Russian e-commerce platform Ozon has raised $50 million from US-based VC Princeville Capital, plus $100 million from existing investors Baring Vostok Capital Partners and Sistema. The round of financing is a convertible loan that can be turned into equity.

“The Russian e-commerce market is experiencing significant growth driven by the increasing penetration of online sales in an under-developed physical retail market, as well as improving logistics infrastructure,” commented Emmanuel DeSousa, managing partner at Princeville Capital who has joined Ozon’s board. “We believe that Ozon is at the forefront of capturing that growth.”

In a press release, Ozon CEO Alexander Shulgin claims the e-commerce platform is growing three times faster than the market pace. Other reported numbers suggest even more growth potential. Around 10,000 SMEs already have active sales through the marketplace, while over 20,000 are currently in the middle of the onboarding process. On the delivery side, Ozon packages can reach around 50 percent of Russians within 48 hours.

The financing will help expand the logistics and technology infrastructure, so the Moscow-based business can provide consistent service across Russia’s 11 time zones. Part of the plan includes opening at least five new fulfillment hubs.

Previous funding rounds included $250 million just last year, a $150 million in 2014, and $100 million back in 2011.