Ukraine’s largest telecom operator, Kyivstar, has signed an agreement to acquire Uklon, a leading ride-hailing and delivery platform in the country, for $155.2 million, Kyistar’s parent company, Veon, announced in a press release on March 19.
Kyivstar — which has 24 million customers in Ukraine — has been actively expanding its portfolio since 2022 when it acquired the medical tech platform Helsi. In December, the mobile operator announced a deal with Elon Musk's SpaceX to become one of the first countries with access to Starlink's direct-to-cell service.
Veon said Kyivstar would acquire 97% of Uklon’s shares, while Uklon’s CEO, Serhii Hryshkov, will remain in his position to continue expanding the company in Ukraine and abroad.
The deal is now going through customary closing conditions and approvals, Veon said in its press release.
Uklon operates in 27 cities across Ukraine, has over 100,000 drivers, and facilitated 100 million rides and 3 million deliveries in 2024. In 2023, it entered Uzbekistan, where Veon’s subsidiary Beeline Uzbekistan is a key player.
“Uklon is the leader in its market, a favorite brand for many Ukrainians, and a technology pioneer in ride-hailing," said Oleksandr Komarov, CEO of Kyivstar.
"With this acquisition, we are happy to bring together two market-leading companies with strong value propositions, enhancing our ability to offer digital experiences for millions of Ukrainians 1,440 minutes a day," Komarov said.
Veon Group CEO Kaan Terzioglu said the company sees potential for Uklon’s expansion beyond Ukraine and Uzbekistan, with plans to support its growth in Kazakhstan, Pakistan, and Bangladesh through Veon’s digital operators.
“We have always had ambitions to move forward, both into new market verticals in Ukraine and into new geographies," co-founder of Uklon Dmytro Dubrovsky said in a comment included in Veon's press release.
Uklon has faced difficulties entering other markets due to strong competition from established players, such as Uber and Bolt. Since 2017, Uklon launched operations in Georgia, Moldova, Azerbaijan, and Uzbekistan but subsequently withdrew from all except Uzbekistan.
Veon on March 18 announced it had agreed to a deal with special purpose acquisition company Cohen Circle to list Kyivstar on Nasdaq under the ticker Kyiv. The transaction is awaiting shareholder approval and is expected to close in Q3 2025.
Nina Mishchenko
(Updated: )
