Russia’s Sberbank, Mail.Ru invest extra $168 million into JV

MOSCOW: Russia’s largest lender Sberbank and internet firm Mail.Ru have invested an additional 12.2 billion roubles ($168.39 million) in their ride-hailing and food delivery joint venture, the companies said on Thursday.

The funding is being provided in the form of equity and both companies have contributed equal amounts, keeping their stakes at 45.01% each.

“The break-even across the main assets is anticipated within the coming two-three years,” the companies said in a joint statement.