Sweden-based investment company Vostok New Ventures has upped its stake in OneTwoTrip via the purchase of shares from an existing shareholder.
A statement from VNV says it now owns 14.6% of the company following a US5.8 million investment.
It also invested $2.5 million in the online travel agency last August and $4 million in late 2015.
Details were confirmed in VNV's 2016 report published this week with a statement saying:
"OneTwoTrip has continued to deliver excellent results over this very rough patch in the Russian travel market.
Both revenue and margin have grown despite the headwinds of a depreciating currency and negative economic cycle. Market share has increased during this period as the brick-and-mortar part of the travel industry has been forced out of business.
Also within the online part of the industry we have seen OneTwoTrip gaining market share during this economic downturn.
We are now witnessing a Russian economy that is improving."
Interesting to note that the investment company also confirmed an investment of €32 million for secondary shares in Paris-based ride sharing service BlaBlaCar giving it about 8% of the company.
The report describes BlaBlaCar as having the "potential to become the largest transportation network in the world."