5 Apr 2018 07:00
Mail.Ru Group and Megafon invest in Citymobil.
5th April, 2018. Mail.Ru Group Limited (MAIL.IL, hereinafter referred as the "Company" or "the Group"), one of the largest Internet companies in the Russian-speaking Internet market today announces it will participate in the latest funding round of Citymobil, a taxi aggregator.
The funding round was signed today.
Citymobil, a Moscow-based ride-hailing startup, is closing the investment round. Mail.Ru Group alongside other investors, including Megafon, will participate in the round. The total new investment of the round into the business is up to USD 35 million, Mail.Ru Group will invest up to $12 mln and will get a up to a 26% minority stake in the company. Mail.Ru Group will not consolidate Citymobil in its financial results.
Citymobil started as an off-line Moscow taxi operator. Recently the company re-shaped its business model and moved on-line with over 65% of rides now being booked through the app.
Boris Dobrodeev, CEO (Russia) of Mail.Ru Group: "Mail.Ru Group is expanding its presence in O2O services and taxi will become part of our ecosystem. We believe in significant potential of taxi integration with our social platforms and in cooperation with Delivery Club".
Aram Arakelyan, founder and CEO of Citymobil: "We are excited with the entry of such investors and very motivated by this trust. Vast expertise in online marketing, client service, operations and many other areas that our new investors may bring will give us a lot of support in our quest for building a new big national player".
For further information please contact:
Investors
Matthew Hammond
Phone: +971 505 56 1315
E-mail: hammond@corp.mail.ru
Press
Olga Zyryaeva
Phone: +7 909 974 5996
E-mail: o.zyryaeva@corp.mail.ru
Cautionary Statement regarding Forward Looking Statements
This press release contains statements of expectation and other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "forecast", "intend", "will", "could", "may" or "might", the negative of such terms or other similar expressions including "outlook" or "guidance". The forward-looking statements in this release are based upon various assumptions that are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and may be beyond the Group's control. Actual results could differ materially from those discussed in the forward looking statements herein. Many factors could cause actual results to differ materially from those discussed in the forward looking statements included herein, including competition in the marketplace, changes in consumer preferences, the degree of Internet penetration and online advertising in Russia, concerns about data security, claims of intellectual property infringement, adverse media speculation, changes in political, social, legal or economic conditions in Russia, exchange rate fluctuations, and the Group's success in identifying and responding to these and other risks involved in its business, including those referenced under "Risk Factors" in the Group's public filings. The forward-looking statements contained herein speak only as of the date they were made, and the Group does not intend to amend or update these statements except to the extent required by law to reflect events and circumstances occurring after the date hereof.