The O2O joint venture focused on transportation and food between Group and Sber has been provided with an additional RUB 12.2bn in financing from both of the partners, which contributed equal amounts.

The shareholders are pleased with the progress made by the O2O JV since its formation in December 2019, with its GMV rising from RUB 3.4bn (gross) in Q4 2019 to RUB 45.1bn (gross) in Q2 2021 (>13x), including the 1.8x YoY increase delivered in Q2 2021. Given the expanded perimeter of the JV in 2020, along with the structural changes and penetration pull-forward seen in light of the pandemic partners recognize the materially higher overall market opportunity. Extra funding is to be used for further advancement of the O2O JV assets, including around technology and new hires, to drive sustainable growth and continue to unlock new market opportunities within e-grocery in particular.  

The new funding in the amount of RUB 12.2bn in total is being provided in the form of equity. Thus, the total investment provided by Sber and Group into the JV amounted to about RUB 43bn in 2021, split equally. Although the JV remains in active investment phase, shareholders are focused on both, growth and unit economics. The break-even across the main assets is anticipated within the coming two-three years.

Following the additional funding Group and Sber will continue to have equal stakes in the JV of 45.01% each with the rest to be potentially allocated for the long-term motivation program to incentivize the O2O platform's employees.

Perimeter of the O2O JV consists of the following assets:

  • Food-tech: Delivery Club (98%), Samokat (85%), Local Kitchen (85%), r_keeper (99%) and Performance Group (25%)
  • Mobility: Citymobil (97%), Citydrive (former YouDrive) (77%) and 2GIS (3%)

Boris Dobrodeev, CEO (Russia), Group:

“Our long standing strategic focus on the O2O market remains the same. The commitment of both main shareholders to build a leading local O2O player remains firmly in place. The pandemic has accelerated the ongoing structural changes and hence opened a much larger addressable market and with it growth and new areas of opportunity. In particular the long-standing cultural barrier around ways to consume food has largely been removed and users rightly are looking for the best possible speed and convenience around related delivery. We intend to remain at the forefront of this market. Importance of safe and convenient way of moving around has also risen. Additional funding puts us in position to take advantage of the multiple extraordinary growth opportunities we recognize and want to exploit within the space with our partnership able to act quickly and be well-positioned for further market share gains and even deeper technological development”.

Andrey Vanin, senior vice president, head of the Directorate for Ecosystem Development, Sber; chairman of the O2O Board of Directors:

“This December, our joint venture turns two, and as the performance of its member companies shows, the decision to create a joint venture in food-tech and urban mobility was a strategically sound one. We accurately predicted the trend and invested in breakthrough industries in a timely manner, combining our competencies, resources, and efforts. Since the market is still far from saturated, we have decided on a new round of financing. This investment will help us strengthen our position in the food and grocery delivery, as well as taxi and carsharing markets. By making our JV services faster and more convenient, technologically advanced, and intuitive, we will be able to provide our clients with new opportunities.”

For further information please contact: Group


Tatiana Volochkovich

Phone: +7 495 725 6357 extension: 3434

Mobile: +7 905 594 6604



Sergei Luchin
Mobile: +7 915 223 35 71



PJSC Sberbank

Press office


Cautionary Statement regarding Forward Looking Statements and Disclaimers

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.



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