Overview
VEON Ltd. is a telecommunications and digital-services company operating mobile networks in Pakistan, Ukraine, Kazakhstan, Bangladesh and Uzbekistan, with fixed-line services in four of those markets. Alongside connectivity, it offers consumer and enterprise digital services, making telecom and digital services the core of its business.[1][2]
VEON states its purpose as “to create a better life for all,” through connectivity, information and digital services. Its five markets have a combined population of more than 520 million. For scale, VEON reported FY2025 revenue of USD 4.399 billion and approximately 19,000 employees.[3][2][4][5] [1][4][2][3][5]
Products & services
VEON’s digital financial products include JazzCash in Pakistan, a digital wallet and payments platform that also enables lending. At year-end 2025 it had 21.5 million monthly active users and more than 500,000 merchants; its services include QR payments and point-of-sale solutions for retailers.[6] Its entertainment offerings include Tamasha in Pakistan, which streams live sports, television, films and short-form video, with an ad-free Ultra-HD tier, and Ukraine’s Kyivstar TV, offering more than 430 channels plus on-demand films, series and shows through free and paid subscriptions, SVoD and pay-per-view VoD.[7][8]
In Bangladesh, Toffee provides audio and video streaming through web and OTT services, and VEON describes AI tools that turn text news into video for the platform.[9][10] Uzbekistan’s Hambi combines telecom account self-service with telemedicine, insurance, financial services, TV streaming and a marketplace; KINOM offers more than 100 linear TV channels, on-demand content, AI semantic search and personalized profiles.[11][12] In Ukraine, Kyivstar’s 2026 acquisition of Tabletki.ua added a platform for finding, comparing and reserving pharmacy products.[13]
VEON also offers business-oriented products including M2M, cloud, cybersecurity, SIM management, digital marketplace and advertising solutions. Its Adwisor platform supports audience targeting and marketing campaigns.[14] In Pakistan, enterprise and fixed-line services include dedicated internet, VPN, leased lines, MPLS/IP transit, fiber access, SD-WAN, managed Wi-Fi and cloud contact-center and helpdesk services.[15] [6][7][8][9][10][11][12][14][15][13]
Geographic presence
VEON’s current operating markets are Pakistan, Ukraine, Kazakhstan, Bangladesh and Uzbekistan. Its Kyrgyzstan operations were sold in 2025; Algeria and Russia are former markets.[16][1][17]
For 2025, revenue was reported as $1.624 billion from Pakistan (36.9% of total), $1.164 billion from Ukraine (26.5%), $816 million from Kazakhstan (18.5%), $460 million from Bangladesh (10.5%) and $308 million from Uzbekistan (7.0%). The remaining $27 million (0.6%) was reported as “HQ, eliminations and Others.” Percentages are calculated from the reported country-segment revenues and $4.399 billion total.[18]
At December 31, 2025, employee counts were 5,602 in Pakistan, 5,295 in Ukraine, 4,829 in Kazakhstan, 2,005 in Uzbekistan and 1,128 in Bangladesh.[19] VEON is incorporated in Bermuda, and its principal executive offices are listed at Index Tower, Dubai International Financial Centre, United Arab Emirates.[20][21] [16][1][17][18][19][20][21]
Business segments
VEON reports five country-based operating segments: Pakistan, Ukraine, Kazakhstan, Bangladesh and Uzbekistan. Their approximate shares of FY2025 group revenue of $4.399 billion were Pakistan 36.9% ($1.624 billion), Ukraine 26.5% ($1.164 billion), Kazakhstan 18.5% ($816 million), Bangladesh 10.5% ($460 million) and Uzbekistan 7.0% ($308 million). Percentages are calculated from reported segment revenue.[16][18]
The segments focus on telecommunications and digital services in their respective markets. Pakistan’s Jazz offers mobile and fixed-line services alongside digital products; Ukraine’s Kyivstar provides mobile, fixed-line and digital services; Kazakhstan’s Beeline business offers mobile, fixed and digital services; Bangladesh’s Banglalink focuses on mobile and digital services; and Uzbekistan’s Unitel/Beeline combines mobile, fixed-line and digital services.[1][22][23][24][25][26][27] [16][18][18][18][18][18][1][22][23][24][25][26][27]
Company history
VEON was founded as VimpelCom in 1992 by Augie K. Fabela II and Dmitri Zimin. In 1996, it became the first Russian company to list on the New York Stock Exchange.[28] During 2004–06, VimpelCom expanded into Kazakhstan, Ukraine, Uzbekistan, Armenia and Georgia, and in 2008 acquired Golden Telecom.[29][30]
In 2009–10, VimpelCom combined with Ukrainian mobile operator Kyivstar, and in 2011 acquired Wind Telecom, extending its operations into Italy, Bangladesh and Pakistan.[29] The company moved its listing from the NYSE to Nasdaq in 2013 and adopted the name VEON in 2017; its shares began trading on Euronext Amsterdam that year.[28]
VEON completed its exit from Russia on October 9, 2023, transferring control of VimpelCom to the buyer.[31][32] In August 2025, the business combination for Kyivstar Group closed and its shares began trading on Nasdaq; VEON retained approximately 83.6% of the group.[33][34] [28][29][30][31][32][33][34][30]
Sources
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