Alibaba partners with Russian firms to tap CIS

Global e-commerce giant Alibaba has joined hands with a clutch of Russian firms to tap the large sized market in the country as well as CIS region. The Russian Direct Investment Fund (RDIF), the sovereign wealth fund of the Russian Federation; PJSC “MegaFon” (LSE: MFON), a pan-Russian operator of digital opportunities (MegaFon) and Mail.Ru Group (MAIL.IL), the leading internet and IT company in Russia with growing international exposure have come together with Alibaba and announced a new strategic partnership to integrate Russia’s key consumer internet and e-commerce platforms and launch a leading social commerce joint venture in Russia and the CIS.

The partners have agreed to form a new joint venture (JV) by leveraging on the existing businesses of AliExpress Russia. Collectively, the parties will inject new capital, strategic assets, leadership, resources and expertise to create an unmatched value proposition for merchants, consumers and internet users across Russia and the CIS, as well as accelerate the development of Russia’s rapidly growing digital economy.

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