Kyivstar Plans Investment in GigaCloud
The largest mobile operator in Ukraine, "Kyivstar," is looking to invest in the cloud service provider GigaCloud.
According to Forbes Ukraine, "Kyivstar" has already submitted a request to the Antimonopoly Committee for the purchase of a stake in GigaCloud.
"Investments in innovative technologies and new services are crucial for Kyivstar's strategic development as a digital operator. Thus, we are considering investing in GigaCloud," said company representatives.
"Kyivstar" also confirmed that the request to the Antimonopoly Committee has been submitted, but the final agreement has not yet been signed. According to sources from dev.ua, "Kyivstar" intends to acquire 80% of GigaCloud's shares.
"We have submitted a request to the Antimonopoly Committee. As the leading Ukrainian cloud provider, GigaCloud has been exploring various investment opportunities over the past 20 months, and we have chosen a partner that shares our strategic vision," said GigaCloud CEO Nazar Kurachko to Scroll.media.
Sources indicate that the deal could be worth up to $30 million. An anonymous top manager from "Kyivstar" revealed that the company has been interested in GigaCloud for some time, as it will accelerate the cloud business.
The Kyivstar big data and cloud services segment generated $11.2 million in revenue for 2024, nearly tripling its earnings compared to 2023. This will allow for increased revenue in this area.
"Investing in GigaCloud will be a logical step towards building an integrated digital ecosystem and an important milestone in developing cloud services, helping to meet VEON's investment commitments of $1 billion from 2023 to 2027," said the press service of "Kyivstar."
31% of GigaCloud shares belong to Oleg Polishchuk, while 45% are owned by the current CEO Nazar Kurachko. The remainder is held by Cypriot and Maltese companies. GigaCloud's revenue in 2024 was UAH 410 million, which is 29% more than in 2023.
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 to be listed on the exchange. In the first half of 2025, the operator increased revenue by 36.1% to UAH 22.6 billion. In the second quarter, revenue reached UAH 11.9 billion, which is 25.8% more than in the second quarter of 2024.
