Kyivstar's investment plans in GigaCloud
Ukraine's largest mobile operator, Kyivstar, is exploring investment opportunities in GigaCloud, a top provider of cloud solutions in the country.
According to Forbes Ukraine, Kyivstar has submitted an application to the Antimonopoly Committee to acquire a stake in GigaCloud.
"One of the key components of Kyivstar's strategic development as a digital operator is investing in innovative technologies and new services. We consider GigaCloud a potential partner for this expansion," said representatives from the company's press service.
Kyivstar has confirmed that a request to the AMC has been made, but the deal is not yet finalized. Sources from dev.ua indicate that the operator aims to acquire 80% of GigaCloud's shares.
"We have submitted a request to the AMC. As the largest cloud provider, GigaCloud has explored various investment opportunities over the past 20 months. Ultimately, we chose a partner that shares our strategic vision," said GigaCloud CEO Nazar Kuruchko in an interview with Scroll.media.
Sources indicate that the deal could be worth up to $30 million. A top manager from Kyivstar, speaking anonymously, revealed that the company has been eyeing GigaCloud for some time, as acquiring this business will accelerate the cloud operations of the Kyivstar group.
Kyivstar's big data and cloud services segment generated $11.2 million in revenue in 2024, nearly tripling what was achieved in 2023. This deal is expected to significantly boost revenue from this direction.
"Investing in GigaCloud will be a logical step in building an integrated digital ecosystem and an important milestone in the development of cloud services and business scaling to meet VEON's $1 billion investment commitments by 2027," the press service stated.
31% of GigaCloud shares belong to Oleg Polishchuk, while 45% are held by the current CEO Nazar Kuruchko. The remainder is owned by Cypriot and Maltese companies. GigaCloud's revenue in 2024 was UAH 410 million, which is a 29% increase compared to 2023.
Recently, the parent company of mobile operator Kyivstar, Kyivstar Group Ltd., announced the completion of its historic listing on the Nasdaq Stock Market. Kyivstar became the first Ukrainian company to have its shares listed on this exchange. In the first half of 2025, the operator increased revenue by 36.1% to UAH 22.6 billion.
