VEON

What VEON does

VEON is a Nasdaq-listed digital operator (ticker VEON) headquartered in Dubai and operating across five emerging markets - Pakistan, Ukraine, Bangladesh, Kazakhstan, and Uzbekistan - collectively home to 528+ million people (~6% of world population). The company serves over 150 million connectivity customers through country-leading telecom brands (Jazz in Pakistan with ~71M subscribers, Kyivstar in Ukraine with 22.4M mobile customers, Banglalink in Bangladesh, and Beeline in Kazakhstan and Uzbekistan) and more than 205 million active digital users across its platform of services.

The company's technology stack includes 4G/5G mobile networks, Open RAN architecture developed with Rakuten Symphony, sovereign AI infrastructure built with MeetKai and its QazCode subsidiary for local language models, and direct-to-device Starlink satellite connectivity (first deployed by Kyivstar in Ukraine with 5M+ users, now expanding to Bangladesh and Kazakhstan). On top of this connectivity layer, VEON operates a digital services ecosystem: financial services through JazzCash (60M customers, PKR 16.8 trillion / USD 59.7B annual transaction volume) and Mobilink Bank; entertainment streaming via Toffee (FIFA World Cup 2026 rights in Bangladesh), Tamasha, and Izi; healthcare through Helsi and Tabletki.ua (acquired February 2026 for USD 160M); mobility through Uklon (5.1M active users across 27 Ukrainian cities and Tashkent, expanding into delivery, bus ticketing, and micromobility); and enterprise services including Big Data, cloud, and cybersecurity.

VEON's revenue model combines subscription-based connectivity (mobile voice, data, SMS), transaction-based digital financial services (fees, lending, insurance), subscription streaming, ride-hailing commissions, pharmacy reservation fees, advertising (AdTech), and managed enterprise services. FY25 revenue was USD 4.4 billion (+9.9% YoY) with EBITDA of USD 2.0 billion (45.7% margin, +350 bps), and Q1 2026 revenue accelerated to +17.0% YoY driven by digital revenues growing 57.7% to USD 303M (now 25.2% of group revenue). The Group is incorporated in the Netherlands with no single controlling shareholder (LetterOne holds ~45.5%), and its subsidiary Kyivstar Group Ltd. became the first Ukrainian company listed on Nasdaq in August 2025.

Name

VEON

Legal name

VEON Ltd.

Website

https://veon.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

VEON is a Nasdaq-listed digital operator serving 150M+ connectivity customers and 205M+ digital users across Pakistan, Ukraine, Bangladesh, Kazakhstan, and Uzbekistan, offering converged telecom plus fintech, entertainment, healthcare, mobility, and enterprise digital services.

Ownership category

akta.pro rank

Product category

Mobile Telecommunications and Digital Services

NAICS

Wired and Wireless Telecommunications Carriers (except Satellite) (51711), Satellite Telecommunications (5174), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)

SIC

Telephone Communications (No Radiotelephone) (4813), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Non-Terrestrial Mobile Network Operators (Satellite-Integrated NTN Mobile) (HDAIAAAJ)

Keywords

• Mobile telecommunications
• Digital financial services
• Mobile payments
• Ride-hailing services
• Digital entertainment

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain, Others

Revenue model

1. Connectivity Services (Mobile & Fixed): Traditional telecom services including mobile voice, data, SMS, and fixed-line internet across Pakistan, Ukraine, Bangladesh, Kazakhstan, and Uzbekistan. Revenue from prepaid and postpaid mobile subscriptions, enterprise connectivity contracts.
2. Digital Financial Services: JazzCash mobile wallet, Mobilink Bank microfinance banking, TPL Insurance integration. Revenue from transaction fees, lending interest, insurance premiums, and payment processing. 41% YoY growth in financial services revenue to USD 135 million in Q1 2026.
3. Entertainment & Streaming: Toffee streaming platform (Bangladesh), Tamasha (Pakistan), Kyivstar TV. Revenue from subscriptions, data pack bundling, and advertising. FIFA World Cup 2026 streaming rights for Bangladesh.
4. Ride-Hailing & Mobility: Uklon ride-hailing, delivery, bus ticketing, and micromobility services in Ukraine and Uzbekistan. Revenue from commission on rides, delivery fees, and advertising. Uklon operates at annualized revenue run rate exceeding USD 100 million.
5. Digital Healthcare: Helsi and Tabletki.ua healthcare platforms in Ukraine. Revenue from pharmacy reservations, digital health services, and partnerships with healthcare providers. Tabletki.ua generated LTM EBITDA of USD 24 million.
6. Enterprise Services: B2B services including Big Data, cloud, cybersecurity, and IoT connectivity for enterprise customers. Revenue from service contracts, device/hardware sales, and managed services.
7. Advertising (AdTech): Uklon Ads platform, OTM advertising technology platform, and other digital advertising inventory. Revenue from advertising impressions and targeted ad placements.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

VEON is a digital operator providing converged connectivity (4G/5G mobile voice, data, fixed-line internet) and a digital services ecosystem across five emerging markets (Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan) through operating brands Jazz, Kyivstar, Banglalink, and Beeline. Beyond core telecom, VEON delivers a portfolio of digital services including mobile financial services (JazzCash mobile wallet, Mobilink Bank), streaming (Toffee, Tamasha, Kyivstar TV), digital healthcare (Helsi, Tabletki.ua), and ride-hailing/mobility (Uklon), organized around an AI 1440 sovereign-AI strategy and super-app distribution through JazzWorld and MyBL.

Product overview

VEON is a digital operator providing converged connectivity and digital services across five countries (Pakistan, Ukraine, Bangladesh, Kazakhstan, and Uzbekistan) through multiple brand portfolios. The company operates under a platform-plus-modules architecture combining core telecom connectivity (Kyivstar, Beeline, Jazz, Banglalink) with an ecosystem of digital services including financial services (JazzCash mobile wallet, Mobilink Bank digital banking), entertainment streaming (Toffee, Tamasha, Izi, Simply), healthcare platforms (Helsi, Tabletki.ua), mobility services (Uklon ride-hailing, delivery, travel, marketplace), and enterprise solutions (Big Data, cloud, cybersecurity). VEON serves over 150 million connectivity customers and more than 205 million active 3-month digital users, with digital services organized around the AI 1440 strategy enabling augmented intelligence across the ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• Tamasha: Digital streaming and entertainment platform
• Toffee
• Izi
• Simply
• Helsi
• Uklon
• QazCode
• JazzWorld

Products and services

• JazzCash Pakistan's leading digital financial services platform operating under a Branchless Banking charter. Offers mobile wallet services, payments, lending, insurance, welfare disbursements, and government-to-person payments. JazzCash serves over 60 million registered customers and processed more than PKR 16.8 trillion in gross transaction value in the year to March 2026. Targeted at retail consumers and merchants in Pakistan.
• JazzCash Government Treasury Bills Investment Service Mobile-based investment service that lets retail investors purchase 3-month Government Treasury Bills directly through the JazzCash app with a minimum of PKR 5,000 (approx. USD 18). Mobilink Bank acts as regulated custodian. Designed to broaden formal investment access beyond Pakistan's ~1.4 million existing public market participants.
• Mobilink Bank (Mobilink Microfinance Bank) Pakistan's leading digital microfinance institution committed to financial inclusion, offering branch-based and digital banking services across 114 branches. Acts as regulated custodian for JazzCash Treasury Bill investments.
• Toffee Operator-agnostic digital streaming platform launched by Banglalink in 2019, providing live television channels, sports streaming, video-on-demand, and user-generated content. Available on Android smartphones, Android TVs, and iOS devices. Broadcasts major live sporting events including all 104 FIFA World Cup 2026 matches.
• Uklon Ukraine's leading ride-hailing platform and subsidiary of Kyivstar, providing ride-hailing, delivery, advertising, and travel services. Operates in 27 cities in Ukraine and Tashkent, Uzbekistan, with 5.1 million active users as of Q1 2026.
• Uklon Travel (Bus Booking) Travel service within the Uklon app enabling users to book domestic and international bus tickets, expanding Uklon beyond ride-hailing into intercity and international mobility.
• Uklon Store (Marketplace) In-app marketplace launched by Uklon, marking the company's first expansion beyond mobility into everyday commerce. Inaugural service is flower delivery from independent florists in Kyiv with same-day delivery using Uklon's driver network.
• Uklon Delivery Delivery service integrated within the Uklon app that enables users to send parcels across cities using Uklon's driver network.
• Tabletki.ua One of Ukraine's most widely used digital platforms for finding, comparing, and reserving medicines at pharmacies. Partners with over 14,000 pharmacies across Ukraine, facilitating an average of 14 million reservations per month in 2025. Acquired by Kyivstar in February 2026 for USD 160 million to strengthen Kyivstar's healthcare ecosystem.
• Helsi Digital healthcare platform acquired by Kyivstar in 2022, providing e-health services including prescription access and appointment booking. Part of Kyivstar's expanding healthcare ecosystem alongside Tabletki.ua.
• Kyivstar Mobile Connectivity Ukraine's leading mobile and fixed-line digital operator, serving nearly 22.4 million mobile customers and over 1.1 million home internet fixed-line customers as of June 2025. Provides mobile voice, data, and digital services under the Kyivstar brand.
• Jazz Mobile Connectivity Pakistan's number one 4G operator and leading digital service provider with around 71 million subscribers, providing mobile voice, data, and digital services across Pakistan.
• Banglalink Mobile Connectivity Leading digital communications service provider in Bangladesh, providing mobile connectivity, data services, and digital offerings (including MyBL Super App and Toffee) to Bangladeshi consumers.
• Beeline Kazakhstan Mobile Connectivity Digital operator brand in Kazakhstan providing mobile connectivity and digital services (including Beelab and Izi / Simply content brands) under the VEON Group.
• Beeline Uzbekistan Mobile Connectivity Digital operator brand in Uzbekistan (Unitel LLC) serving 7.7 million mobile subscribers and over 9 million monthly active users, providing mobile connectivity and digital services.
• Kyivstar Enterprise Solutions (Big Data, Cloud, Cybersecurity) Enterprise solutions offered by Kyivstar, including Big Data analytics, cloud services, and cybersecurity offerings to business and government customers in Ukraine.
• Kyivstar Starlink Business Resale Resale of Starlink broadband internet services and hardware to Ukrainian businesses and public sector institutions (schools, universities, hospitals, community clinics). Kyivstar acts as Ukraine's sole provider offering integrated multi-layer connectivity combining satellite and terrestrial networks.
• OTM Advertising Technology Platform Advertising technology platform owned by VEON's Russian operations, enabling targeted advertising across its digital ecosystem. Leverages user data for personalized ad targeting.
• JazzWorld (Super App) Digital services super-app platform in Pakistan serving over 100 million users, integrating JazzCash, Mobilink Bank, and other digital services under one platform.
• MyBL Super App (Banglalink) Banglalink's super-app platform providing subscription packages and access to Toffee streaming services and other digital offerings for Bangladesh customers.
• Kyivstar Starlink Mobile Data Service (D2D Satellite) Direct-to-device satellite data service that lets Kyivstar customers use messaging and navigation apps (Viber, WhatsApp, Google Maps, plus Helsi e-health and Uklon planned) over Starlink Mobile when terrestrial networks are unavailable.
• Uklon Robotaxi Autonomous Vehicle Pilot Live pilot of autonomous robotaxi service at Boryspil International Airport using LiDAR, sensors, real-time connectivity, and remote human operators as a transitional control layer. Positions Uklon as operating partner for Ukraine's future robotaxi ecosystem.

Quantifiable outcome

• Digital revenues grew 62.5% YoY to USD 759 million in FY25, representing 17.3% of total revenue
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability9 records

Feature10 records

Partnerships

Twelve partnerships are on record, tiered core, minor and major.

• DataVoltcoreTechnology or Integration · 17 June 2026Beeline Uzbekistan signed MoUs with DataVolt for data center partnership. Beeline Uzbekistan will become anchor tenant at DataVolt's TAS-1 data center at Tashkent IT Park. Second MoU evaluates potential joint data center development in Bukhara. Supports Uzbekistan's Digital Uzbekistan 2030 Strategy.
• Boryspil International AirportminorStrategic or Co-development Partner · 6 May 2026Uklon launched autonomous vehicle pilot at Boryspil International Airport for planned robotaxi service. Tests LiDAR, sensors, real-time connectivity, and remote operations infrastructure with human operators as control layer.
• Rakuten SymphonycoreTechnology or Integration · 4 March 2026Beeline Uzbekistan and Rakuten Symphony signed MoU for Open RAN development, AI-powered network intelligence, and next-generation digital platforms. Extends existing Rakuten-VEON partnership (launched 2023) that includes Kyivstar in Ukraine and Beeline Kazakhstan. Covers network deployment, cloud solutions, IoT, eSIM, and international roaming.
• GSMA Innovation FundminorStrategic or Co-development Partner · 4 March 2026VEON partnered with GSMA's Mobile for Development Foundation to co-fund digital innovation projects in Pakistan and Bangladesh. JazzWorld and Banglalink will collaborate with GSMA Innovation Fund for 2026 funding rounds, providing financial and in-kind support to selected startup grantees.
• QazCodecoreTechnology or Integration · 4 March 2026VEON's Kazakhstan-based AI subsidiary developing large language models. November 2025 collaboration with MeetKai for next-generation language model development.
• MeetKaicoreStrategic or Co-development Partner · 3 March 2026Expanded partnership for sovereign AI infrastructure across VEON markets. VEON contributes regional footprint, data centers, and user access; MeetKai provides sovereign AI platform and local language models. Builds on November 2025 collaboration with VEON's Kazakhstan AI subsidiary QazCode for large language model development.
• MeetKai Inc.coreTechnology or Integration · 1 March 2026Sovereign AI infrastructure partnership for deploying secure compute environments aligned with data residency requirements across VEON's five operating countries.
• HalamajorStrategic or Co-development Partner · 17 February 2026MoU with Hala (Dubai RTA/Careem joint venture) to explore expanding ride-hailing and mobility services across VEON markets. Leverages Hala's operational expertise with VEON's digital scale and local market presence. Evaluates joint market entry opportunities in Pakistan, Kazakhstan, Bangladesh.
• 14,000+ Ukrainian PharmaciescoreChannel Partner/ Reseller/ Distributor · 10 February 2026Tabletki.ua partners with over 14,000 pharmacies across Ukraine enabling digital prescription and OTC medicine reservations. Platform processes 14 million monthly reservations.
• Starlink (SpaceX)coreTechnology or Integration · 1 November 2025Kyivstar became first mobile operator in Europe to enable Starlink Mobile satellite connectivity nationwide for 4G smartphones (November 2025). 5 million customers connected via satellite since launch. Partnership expanded to Bangladesh (Banglalink) and Kazakhstan (Beeline) for direct-to-device messaging and data services. Also includes enterprise Starlink resale for businesses and government institutions.
• SUNVIN 11 (Solar Power)majorStrategic or Co-development Partner · 1 April 2025Kyivstar acquired SUNVIN 11, a solar power company, as part of energy resilience strategy. Represents Kyivstar's first investment in renewable energy and strategic step toward greater energy independence.
• State Bank of PakistancoreStrategic or Co-development Partner · 1 January 2021JazzCash Treasury Bill investment service developed in coordination with State Bank of Pakistan. State Bank provides regulatory framework and oversight for digital investment products enabling retail investors to access government securities through mobile platforms.

Scale indicators25 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Airtel Africa: Pan-African mobile operator with Airtel Money mobile wallet and an emerging-market digital services playbook directly comparable to VEON's JazzCash/Toffee/Uklon ecosystem strategy across low-ARPU frontier markets.
• MTN Group: Africa's largest mobile operator running MTN MoMo mobile money plus a portfolio of digital services, mirroring VEON's combination of mobile connectivity and fintech/entertainment verticals in emerging economies.
• Turkcell: Turkish digital operator whose convergence model (telco + fintech + content + super-app) closely parallels VEON's AI 1440 digital operator strategy; VEON CEO Kaan Terzioglu is the former Turkcell CEO.
• Grameenphone: Axiata's Bangladesh subsidiary and VEON's principal telecom competitor in the Banglalink market, with comparable 4G coverage, digital financial services (MyCash), and entertainment offerings in Bangladesh.
• Robi Axiata: Second-largest mobile operator in Bangladesh competing head-to-head with VEON's Banglalink on 4G, voice, and digital services for the same consumer base.

Broad incumbents

• Axiata Group: ASEAN-headquartered telecom group operating across multiple emerging Asian markets via CelcomDigi, XL Axiata, Smart, Ncell and Grameenphone, with overlapping emerging-market digital operator profile though broader geographic footprint.
• Telenor: Norwegian incumbent with operations across Scandinavia and emerging Asia; historically competed directly with VEON in Pakistan (Telenor Pakistan merged into PTML/PTCL) and Bangladesh (Grameenphone stake).
• Reliance Jio: India's leading digital operator demonstrating the same telecom-to-super-app transformation (JioPhone, JioMart, JioPay) that VEON is replicating across Pakistan, Bangladesh, Ukraine, Kazakhstan and Uzbekistan.
• Vodafone Group: European-headquartered global telecom incumbent with operating overlap in Ukraine (Vodafone Ukraine) and a comparable, though broader, portfolio of mobile, fixed and digital services.

Regional players

• Globe Telecom: Philippine mobile operator with GCash mobile wallet and a comparable telecom-plus-fintech-plus-content portfolio addressing a frontier-market consumer base similar to VEON's emerging-market customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/veon/jobs
• Xx.com/VEONGroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries10 records

Funding overview

Funding rounds6 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A20 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VEON