July 25, 2019 / 7:21 AM / a month ago

Russia's Sberbank and Mail.ru to form JV in transportation, food

MOSCOW, July 25 (Reuters) - Russia’s Sberbank and internet firm Mail.ru said on Thursday they signed a letter of intent to launch a joint platform in transportation and food to create a “last mile” delivery player.

The platform based on Delivery Club and Citymobil may be valued at over 100 billion roubles ($1.58 billion), Mail.ru said in a statement.

Sberbank and Mail.ru Group plan to invest up to 64 billion roubles in the joint venture, which will operate in markets worth more than 1 trillion roubles combined over the next three years.

Russia is facing a boom in online sales businesses, from taxi services to clothes and food. The new joint venture will compete with Yandex.Taxi, a joint venture of Russia’s largest internet search engine Yandex and U.S. online taxi service Uber.

Cell phone operator Megafon has earlier agreed to sell its stake in Mail.Ru to China’s Alibaba Group Holding Ltd as part of a deal to secure 24.3% of the AliExpress Russia joint venture, an online retailer.

$1 = 63.2252 roubles Reporting by Nadezhda Tsydenova and Anna Rzhevkina; editing by Katya Golubkova and Jason Neely

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