The deal was finalized after approval from the Antimonopoly Committee of Ukraine and full payment in hryvnia at the official NBU exchange rate.
The transaction significantly strengthens Kyivstar’s position in digital services and effectively creates the largest e-health ecosystem in Ukraine.
Tabletki.ua is Ukraine’s leading online service for searching and reserving medicines in pharmacies. The platform:
– cooperates with more than 14,000 pharmacies in cities with populations over 50,000;
– serves around 10 million users monthly;
– processed an average of 14 million online reservations per month in 2025.
The business model is based on transaction commissions (around 2%), pharmacy subscription fees, and advertising revenues.
Financial results of Tabletki.ua:
2024:
- GMV: UAH 45 billion
- EBITDA: UAH 810 million
- Net profit: UAH 707 million
9M 2025:
- GMV: UAH 57.3 billion
- EBITDA: UAH 1 billion
- Net profit: UAH 836 million
At the current growth rate, annual profit may exceed UAH 1 billion, implying a transaction multiple of approximately 4–5× EBITDA — which, according to InVenture estimates, represents an attractive valuation for a profitable, market-leading digital asset even in wartime conditions. For Ukraine, this is a rare example of a large-scale profitable IT business rather than a venture startup with negative economics.
Following the transaction, Tabletki.ua will be integrated into Kyivstar’s digital portfolio, which already includes Helsi, Uklon, Kyivstar TV, and the My Kyivstar app.
CEO Oleksandr Komarov noted that the integration will combine Kyivstar’s digital capabilities with a leading pharmaceutical platform to create more accessible healthcare solutions.
Kyivstar is effectively building a full e-health ecosystem: doctor appointment (Helsi) → prescription → medicine search and reservation (Tabletki.ua) → potentially financial and insurance products.
This marks Kyivstar’s transformation from a traditional telecom operator into a diversified digital holding with a multi-sector ecosystem.
The path to closing the deal was complex. The first application (November 2024) was returned due to formal deficiencies. The second attempt (February 2025) was not approved. The third application, submitted on July 7, 2025, was ultimately approved by the regulator.
The repeated refusals highlight regulatory sensitivity regarding concentration in the pharmaceutical market, where Tabletki.ua controls a significant share of online reservations.
The service was founded by Oleksandr and Nataliia Muravshchyky together with partners, creating a digital aggregator that became a key infrastructure channel for pharmacy chains.
In 2024, around 12,000 pharmacies cooperated with the platform — nearly 70% of all pharmaceutical outlets in Ukraine. In 2023, medicines worth UAH 25 billion were sold through the service.
For the market, this deal signals ongoing digital consolidation, confirms e-health as a strategic sector, and demonstrates that large-scale M&A transactions continue in Ukraine despite wartime conditions.
According to InVenture, potential risks include competition concerns in online pharmacy, integration risks, and regulatory dependence. However, the platform’s strong financial performance and large user base mitigate these risks.
In 2026, Ukrainian M&A shows a clear trend: buyers acquire scalable assets with transparent cash flow and strong strategic logic — not just ideas.
If you are interested in the dynamics of M&A transactions in Ukraine, we recommend reviewing InVenture’s annual research on the development of the Ukrainian M&A market.
