Alibaba boosts Russia efforts with JV - Mobile World Live

Alibaba boosts Russia efforts with JV

11 SEP 2018

Chinese e-commerce giant Alibaba Group partnered three companies in Russia, including operator Megafon, in a bid to launch a new platform in the country.

The move will see Megafon, Russian Direct Investment Fund and internet group “inject new capital, strategic assets, leadership, resources and expertise to create an unmatched value proposition for merchants, consumers and internet users across Russia and the CIS (Russian Commonwealth), as well as accelerate the development of Russia’s rapidly growing digital economy,” the company said in a statement.

Alibaba will fold its AliExpress Russia unit into the venture. In total, the three parties will own a 52 per cent stake, while Alibaba will hold the remainder.

The agreement is expected to be formalised in early 2019 and will use Russia’s payments system Mir.



Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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