Alexander Khorokhorin
CEO
22 years in engineering and M&A. EFKO — commercialisation of autonomous systems. Kronwood — USD 800m+ of shipbuilding transactions. Wood Group — USD 300m of contracts. UEC × GE joint venture. Executive MBA, Kingston.
Project teaser · Seed · Confidential
DRT
Delivery Robot Technologies
An urban delivery robot that completes the delivery at the apartment door: developed and localised for production in Russia
Seed round: Tranche 1 of RUB 380m for 18.0% · the result is the MVP
Technology partner from China — disclosed after NDA
October 2026
Concept rendering
The opportunity
A holding in a project with a detailed specification, a reconciled budget and a regulatory framework in force
RUB 380mseed: Tranche 1 → MVP
18.0%investor holding after the tranche
2030EBITDA positive
RUB 10,210mrevenue in 2033
6.0–9.3×Tranche 1 MOIC · IRR 35–45%
Detailed specification
208 numbered requirements with verification methods; partner review across R&D, mechanics, electronics, software and risk control
Partner confirmation
Formal response letter of June 2026: parameters, deliverables, readiness for the full development cycle and documentation transfer
Framework in force
Russian Government Resolution No. 1247 of 29 September 2026: 34 regions, 3 years, a target fleet of at least 12,000 robots
Open niche
Every delivery robot in Russia stops at the building entrance; delivery to the apartment door is automated by nobody
The problem: the courier is getting more expensive faster than the market
The most expensive part of a courier’s work is not the route but the entrance, the lift and the apartment door
1.5mcouriers in RussiaMinistry of Industry and Trade, 2026
200kshortage of couriersmarket estimates, 2026
RUB 125,550median salary offered+23% a year, Q2 2026
+124%growth in vacanciesRIR Analytics / Vedomosti
Market
- Global delivery robot market: USD 4.3bn (2025) → USD 61.9bn (2035)
- Russia: USD 0.1bn → 1.2bn by 2030, CAGR 63%
- Russian fleet ≈ 1,800 units; over 1,000 with one operator, all stopping at the entrance
Legal framework in force since 29 September 2026
Russian Government Resolution No. 1247 establishes a three-year experimental legal regime in 34 regions with a target fleet of at least 12,000 robots. The entrance, lift and corridor are private property outside the regime: access is arranged by contract with the property management company, without waiting for a regulator.
TAM, SAM, SOM: bottom-up build
Derived from the number of apartment-door deliveries, not from top-down industry forecasts
TAM
RUB 611bn
2.45bn apartment-door deliveries a year × RUB 250. E-commerce: 8.3bn orders × 15% to the door, plus 1.2bn food and grocery deliveries
SAM
RUB 44.1bn
353m deliveries a year × RUB 125 (DRT tariff). Cities of one million plus 35% → buildings with a lift and an accessible entrance 55% → parcels up to 7 kg 75%
SOM 2033
RUB 10,210m
79.3m deliveries with a fleet of 7,500 robots. 22.5% of SAM and 3.2% of TAM; the constraint is the pace of fleet build, not demand
Cross-check: 2.45bn deliveries ≈ 489k couriers × RUB 1,500k a year = RUB 734bn — same order of magnitude. Sources: Data Insight, AKIT, Ministry of Industry and Trade, RIR Analytics, Russian Government Resolution No. 1247, Precedence Research
Product: DRT-1, a wheel-legged platform
≥ 20 kgtotal payload
3–4lockable compartments
5–7 kgper parcel
Hybrid locomotion
Four knee-jointed legs with wheel-feet: rolling on flat ground, stepping on stairs
Manipulator
Intercom, lift buttons, doorbell, light doors, handover
Narrow body
Fits narrow entrances and compact lifts; the arm folds within the envelope
Autonomy and teleoperation
Fallback behaviour, remote supervisor, mission logs; 1 operator per 6 → 12 robots
Safety
PL d category 3, speed and force limiting, authenticated handover
Winter
−30 °C, heated optics, 4D radar, operation without satellite navigation
End-to-end delivery without a courier
Pick-up
3–4 parcels at a micro-hub
Street
Yard, pavement, driveway
Entrance
Intercom or access API
Lift
Call, floor, exit
Handover
Doorbell, verification, release
Return
Next task or charging dock
Position in the chain
Robovans reach the micro-hub, sidewalk rovers stop at the entrance, indoor robots live inside one building. The stretch from the yard through the entrance and the lift to the apartment door is still done by people. DRT closes exactly that gap.
Fallback logic
Lift busy, no answer on the intercom, customer asks the robot to wait, snow at the entrance — the robot switches to a fallback: wait, deposit into a ground-floor code locker, hand over to the concierge or escalate to an operator.
Technology partner from China
A developer of special-purpose and humanoid robotics with its own manufacturing
- Industrial and mechanical design
- In-house software and hardware, including actuators and manipulators
- Navigation algorithms and perception systems
- Robots already in industrial service at a major industrial customer
- Series production and cross-border technology transfer with engineer training
The partner is named after an NDA is signed
Status: October 2026
A formal response letter has been received: the partner confirmed every parameter of the specification, the operating scenarios and the localisation plan for Russia, and its readiness to carry out the full development cycle with performance guarantees; a revised commercial offer followed in October 2026. The partner’s work is a separate budget line. Contract: RUB 125m, of which RUB 101m in the first twelve months.
Unit economics: 2.2–3.7× cheaper than a courier
A robot delivery costs RUB 67.6 against RUB 150–250 for a courier; the RUB 125 tariff is 17–50% below the courier
Cost per delivery, RUB
| Deliveries per day, per robot | 35.6 |
| Deliveries per year (330 days) | 11,748 |
| Revenue per robot, per year | RUB 1,513k |
| Direct cost per robot | RUB 532k |
| Contribution | RUB 981k (65%) |
| Robot: batch → series | RUB 3,200k → RUB 1,750k |
| Payback per robot | 1.78 years |
| Robot breakeven | 12.5 deliveries a day |
RaaS model: the robot stays on DRT’s balance sheet and the partner pays RUB 125 per delivery against RUB 150–250 for a courier — no capex and no fleet liability.
Financial trajectory: EBITDA positive from 2030
Revenue and EBITDA, RUB m; EBITDA after the IP and product upgrade programmes
Revenue, RUB mEBITDA, RUB m
| 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | |
|---|---|---|---|---|---|---|---|
| Fleet at year end, units | 400 | 1,500 | 3,500 | 6,000 | 7,500 | 8,500 | 9,000 |
| Deliveries, million | 2.3 | 11.2 | 29.4 | 55.8 | 79.3 | 94.0 | 102.8 |
| Net profit, RUB m | −603 | −506 | −166 | 624 | 1,683 | 2,000 | 2,546 |
Tranche 1: RUB 380m for twelve months to the MVP
Built bottom-up: staffing plan, platform contract, work breakdown; nothing spent on the fleet
Tranche 1 structure
- Team33%
- G&A and set-up11%
- Platform and software31%
- Mock-up prototype5%
- Design Competitions, certification6%
- Intellectual property7%
- Reserve to the next stage7%
46people on the staffing plan by the end of year one; fully loaded cost
RUB 124mpayroll over twelve months
RUB 101mpartner work, first twelve months
RUB 19mmock-up prototype: layout and mobility
RUB 22mDesign Competition: 4 positions × 2 suppliers
RUB 27mreserve to the next-stage closing
Twelve-month plan RUB 353m + reserve RUB 27m = Tranche 1 of RUB 380m. Full breakdown in the financial model and work breakdown after NDA.
After the MVP: fleet, leasing and co-investors
The fleet is bought only against take-or-pay contracts; 70% of its cost is leasing and project finance
Bought in year, unitsOperating, units
EBITDA / debt service, ×
70%of the fleet on leasing and project finance
≥ 60%of the fleet contracted take-or-pay before each batch
2.51×min. debt cover by EBITDA at plateau
7,500robots in the fleet by 2033
Stage and financial status
DRT — Delivery Robot Technologies · pre-seed stage · product DRT-1
Stage
Pre-seed: specification detailed, partner confirmation received
Revenue, last 12 months
RUB 0 — no sales yet
First revenue
Q1 2029 — production-intent batch
Debt and liabilities
None
Tranche 1 spend by quarter
| Q1 2027 | RUB 15.6m/mo | Closing, contract, core team |
| Q2 2027 | RUB 27.8m/mo | Draft design, Design Competitions |
| Q3 2027 | RUB 36.3m/mo | Detailed design, patent filings |
| Q4 2027 | RUB 37.9m/mo | Mock-up → MVP |
Completed to date
- Specification agreed and detailed: 208 requirements
- Partner response letter: parameters, deliverables, readiness for development
- Core team in place: CEO, CTO, COO, BDD; staffing plan for 46 people
- Memorandum, financial model, work breakdown and term sheet prepared
Team
The partner transaction, engineering acceptance and localisation, anchor contracts and go-to-market
Ilya Levchuk
CTO
19 years, PhD. EFKO — built the drone and robotics line from scratch. Fplus — 42 products, a RUB 20bn+ portfolio, a team of 96. Huawei — a RUB 120bn portfolio, manufacturing localisation.
Igor Bogachev
COO
LLM in international law (Beijing), fluent Mandarin. Cross-border transactions, Belt and Road centre (Hong Kong). Foreign trade, due diligence, sanctions compliance, logistics.
Sergey Grinemayer
BDD
15+ years in industrial sales and technology transfer. Hyundai Corporation — 11 years, joint ventures and localisation, projects above USD 100m. Rusel, Vostochnoe Partnerstvo.
Hiring from Tranche 1 follows the staffing plan: 46 people by the end of the first year, key roles filled by month four.
The offer: RUB 380m for 18.0%
Seed round · Tranche 1 for twelve months to the MVP · the share price is fixed at signing · 15% discount to the computed valuation
Q1 2027RUB 47m
Closing, project company, platform contract, core team, specification detailed
Q2 2027RUB 83m
Draft design accepted, parallel development competitions launched, navigation stack
Q3 2027RUB 109m
Detailed design, patent search and priority filings, building access agreements
Q4 2027RUB 114m
Mock-up built and verified, architecture and detailed design accepted
Month 12 · Q1 2028MVP
Accepted against protocols: stairs under load, intercom and lift, a shift without GNSS. Then with co-investors
What the investor gets
- An 18.01% holding for Tranche 1, in share counts; the price is fixed at signing
- Pro rata participation in the next stages, ROFR and ROFO, tag-along and drag-along
- 1× liquidation preference, anti-dilution, veto over budget and IP
- A board seat, monthly reporting, access to acceptance protocols
Exit: 2033
- Enterprise value RUB 33.08bn–48.30bn, less debt of RUB 5,340m
- Tranche 1 holding at exit, 8.2%: RUB 2,287m–3,541m
- MOIC 6.02×–9.32× · IRR 34.9%–45.1%
Tranche 1 valuation and cap table: holdings in share counts
Three methods weighted 50/35/15 · rate at Tranche 1 47.5% · holdings sum to 100% on every row
| Item | Value |
|---|---|
| Amount and date | RUB 380m · Q1 2027 |
| Computed pre-money | RUB 2,035m |
| Subscription pre-money | RUB 1,730m (−15%) |
| Post-money | RUB 2,110m |
| Price per share | RUB 172.99 |
| Founder / investor shares | 10,000,000 / 2,196,698 |
| Investor holding after the tranche | 18.01% |
| After the 10% option pool | 16.21% |
Seed holding without taking part in later stages, %
With pro rata the holding is kept: 18.0% before the option pool, 16.2% after it
Later stages are priced at 1.22–2.01× the seed share price: each next drawdown buys fewer shares for the same money. The subscription price is 15% below the computed valuation, and for the seed investor it is the lowest price in the whole programme.
Project NPV and IRR, and the return on Tranche 1
The floor: the seed investor takes no part in later stages and is diluted to 8.2% by exit
RUB 3,539mproject NPV at 24%
36.4%project IRR, full horizon
RUB 5,728mNPV to the 2033 exit
69.6%IRR to the 2033 exit
Tranche 1 MOIC at the 2033 exit
Tranche 1 IRR, %
Exit: trade sale, IPO or hold
Buyers named analytically: no discussions held; the company is prepared from year one for both a sale and a listing
| Category | Companies | Likelihood |
|---|---|---|
| Marketplaces | Ozon, Wildberries, Yandex Market | High |
| Ecosystems | Yandex, Sber (Kuper, SberLogistics), VK | High |
| Grocery retail | X5 Group, Magnit, Lenta, Samokat, VkusVill | Medium |
| Logistics and post | CDEK, Boxberry, Russian Post | Medium |
| Portfolio investors | AFK Sistema, industrial groups | Medium |
RUB 33.08bn–48.30bn enterprise value in 2033: EBITDA × 8.0 and revenue × 2.5, strategic premium
8.2%Tranche 1 holding at exit without taking part in later stages
7.07×Tranche 1 DPI if held, by 2045: 70% of cash flow from the 2040 plateau
Tranche 1 returns
Sale, financial buyer6.02× · 34.9%
Sale, strategic7.02× · 38.4%
Competitive process9.32× · 45.1%
Hold (TVPI)26.64× · 22.4%
IPO
Moscow Exchange growth segment; readiness at revenue above RUB 4bn and two years of positive EBITDA; horizon 2033–2034, free float 20–25%
Roadmap and what diligence will test
- Q4 2026
NDA, data room, due diligence, term sheet
- Q1 2027
Seed closing, Tranche 1, platform contract
- Q1 2028
MVP accepted, next stage with co-investors, pilot
- Q1 2029
Authorisation, first batch of 400
- 2030
Fleet of 1,500, EBITDA > 0
- 2033
Revenue RUB 10,210m, exit or hold
What diligence will test
Regime requirements: dimensions, weight and speed of a wheel-legged platform with a manipulator
Autonomy: reliability of manipulation and stair mobility, winter operation
IP rights: licence for Russia and the EAEU, escrow of documentation and source code
Cross-border settlements: currency, fees, currency clauses
Pilot conversion: take-or-pay in anchor contracts once the MVP funded by Tranche 1 is accepted
Contract manufacturing: qualification of sites and availability of components
Next step
Sign an NDA — and get data room access
- Name and profile of the technology partner and its response letter
- Investment memorandum, presentation and financial model
- Detailed specification, technical report, 79-item bill of materials
- Work breakdown, term sheet and a meeting with the team
Contact
DRT — Delivery Robot Technologies
Alexander Khorokhorin, CEO
+7 (985) 364-60-23
ak@drt-co.ru
Telegram and WhatsApp: +7 (985) 364-60-23