Mail.ru Group, Sberbank Inject RUB12 Billion Into O2O Joint Venture
August 19 2020 - 2:52AM
Dow Jones News
By Adria Calatayud
Russian internet company Mail.ru Group Ltd. said Wednesday that
it and lender Sberbank will inject 12 billion Russian rubles
($164.1 million) into their O2O food-delivery and transportation
joint venture.
The additional resources will be used for scaling the O2O
joint-venture businesses and verticals, as the platform seeks to
capitalize on the opportunities created by the coronavirus
pandemic, Mail.ru said.
Following the fundraising, Mail.ru and Sberbank will continue to
have equal stakes in the joint venture of 45.005% each, Mail.ru
said.
"Many verticals inside O2O have been stimulated by the pandemic,
with years of penetration pull-forward happening in 2020. We would
like to be in a position to take advantage of the opportunities
arising within the space, with our O2O unit well-positioned for
further diversification and growth," Mail.ru Group Chief Executive
Boris Dobrodeev said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
August 19, 2020 02:37 ET (06:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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