MLRYY VK Company Ltd (CE)

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)

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