The funding is part of a UAH 2.2 billion food security initiative signed in March 2024. The allocated capital will support the expansion of the Varus retail network, the implementation of energy-efficient technologies, the modernization of engineering infrastructure, and improvements to logistics processes. The investment aligns with the EBRD’s Green Economy Transition (GET) strategy.
Varus, owned by LLC Omega, is a Ukrainian retail chain that began operations in 2003 with its first store in Dnipro. Today, the chain operates 113 supermarkets across various Ukrainian cities, including a DarkStore in Kyiv, and offers both traditional and compact formats alongside e-commerce services. According to Opendatabot, LLC Omega is owned by Cyprus-based Weigant Enterprises Limited, with Valerii Kiptik and Ruslan Shostak listed as the ultimate beneficiaries.
In 2024, Varus reported a 14.3% year-on-year increase in revenue, reaching UAH 20 billion. However, net profit dropped by 80.9% to UAH 38.2 million. In March of the same year, the EBRD announced a $25 million loan to the company, contributing to a total project budget of $53.1 million. Additional support came from the JECF fund (covering job creation grants and legal assistance), the A4EG initiative, and the EBRD’s Special Shareholders Fund.
