Kaspi.kz, the largest payment, marketplace and fintech ecosystem in Kazakhstan, has announced on next step forward of business partnership with Kazakhstan's largest grocery retailer, Magnum. Together, the two will further develop the direction of online store e-Magnum. To this end, Kaspi.kz will invest 70 billion tenge ($157 million) and receive a 90% stake, Forbes.kz reports.
“We have chosen to enter into a joint venture with Magnum because it is the number one grocery retailer in Kazakhstan with a nationwide presence,” Kaspi.kz said in its fourth quarter and full year 2022 financial report released February 27. The document clarifies that “steps have already been taken to formalize these relations.”
“We commit to invest around 20-25 billion tenge ($45-56 million) annually over the next three years. Our equity participation will be 90%, and the remaining 10% will be owned by Magnum,” the report says.
Kaspi.kz and Magnum launched the e-Grocery direction in Almaty about a year and a half ago, in the summer of 2021. There are currently three dark stores, including one in Astana. “The funds invested by Kaspi.kz will be used to open about 15 dark stores and meet the working capital needs of the e-Grocery business,” the company said in a statement.
Kaspi.kz, the most valuable public company in Kazakhstan has been cofounded by Georgian Mikhail Lomtadze. Lomtadze, who is on Forbes Billionaires List is called a man who has made an incredible breakthrough in the business history of Kazakhstan. He is called a “Game Changer”, who turned the tables, encouraging others to think differently.
