Business

Russia’s Sberbank, Mail.Ru invest extra $168 mln into JV

Russia’s largest lender Sberbank (SBER.MM) and internet firm Mail.Ru (MAILRq.L) have invested an additional 12.2 billion roubles ($168.39 million) in their ride-hailing and food delivery joint venture, the companies said on Thursday.

The funding is being provided in the form of equity. Total funding for the JV since its inception in December 2019 now stands at 45 billion roubles, with both companies having contributed equal amounts, keeping their stakes at 45.01% each.

The relationship has not always been smooth, with three sources telling Reuters earlier this year the two were on the verge of dividing assets due to a wide range of disagreements.

The JV holds majority stakes in food delivery app Delivery Club, ride-hailing service Citymobil, e-grocery provider Samokat and car-sharing service Citydrive, as well as other assets.

The extra funding will be used to improve technology, make new hires and tap into new market opportunities within e-grocery in particular, the companies said in a statement.

“The break-even across the main assets is anticipated within the coming two-three years,” they said.