Russia’s Sberbank will invest USD 500 million in the Yandex.Market, bringing its value to USD 1 billion. The companies will own equal stakes in the venture while up to 10% of its shares will be allocated for an equity incentive program for Yandex.Market management and employees.
The partnership with Sberbank will help the ecommerce company also improve its payment solutions and expand its offerings of services, allowing it to introduce features like consumer lending. Yandex.Market will also improve its payment solutions.
The Yandex.Market platform has more than 19 million users each month and supports 20,000 domestic and international merchants and 150 million product offerings.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now