Kyivstar Considers Investment in GigaCloud for Cloud Technology Advancement
The prominent Ukrainian mobile operator "Kyivstar" is exploring opportunities for investment in one of Ukraine's leading cloud solution providers - GigaCloud.
According to Forbes Ukraine, "Kyivstar" has submitted a request to the Antimonopoly Committee regarding the acquisition of a stake in GigaCloud.
"Investments in innovative technologies and new services are vital aspects of Kyivstar's strategy as a digital operator. Thus, we are considering the possibility of investing in GigaCloud," - stated the company's press service.
It is also mentioned that a request to the antitrust authority has already been submitted, but the final agreement has yet to be signed. Sources from dev.ua indicate that "Kyivstar" intends to acquire 80% of GigaCloud's shares.
"We have submitted a request to the antitrust authority. Over the last 20 months, GigaCloud has explored various investment opportunities to implement its ambitious projects. We have decided to partner with an entity that shares our strategic vision," - said GigaCloud CEO Nazariy Kurochko.
Sources indicate that the deal could be valued at up to $30 million. An executive from "Kyivstar" noted that the company has been eyeing GigaCloud for some time, as this acquisition would accelerate the growth of the cloud segment within Kyivstar.
The "Kyivstar big data and cloud services" sector generated $11.2 million in revenue in 2024, showing nearly threefold growth compared to 2023. The deal is expected to enhance revenue from this direction.
"Investing in GigaCloud will be a logical step towards building an integrated digital ecosystem and a significant stage in the development of cloud services, helping to fulfill VEON's investment obligations totaling $1 billion by 2027," - the company’s press service noted.
31% of GigaCloud's shares are owned by Oleg Polishchuk, while another 45% belong to the current CEO Nazariy Kurochko. The remaining shares are held by companies from Cyprus and Malta. GigaCloud's revenue in 2024 reached 410 million UAH, which is a 29% increase compared to 2023.
It is worth noting that recently, Kyivstar's parent company, Kyivstar Group Ltd., announced the completion of its historic listing on the Nasdaq Stock Market. "Kyivstar" became the first Ukrainian company whose shares were listed on the exchange. In the first half of 2025, the operator increased its revenue by 36.1% compared to the same period last year, reaching 22.6 billion UAH. In the second quarter, revenue hit 11.9 billion UAH, which is 25.8% higher than in the second quarter of 2024.
