Russian tech company Mail.ru Group will additionally invest $60 million in the AliExpress Russia joint venture, Vedomosti reported citing to the company's press release.
After approval by the board of directors, the company provided AliExpress Russia with $60.3 million in exchange for additional newly issued shares of the joint venture, the Mail.ru Group said. They plan to use the invested funds to develop the logistics of AliExpress Russia, expand the categories of goods, as well as improve the level of service.
Mail.ru Group will participate in the round together with a number of other shareholders. Now the company owns 15% of the economic interest and 17.6% of the voting share in the asset. After the completion of the round, which is planned for the 4th quarter of 2021, no significant changes in the shares of the company are expected, according to Mail.ru Group.
In July 2021, Mail.ru Group released its financial results for the second quarter of 2021, according to which the company’s aggregate segment revenue increased by 17.4% year-on-year to $406 million (29.9 billion rubles).