Entrepreneur Krippa shared how he made his first million dollars.

Ukrainian businessman Maxim Krippa, who has spent over $100 million on real estate in Ukraine, earned his first million dollars from selling mobile phones. His company owned a network of dozens of stores.

He shared this in an interview with Forbes. According to Krippa, at that time, business in this sector was highly profitable.

"I had a company called UMTS. We were exclusive dealers for Kyivstar. In 1997, Kyivstar entered the GSM market and actively built a dealer network in Ukraine. Exclusive dealers were paid outrageous commissions back then. I remember that connecting to the 'Standard' package cost the subscriber 850 UAH, and Kyivstar paid the dealer about $200 for each such connection, at an exchange rate of 5 UAH/dollar. We were making hundreds of such connections a month," — said the businessman.

He noted that eventually, the company grew into a network of dozens of stores. Simultaneously, it began wholesale sales of mobile phones and accessories.

"In 1999, the level of 'mobilization' among the population was about 20%. It was a very profitable business. Plus, there were service centers that repaired phones. That's where the first money came from," — emphasized Krippa.

He explained that at that time, starting this business did not require a large initial capital. According to Krippa, he had a friend from Lithuania who initially negotiated with Kyivstar and invited him to manage the business.

"Over time, I started to handle it on my own. It wasn't built overnight. The process took about seven to eight years," — the businessman shared.

He mentioned that the next business venture after the mobile phone network was the property complex of the Brovary wholesale market, rented in 2007. It consisted not only of the market but also of several real estate properties.

Krippa also revealed that he was simultaneously investing and experimenting in various niches, including IT. The businessman highlighted that he has been registered as a private entrepreneur since 2001.

As a reminder, we previously discussed where the heads of the NBU invest their money.