Halyk Bank acquires a stake in Airba Fresh for $40 million

Halyk Bank, the largest financial institution in Kazakhstan, is in final negotiations to purchase a controlling stake in the FoodTech company Airba Fresh, which was founded in 2022 by entrepreneur Eduard Kim, the creator of the electronics chain TechnoDom.

The deal is valued at approximately $40 million. Upon closing, Airba Fresh will be integrated into Halyk Bank’s digital ecosystem, including its SuperApp, loyalty programs, and delivery services.

Despite the potential change in ownership structure, the Airba Fresh brand will be retained. The bank will take over the marketing strategy and business scaling. Representatives from both Halyk Bank and Airba Fresh declined to comment officially but did not deny the existence of negotiations.

The deal may be part of a broader trend: financial-technology groups are actively entering the e-grocery sector to establish themselves in the growing online delivery segment. Previously, similar steps were taken by Kaspi.kz, which collaborated with Magnum, and Freedom Holding, which increased its stake in Arbuz.kz to 100%.

Currently, Airba Fresh processes around 1,500 online orders per day and over 2,000 purchases through its offline Airba Fresh and Airba Express locations. Integration with Halyk Bank will significantly expand its customer base through the bank’s branch network and digital channels.

Source: Forbes