Diversified multi-national financial services company Freedom Holding has completed the acquisition of a majority stake in Kazakhstan-based online supermarket Arbuz.

As part of the deal, Freedom Holding purchased an 82% ownership interest in the retailer from a group of private investors.

Financial terms of the transaction have not been disclosed.

Launched in 2011, Arbuz is also a fresh food delivery service provider with operations in Almaty and Astana, Kazakhstan, serving as many as 205,000 customers to date.

The company has its own warehouses, assembly line and courier service, making 2,500 - 3,000 deliveries on average a day.

It delivers food, drinks, household chemicals and household goods.

Arbuz founder and general director Alexey Lee said: "I am proud of the achievements of our team, which was able to create and be a pioneer in the online supermarket industry in Kazakhstan within a few years.

“We have been able to maintain a unique position in the market and an understanding of its future potential. We actively planned the next phase of our development and consciously chose the offer made by Freedom out of several available options. Our future is bright as part of the Freedom ecosystem, which is close to us in culture, spirit and quality.”

The deal was completed after several stages, starting in March this year.

Timur Turlov, who personally invested in the company since 2019, retained an 18% ownership interest after the acquisition.

Freedom Holding chief executive officer Timur Turlov said: “As one of the largest domestic Internet websites in Kazakhstan, the Arbuz start-up is also a major contributor to the development of the e-commerce sector in our country.

“Through the Freedom24 app which Freedom provides to its customers in Kazakhstan, Arbuz customers will now have enhanced service quality and advantageous bonus programs. This will enhance the entire Freedom ecosystem in Kazakhstan and strengthen our market position.”