Kyivstar Group, which went public in August 2025, released a detailed Q3 2025 financial report in early November. Since Veon, Kyivstar’s former parent company, was publicly traded, Kyivstar had traditionally disclosed quarterly reports as part of Veon. Now, however, the reports have become even more interesting — Kyivstar Group has transformed into a broader ecosystem that, in addition to the mobile operator Kyivstar, includes Helsi and Uklon, with more companies expected to join soon.

acquired for $155.2 million in March 2025, are particularly telling. (We covered the strategic significance of that deal in a separate article.)

Before the acquisition, Veon reported that Uklon had generated approximately $65 million in revenue for 2024, maintaining an annual growth rate of about 30% since 2021. Judging by the latest figures, that trajectory appears to be accelerating — Uklon’s 2025 revenue could approach $100 million by year-end.

According to the Kyivstar Group report, Uklon’s Q3 2025 revenue exceeded 1 billion hryvnias, totaling $24.7 million. While the company doesn’t provide year-over-year comparisons, several indicators suggest continued strong growth:

• In its 2024 report, Veon noted that Uklon drivers completed 10 million rides per month, or roughly 30+ million per quarter. In Q3 2025, that number jumped to 42.2 million rides.
• The number of deliveries increased by 30%.

In addition, sources at Uklon told Scroll.media that the company optimized its workforce, raised fares in some cities, and reduced investments in 2025.

The staff reductions, initiated at the parent company’s request, began in early 2025. Meanwhile, new investments were paused amid Kyivstar’s IPO preparations and the increased complexity of internal approvals — decisions that previously could be made within Uklon now require sign-off from Komarov and sometimes even Veon. As a result, Uklon’s next major initiatives, such as expansion into new countries or verticals, are now expected in early 2026.

Another indirect indicator — the monobank dashboard, which tracks transaction volumes — shows a noticeable increase in Uklon’s financial activity, suggesting the company is gaining market share from Uber and nibbling away at Bolt’s position.

Given the current growth dynamics, Scroll.media and several financial analysts estimate that Uklon’s 2025 revenue could reach $90–100 million, once again delivering 30%+ year-over-year growth.

When Kyivstar acquired Uklon, many observers noted that it was a cash-generating service — a fast-growing, profitable business in Ukraine that allowed Kyivstar to expand its share of non-telecom revenue.

According to Scroll.media sources, Kyivstar, which initially feared it might have overpaid for Uklon, may now be rethinking that assessment.