Russia’s leading OTT service ivi has raised $250 million from new and existing shareholders.
Kommersant reports that they include VTB Capital, Roman Abramovich’s Millhouse and Invest AG and have resulted in VTB becoming one of the company’s leading owners.
It adds that this amounts to the largest private equity transaction in the Russian tech sector in recent years.
The new funds will be used to purchase and produce content, as well as develop a technology platform and marketing.
Given the increasingly competitive nature of Russia’s OTT sector, ivi is expected to eventually hold an IPO.