Dragon Capital Acted as the Exclusive Financial Advisor to Uklon in the deal with Kyivstar

April 04, 2025 — Kyivstar has completed the acquisition of a 97% stake in Uklon, the largest ride-hailing app and platform in Ukraine. The deal value reached $155.2 million. Dragon Capital acted as the exclusive financial advisor to Uklon and its shareholders in this transaction.

The deal is the largest-ever acquisition of a Ukraine market-focused tech company and the second-largest M&A deal on the Ukrainian market since the full-scale Russian invasion began in February 2022.

All taxes, at a rate of 23%, applied to the deal proceeds will be paid to the Ukrainian state budget, supporting our country directly.

Uklon pioneered ride-hailing in Ukraine 15 years ago and became the leading player, winning the market from global competitors present in Ukraine, such as Uber and Bolt. Uklon has never raised external funding.

Kyivstar acquired Uklon as a logical step in building an integrated digital ecosystem on the path to fulfilling VEON’s investment commitments to invest $1 billion in Ukraine over 2023-2027.

“Uklon is a unique success story where Ukrainian engineering talent is winning over international competitors. We originated and presented the idea of this deal to Uklon and Kyivstar, both of which expressed interest, leading to the initiation of dialogue. It was an honour and pleasure for us to work as advisors to Uklon and its shareholders. We are convinced that Uklon will reach new heights alongside Kyivstar. This deal demonstrates that it is possible to build a successful tech company from scratch in Ukraine and make an exit to a leading strategic investor, even during wartime. We are confident that this transaction will significantly contribute to the development of the Ukrainian tech ecosystem,” said Mykhailo Granchak, Managing Director of Investment Banking at Dragon Capital.

“I’m extremely proud and honored to have been part of this landmark transaction. All teams involved worked diligently and creatively to make this a true win-win transaction. I wish the Uklon founders and Kyivstar success in their future endeavors”, said Brian Best, Managing Director and Head of Investment Banking at Dragon Capital.

“The Dragon Capital team supported us in every stage of the project from day one till successful closing, providing their financial advice to us. They demonstrated deep expertise, superior dedication, and professionalism, which helped us to close the deal with Kyivstar successfully,” said Dmytro Dubrovsky, co-founder of Uklon.

For more information. Dragon Capital – a leading Ukrainian investment and financial services group, offering a comprehensive range of products, including investment banking, equities, and fixed income sales, private equity, and asset management to institutional, corporate, and private clients. Since its inception, Dragon Capital’s Investment Banking team has advised on over 130 deals, including M&A transactions and private and public fundraisings, with a total value exceeding US$10 billion. More information at: https://dragon-capital.com/

Uklon – an IT product company and the largest ride-hailing player in Ukraine, with a presence in 27 cities across Ukraine, as well as at the tourist complex Bukovel. More than 100 thousand active driver-partners use the company’s platform. The company also provide services in Uzbekistan, in Tashkent city. Founded in Kyiv 15 years ago as a tech startup, it has successfully competed with global players without any external financing. Today, Uklon’s team consists of more than 700 experts, including 250 software engineers who continuously improve and maintain one of Ukraine’s largest consumer technology platforms. Uklon’s digital services include ride-hailing, delivery, an advertising platform Uklon Ads for businesses, loyalty programs, and other products available through apps for riders and drivers. More information at: https://uklon.com.ua/

Kyivstar – Ukraine’s largest digital operator, serving more than 23 million mobile subscribers and over 1.1 million Home Internet fixed line customers. The company provides services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. Kyivstar develops new telecom technologies in Ukraine and has committed to investing USD 1 billion in this direction. The company helps Ukraine overcome the challenges of wartime and, over the past three years, has allocated more than UAH 2.6 billion to support the AFU, subscribers, and the implementation of social projects. A shareholder of Kyivstar is the international Group VEON. The Group’s shares are listed on the NASDAQ stock exchange (New York). Kyivstar has operated in Ukraine for 27 years and is recognized as the largest telecom tax payer, a leading employer and a socially responsible company. More information at: https://kyivstar.ua/