Timur Turlov increases his stake in Kazakhstani startup

Timur Turlov, founder of Freedom Holding Corp., has increased his ownership in the Kazakhstani IT startup CTOgram to 41%, after buying out shares from early-stage investors, the company announced.

According to CTOgram CEO Zhandos Tursumbayev, consolidating shares with a strategic investor opens new opportunities for scaling the company, which is set to play a key role in the development of the Freedom Auto ecosystem. He also expressed gratitude to the early investors who supported the project’s launch.

«We’re grateful to Timur Turlov for his trust and productive partnership, which has been ongoing for two years now,» said Tursumbayev.

Investors exiting CTOgram’s shareholder list include Singapore-based venture fund Quest Ventures, Kazakhstani fund Most Ventures and private investors such as Olzhas Zhienkulov, Talgat Ismail, Anuar Seifullin, and Ruslan Rakymbay, among others. Company founder Tursumbayev also sold a portion of his stake.

Turlov emphasized that CTOgram is an essential part of the broader ecosystem his company is building for customers. Increasing his stake marks another step toward fully integrating CTOgram into the Freedom SuperApp platform.

«We’re confident the synergy between CTOgram and our other ecosystem components holds enormous potential. Our next challenge is to design a seamless digital journey for car owners within Freedom Auto — from diagnostics and repairs to insurance and spare parts purchases — all through a single platform. I have no doubt CTOgram will give strong momentum to our digital expansion, creating added value for both our customers and partners,» Turlov said.

CTOgram is an online service that helps car owners connect with auto repair and maintenance providers. The app currently has 280,000 users and partners with over 2,000 workshops. The company also operates its own network of Autobody repair shops, specializing in fast car restoration after accidents.

In 2023, Turlov invested $1.5 million in CTOgram when the company was valued at $13.5 million, helping fuel its growth, particularly in the auto parts sales segment.

Turlov is the founder and CEO of Freedom Holding Corp., an investment group registered in the United States, where he is also the majority shareholder. In Kazakhstan, the group operates several subsidiaries, including Freedom Finance JSC, Freedom Bank, Freedom Finance Insurance JSC, Freedom Life Insurance JSC, the online grocery platform Arbuz.kz and Freedom Travel.