AliExpress Russia, a cross-border ecommerce leader and major player on the domestic market, has announced it will receive USD 60 million from Mail.ru Group, one of its shareholders, EWDN reports.
The fresh funding will support AliExpress Russia’s ‘ongoing active expansion into the local market [as well as] its leading cross-border ecommerce business in Russia and its overall growth ambitions,’ Mail.ru Group stated. In a separate move, MegaFon – which participated in the creation of AliExpress Russia JV in 2019, receiving a 24.3% stake – announced it sold its shares to USM.
Boosted by the pandemic, the Russian ecommerce market recorded one of the world’s highest growth rates in 2020. Domestic sales of physical goods amounted to 2.7 trillion rubles (some USD 37 billion), up 58% from 2019.
This story was first published on EWDN.com, the leading publication on the Russian digital industries, and can be read here.
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