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Uber Partners with Ride-Sharing Rival in Russia
Ride-sharing specialist Uber Technologies Inc is merging its business in Russia with rival Yandex Taxi.
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Ride-sharing specialist Uber Technologies Inc. is merging its business in Russia with rival Yandex Taxi.
The combined operations will be 59% owned by Russian internet giant Yandex.com, while Uber will have about a 37% share. The remainder will be held by employees. Current Yandex Taxi CEO Tigran Khudaverdyan will head the new company.
Uber and Yandex are investing $225 million and $100 million, respectively, in the venture, which will have an estimated initial value of $3.7 billion. The partners aim to complete the deal by year-end.
In addition to Russia, the new company will service Armenia, Azerbaijan, Belarus and Kazakhstan. The companies say they deliver a combined 35 million rides per month in the region with gross bookings totaling $130 million last month. Yandex accounted for about two-thirds of the revenue.
Once the partnership is completed, consumers will be able to use Yandex and Uber apps to hail rides. Driver apps will be integrated.
The ride-sharing firms have been battling for market share since Uber entered the Russian market three years ago. Uber says the agreement will allow it to better focus its resources in other regions. Last August, Uber sold its in operations in China to market leader Didi Chuxing.
Yandex.com, which was formed in 2000, is referred to as the Google of Russia. Its search engine is used for nearly two-thirds of all internet searches in the country. The company also operates popular maps and public transit apps.
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