AliExpress Russia, an e-commerce joint venture launched in 2019 by Alibaba and its Russian partners, is eyeing an initial public offering (IPO) in pursuit of a new funding source to support its business as the online retailer’s supply chains have been affected by coronavirus-induced restrictions, according to Reuters.

AliExpress Russia, which operates domestic and cross-border sales with 29.1 million monthly active users, said that it plans to launch the IPO next year or later, Reuters reported on Wednesday.

Without providing a growth comparison, AliExpress Russia said that its gross merchandise volume (GMV) for the 2020-2021 financial year totaled 230 billion roubles ($3 billion), a little more than three quarters of which came from its cross-border transactions, which CEO Dmitry Sergeev said grew in line with Russia’s total e-commerce market. Reuters said that Russia’s total e-commerce sales enjoyed a year-on-year increase of about 40% in 2020, citing data from market research firm Euromonitor.

In a previous interview with Reuters, Sergeev disclosed that his company’s goal was to achieve annual turnover of $10 billion by 2023. Russian e-commerce leader Wildberries has reported full-year GMV in 2020 of 437.2 billion roubles, up 96% year-on-year.

Contact reporter Ding Yi (yiding@caixin.com)

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