: Capital (20.02.2026)

HR Capital AD and MFG Invest AD have signed the final agreement for the transaction for 6% of the capital of the platform for trade and delivery of food products and household goods eBag.bg. The transaction is for 5,074 registered, available, preferred shares of class B. The transfer was made by giro in accordance with legal requirements and the sale was recorded in the Book of Shareholders of Convenience AD ??(the company behind the eBag.bg website, - ed.), HR Capital said in a statement. The sale price of one share is 951 euros, and the total sale price is 4,825,374 euros. The seller will receive the amount within 5 business days and after submitting all necessary documents to the bank trustee for the bond issue of HR Capital AD. The company raised 5 million euros from the sale of convertible bonds to finance the deal. After the deal, MFG Invest will remain with a stake of just over 6% in the platform. HR Capital will increase its stake to nearly 26%. According to the agreed share price, eBag.bg's valuation amounts to 81 million euros (nearly 159 million leva).
Source: investor.bg (23.02.2026)

HR Capital has issued its first convertible bond issue on the BEAM market of the Bulgarian Stock Exchange. The company raised over EUR 5 million through a public offering. The funds raised through the bonds will be used to increase HR Capital's stake in eBag, one of the leading Bulgarian technology and logistics businesses in the e-commerce sector. The deal to acquire shares in eBag was announced in November 2025.
Source: Banker (18.03.2026)

The largest online food retailer in Bulgaria - eBag, is in a period of accelerated growth: last year's turnover jumped by 50% to 88 million euros, with similar growth starting in the first quarter of 2026. Therefore, the company "Convenience", which is behind the brand, will begin construction of a second logistics base (or second fulfillment center) in 2027, which will be located in "Hemus Park" in the "Chelopechene" industrial zone. The investment in phase 1 is around 21 million euros, financed through a combination of bank credit and equity. The facility will be leased by the company "K Bio Industry Bulgaria", which will provide the warehouse infrastructure. This is a company of Andon Touchev, who also owns the aluminum joinery and curtain wall company "Tal Engineering". The new center will be located on nearly 14 thousand square meters of built-up area. The initial capacity will allow the execution of about 6,000 orders per day with the possibility of expanding to 12 thousand depending on the load (with approximately 25 items on average per order). Currently, eBag's capacity allows the execution of up to 6,000 orders per day. At full capacity, the base has the potential to support an annual turnover of 300 million euros. All orders are now being served, including those for Plovdiv, Bansko and Blagoevgrad, by the company's existing logistics base, which is located in the "Modern Suburb" warehouse and production zone in Sofia. For the first time in 2026 eBag exceeds 30 million euros in turnover within a quarter and has already served nearly 70,000 households in Sofia, Plovdiv, Bansko and Blagoevgrad. The number of users is 42% higher compared to the first three months of 2025. In fact, in three months eBag reaches more households than in the whole of 2024, the online platform reports. The average value of the order through the platform increases by 3% compared to the average level for 2025 and reaches a new maximum of over 71 euros. The number of items in one order also increases by about 3%. Founder Ivan Alexandrov is the majority owner of Convenience - the company that manages eBag. Minority shares are held by the Czech Rohlik Group, the investment funds Eleven and MFG Invest, the venture capital company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev. At the end of October 2023 "Convenience" attracted new capital - 539 thousand leva - from two investors: Milen Stoichkov, commercial director at eBag, and "PK Capital" - an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov. The valuation of the online food retailer in this deal reaches 84 million leva. In November 2025, the listed companies HR Capital and MFG Invest, which have minority stakes in "Convenience", announced a preliminary agreement for the purchase and sale of shares, as a result of which they increased their stake in the company to 24.99%. For 2025, eBag reports a turnover of 88.8 million euros, which represents a 50% increase compared to the previous year. The operating profit is 2.38 million euros, or a 3.23% margin. The total capital raised since the company's establishment to date is 4.1 million euros.
Source: Capital (21.04.2026)

tbi bank has been selected as the trustee bank for HR Capital’s bondholders in the convertible bond issue, successfully placed on the BEAM market of the Bulgarian Stock Exchange in February 2026. The company raised EUR 5 million, with which it financed the acquisition of an additional stake in the online supermarket eBag. tbi is authorized to protect the interests of bondholders in a total of 5 issues, including the first bond on the BEAM market of the Bulgarian Stock Exchange, issued by Logos TM. Over the past four years, the bank has raised nearly EUR 150 million from the local public market, and last year successfully issued the largest MREL bond issue in Bulgaria worth EUR 60 million.
Source: Darik Radio (24.04.2026)

Lease agreements for just over 18 thousand sq m of warehouse space were concluded in Sofia in the first quarter of this year. Practically the entire volume was leased to companies in the retail and wholesale sectors, according to data from the commercial real estate consultancy Cushman & Wakefield | Forton. The largest deal was concluded by online retailer eBag, which leased 15 thousand sq m in a build-to-suit project (properties built to order for a specific tenant) for a logistics base in Hemus Tech Park. A key feature of the market is the lack of free space, which hinders dynamics and active leasing. Warehouse owners say that the majority of inquiries during the quarter were for smaller areas - up to 2,000 sq m. Construction activity in the first quarter remained stable, with 23 projects under construction. The volume of areas under construction reaches 227 thousand sq. m, which is comparable to the level of the fourth quarter of 2025. About 51% of this volume is intended for leasing. Among the more significant projects launched in this period is the production and warehouse base of the cosmetics company Biotrade in the Iskar industrial zone. Completed warehouse areas have reached 25,123 sq. m – the highest level for the last three quarters. Despite the seemingly satisfactory volume, it is distributed between five projects intended for own use. As a result of the newly completed projects, the total volume of warehouse areas has increased to 2.376 million sq. m, with speculative ones remaining unchanged – 805 thousand sq. m. The vacancy rate has remained critically low – below one percent, according to Forton data. Market conditions in the first months of 2026 in the capital were in favor of landlords. Rental rates for prime Class A logistics space (over 10 thousand sq m) increased to 5.8 euros per sq m, excluding service fees and other costs. Relatively small investment deals in industrial and warehouse space are common in the Bulgarian market, and the first quarter of 2026 was no exception. Three warehouses in Sofia, Plovdiv and Burgas with a total lettable area of ??6,800 sq m changed hands for a total of 6.73 million euros. All properties were acquired for own use. The yield on prime logistics assets (over 10 thousand sq m) remained unchanged at 7.25%.
Source: investor.bg (21.05.2026)

Online grocery shopping for households in Bulgaria is becoming increasingly popular, according to NIQ's Retail Pulse 2026 study. According to it, 54% of consumers shopped for groceries online in February this year. The entire retail food market in Europe is estimated at 2.1 trillion euros in 2025, according to the analysis company Flywheel. The largest online food retailer in Bulgaria - eBag, is in a period of accelerated growth: turnover last year jumped by 50% to 88 million euros, with similar growth starting in the first quarter of 2026. That is why the company "Convenience", which is behind the brand, has started building a second logistics base. Of the five major retail chains in the country, only the market leader - "Lidl" - does not yet have online sales. The other four offer online deliveries, but through intermediaries, with Glovo being the most frequently used platform. "Fantastico" is the first to test work with two suppliers - with the recently entered market Wolt and with its current partner Glovo. According to "Fantastico", online sales are constantly growing both in absolute value and as a share of total sales, and for 2025 they have more than doubled compared to 2024. In April 2020, T Market opened its own online store. According to the company's website, over 40 thousand families have used the service so far. In the summer of 2020, "Kaufland Bulgaria" (Kaufland) also offered online shopping, which continues to this day in partnership with Glovo. In May 2020, another player among the Sofia chains entered the market for online ordering of food products to the home - the HIT Max hypermarkets. Deliveries are carried out jointly with the Gladen.bg platform. In 2020, the BulMag hypermarket chain, which has 19 stores in Shumen, Varna, Targovishte and Dulovo, also offered online deliveries. In the spring of 2023, "BILLA" (BILLA), which also partners with Glovo for online deliveries, also offered an online sales channel. In Sofia, the Mandarin chain also offers online deliveries. CBA Kome stores also work with Glovo for online orders and deliveries in the capital. Consumers can also choose food products from specialized online supermarkets. After gaining experience with a small neighborhood retail outlet in the capital's "Hippodruma" district, randi.bg is also opening an online store. According to the company's website, it delivers to the capital directly from its warehouse, registered with the Food Safety Agency, with its own transport. Delivery of food products within two hours is offered by another independent online platform - shop24.bg, which works in Sofia with courier companies. The online store foodfolie.bg offers natural and organic products selected from all over the world. Delivery is carried out in a time range chosen by the customer and is possible not only for the capital, but also for the entire country. And pingo.bg fulfills online food orders in Plovdiv and the surrounding regions every day. In July last year, the online supermarket Kolichka.bg - part of the Czech Ko??k Group, ceased operations in the country due to an insufficient number of customers and poor results compared to other markets where the company operates. The online platform cooperated with "METRO Bulgaria" and fulfilled orders for citizens with products of the chain. Now "METRO Bulgaria" offers online deliveries only for professional (B2B) clients - restaurants, hotels, shops - through the company's digital platform Mshop. According to the chain, approximately 50% of its professional business is generated through deliveries. For the period from 2021 to 2025, the delivery business grows at an average organic rate of about 28% per year.
Source: Capital (10.06.2026)

eBag (Convenience AD) has recorded revenue growth of approximately 50% for the third consecutive year. In the first seven months of the year alone, revenue rose by 50%, orders by 43%, and active customers by 44%, while the average basket value increased by nearly 6%. Confident in the online supermarket's potential, HR Capital acquired an additional 5.95% stake valued at ˆ4.8 million; the funds for this purchase were raised through the issuance of a convertible bond. To serve its growing customer base, eBag is currently in an investment cycle where investment outlays exceed operating expenses. The current order fulfillment center presents logistical challenges, prompting plans to launch a brand-new automated warehouse in Sofia during the second half of next year. The goal is to reach a capacity of 8,000 orders per day. Concurrently, the delivery fleet is being expanded; 40 new electric vehicles are expected, bringing the total fleet size to 76, supported by 60 newly installed charging stations.
Source: Darik Radio (15.09.2026)