South African media giant Naspers has increased its stake in Russian classifieds platform Avito, paying $1.16 billion for an additional 29.1% stake, placing its stake in the company now at 99.6% on a fully diluted basis. The remaining 0.4% stake is held by current Avito management.

Naspers first invested in Avito in 2013 with the company having grown since then to 10.3 million daily unique visitors, a large portion of the Russian internet population.  Avito recorded revenue of $162 million in the first half of its fiscal 2019 year, a 31% growth from last year driven by strong vertical traction and enhanced product features.

Naspers made a hit as an early investor in Chinese internet giant Tencent and has parlayed its winnings into several big investments in technology companies around the globe. Other companies it has backed include Indian food delivery unicorn Swiggy, Brazil’s Movile, iFood, Letgo and Byju’s.