Mail.Ru Group and Megafon invest in Citymobil
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”.
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