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Russia’s Sberbank, Mail.Ru invest extra $168 million into JV By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Russian Internet-company Mail.ru Group, which can be seen on the façade of their Moscow headquarters. June 26, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters – Russia’s biggest lender Sberbank, and the internet company Mail.Ru each invested 12.2 billion roubles ($168.39 Million) more in their joint venture for ride-hailing services and food delivery.

This funding comes in the form equity. Since December 2019, the total amount of funding to the JV has reached 45 billion rubles. The contributions from both companies are equal and their respective stakes remain at 45.01%.

The couple’s relationship is not perfect. Three sources tell Reuters they were close to dividing their assets after a number of differences.

JV owns majority stakes in Delivery Club, Citymobil ride-hailing, Samokat e-grocery, and Citydrive car-sharing services, among other assets.

In a statement, companies stated that the extra funds will be used to upgrade technology and make new hires. They also intend to tap into market opportunities in e-grocery.

According to them, “The breakeven for the major assets will be anticipated in the next two-three year.”

($1 = 72.4505 Rubles

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