Russia’s most popular streaming platform Ivi has raised $250 million in its latest round of funding.
Investors include Roman Abramovich, Russia’s second biggest bank, and steel billionaires Alexander Abramov and Alexander Frolov’s Invest AG, reports Bloomberg.
According to Ivi, the money raised will be used to expand content and fund in-house productions.
Earlier this year, the company paused plans for an initial public offering which, according to Forbes, would have valued it at $1 billion. The IPO was put on hold after a Russian politician proposed legislation curtailing foreign ownership of domestic streaming services.
Oleg Tumanov, Ivi’s founder and chief executive said an IPO remains a strategic option that the company may consider “down the road”.
During 2020, Ivi has the largest share of Russia’s streaming market, accounting for 32 per cent.