VEON Announces Key Insights on Uklon's Growth Potential
VEON Provides Insight into Uklon's Financial Performance
VEON Ltd. (Nasdaq: VEON), a global leader in digital connectivity, recently shared important financial updates about Uklon, a top ride-hailing and delivery service in Ukraine. This announcement follows an agreement where JSC Kyivstar, another major player under the VEON umbrella, will acquire 97% of Uklon’s shares. This marks a significant milestone in the expansion of digital services in the region.
Uklon's Financial Highlights for FY 2024
Uklon Key Financial and Operational Metrics, FY 2024 (preliminary, unaudited):
Uklon reported an impressive revenue of 65 million USD, reflecting ongoing growth in its service offerings.
Growth Trajectory
With a Compound Annual Growth Rate (CAGR) of 30% from FY21 to FY24, Uklon has demonstrated robust financial health. The company has managed to scale its operations significantly, queuing over 100 million rides and 3 million deliveries in 2024 alone.
Partnership and Coverage
By the end of 2024, Uklon is set to have over 100,000 partner drivers actively providing services across 27 cities in Ukraine. This expansive network enhances reliability and accessibility for users, contributing to the company's competitive edge in the digital mobility sector.
Strategic Moves and Market Positioning
Going forward, VEON and Uklon are keen on leveraging this acquisition to enhance the operational capabilities and market presence of digital services within Ukraine. The integration with Kyivstar is anticipated to bring significant synergies, focusing on improved service delivery and technological advancements.
Contribution to the Ukrainian Economy
Uklon has been a pioneer in the Ukrainian ride-hailing market, being the largest player in the sector. Established 15 years ago, Uklon's journey began as a tech start-up aimed at offering efficient transportation solutions without external funding. This homegrown innovation is backed by a team of over 700 experts, including 250 skilled software engineers, who continuously work to elevate Uklon's service platform.
Future Prospects
As VEON strives to establish Uklon as a leading digital mobility service, the strategy involves expanding its footprint beyond Ukrainian borders. This acquisition not only reinforces Uklon’s position but also opens pathways for offering more integrated services across diverse regions.
About VEON
VEON operates a vast network connecting nearly 160 million customers across six nations. The company is committed to transforming lives through technology while addressing the specific needs and challenges faced by its users. With continuous investment in digital connectivity, VEON is positioned to spearhead significant changes in the global telecommunications landscape.
About Kyivstar
Kyivstar has been pivotal in advancing digital communication in Ukraine, servicing over 23 million mobile users. As the largest digital operator, their investment of 1 billion USD into telecom technology through 2027 signifies their role in driving innovation and supporting national growth, especially as the country navigates through challenging times.
About Uklon
As the main player in Ukraine's ride-hailing industry, Uklon's innovative approach combines technology with customer-centric services. The company is focused on not just ride-hailing, but a broader range of mobility services, reflecting their adaptability in a continuously evolving sector. The founders’ extensive experience provides a solid foundation for Uklon’s ongoing success.
Frequently Asked Questions
What are Uklon's key financial metrics for FY 2024?
Uklon's financial highlights include a revenue of 65 million USD and a 30% CAGR from FY21 to FY24.
How many rides and deliveries did Uklon complete in 2024?
In 2024, Uklon completed over 100 million rides and 3 million deliveries.
What is VEON's role in the acquisition of Uklon?
VEON is facilitating the acquisition of Uklon by JSC Kyivstar, which will enhance Uklon's operational capabilities and market presence.
What strategic investments is Kyivstar making?
Kyivstar plans to invest 1 billion USD in telecom technology development between 2023 and 2027.
How does Uklon maintain its competitive advantage?
Uklon's competitive advantage stems from its established market presence and an extensive network of partner drivers across major cities in Ukraine.
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