Russian tech giant VK, which has recently disclosed significant losses, is planning to introduce a “super-app” in an effort to replicate the functionalities of China’s widely used WeChat app. However, even if the launch of the super-app proves successful, it may not be enough to rescue VK from its growing financial difficulties.

Pursuing a "super-app" dream

VK will launch a beta version of a digital platform dubbed "Max" this spring, the Russian business daily Vedomosti reported, citing sources close to the company. At the initial stage, the app will feature a messenger, mini-applications, a chatbot builder and a payment system. In the future, it is anticipated that Max should include government and other services for solving everyday tasks, drawing parallels to WeChat.

However, according to Vedomosti, Max will not be integrated with VK’s current social networking platforms, such as Vkontakte and Odnoklassniki.

"Max builds upon the experience of developing all existing VK messengers. At the same time, it is an independent, standalone product with its own dedicated development team," a VK source was quoted as saying by Vedomosti.

The initial investment in the project is estimated to be RUB1bn ($11.8mn). Max is expected to roll out on iOS and Android this spring, with support for desktops, smartphones and browsers. It will be accessible to users with Russian or Belarusian phone numbers.

Meanwhile, it is envisioned that various companies will be able to create their own mini-applications based on Max Bot API, such as financial services, product catalogues for shops, restaurant menus and support services in Max.

The beta version of Max will enable messenger communication, calls, voice messages and sending files up to 4 GB. For calls, the platform's team has already installed additional media servers across the country and implemented machine learning technologies to improve the quality of transmitted speech.

 

Copycatting a success story

WeChat, a multi-purpose social media and messaging app, was developed by the Chinese technology giant Tencent and launched in January 2011. Initially introduced as a simple text messaging platform, WeChat has since evolved into a comprehensive "super app," seamlessly combining communication, social networking, payments, e-commerce and more.

Often referred to as a digital ecosystem, WeChat is used by over a billion active users worldwide, with its primary audience concentrated in China. Its popularity stems from its versatility, enabling users to perform a wide range of activities, from chatting with friends to booking tickets, paying bills and even accessing government services – all within a single application.

One of WeChat’s key advantages is its integration of daily activities into a unified platform, reducing the need for multiple apps. Users can send messages, make voice and video calls, and share moments with friends. Beyond communication, WeChat offers a built-in payment system called WeChat Pay, which allows users to make secure, cashless transactions both online and offline.

The app also supports mini-programs – lightweight apps that run within WeChat – providing access to everything from online shopping to ride-hailing without needing to download additional software. This all-in-one convenience has made WeChat a cornerstone of daily life in China, transforming how people interact with technology, businesses and each other.

 

A way out of the hole?

The announcement of a WeChat analogue comes as a time when VK is apparently in deep financial trouble, and the company might view the launch of a potentially lucrative new product as a chance to improve the situation.

However, VK's problems could be too deep. Earlier in March, the company reported a net loss of nearly RUB95bn ($1.12bn) for 2024, meaning that the company's losses almost tripled compared to 2023.

Meanwhile, concerns about government influence over VK have been prominent since 2021, when Vladimir Kiriyenko, the son of Sergei Kiriyenko, the Kremlin’s first deputy chief of staff, assumed the role of CEO.

Since 2022, VK has consistently ranked among the most unprofitable companies in Russia. VK’s financial report for 2024 paints a grim picture. While revenue grew by 23%, rising from RUB120bn to RUB147.6bn ($1.75bn), the company's losses nearly tripled, reaching RUB94.9bn ($1.12bn) against RUB34bn ($0.4bn) in 2023.

The company’s debt burden has also skyrocketed. By the end of 2024, VK’s debt-to-equity ratio stood at a staggering 6.4, compared to an industry average of 0.19 in the US and 0.16 for Meta. Total debts increased by 50%, climbing to RUB174bn ($2.1bn), and VK admitted to breaching loan agreements with several banks. Although the banks have yet to demand immediate repayment, the situation remains precarious.