The largest Ukrainian mobile operator, "Kyivstar", is looking into investing in the leading cloud solutions provider GigaCloud.
According to Forbes Ukraine, "Kyivstar" has submitted an application to the Antimonopoly Committee to acquire a stake in GigaCloud.
"A key part of Kyivstar's strategic development as a digital operator is investing in innovative technologies and new services. Therefore, we are considering investing in GigaCloud", — stated the press service of the largest Ukrainian mobile operator.
"Kyivstar" also confirmed that a request to the Antimonopoly Committee has been filed, but the final agreement has not yet been signed. Sources from dev.ua report that "Kyivstar" intends to acquire 80% of GigaCloud shares.
"We have submitted an application to the Antimonopoly Committee. As the largest Ukrainian cloud provider, GigaCloud has been exploring various investment opportunities to implement our most ambitious plans, and ultimately, we aligned with a partner who shares our strategic vision", — shared GigaCloud CEO Nazar Kurachko with Scroll.media.
Insider sources indicate that the deal could amount to up to $30 million. A top manager from "Kyivstar" revealed to Scroll.media, on the condition of anonymity, that the company has been eyeing GigaCloud for some time, as acquiring it will accelerate Kyivstar's cloud business growth.
Kyivstar's big data and cloud services segment generated $11.2 million in revenue in 2024, marking nearly a threefold increase compared to 2023. The deal is expected to boost revenue from this segment.
"Investing in GigaCloud will be a logical step towards building an integrated digital ecosystem and a significant milestone in the development of cloud services, as well as scaling the business to meet VEON's $1 billion investment obligations from 2023 to 2027", — noted the press service of "Kyivstar".
31% of GigaCloud shares are owned by Oleg Polishchuk, while an additional 45% are held by the current CEO, Nazar Kurachko. The remainder is owned by companies registered in Cyprus and Malta. GigaCloud's revenue in 2024 amounted to 410 million UAH, which is 29% more than in 2023.
Recently, the parent company of the 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 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% more than in the second quarter of 2024.
