After recently breaking ties with Sberbank, Russian-generation giant Yandex will emerge from the Covid-19 crisis in a state of greater independence and the next step is to take full ownership of his ride-sharing business.
In a call to the convention last month, Greg Abovsky, Yandex’s chief operating officer and chief monetary officer, said the company was looking for Uber’s minority stake in the Yandex.Taxi ride and delivery division.
The move would give the Russian company much more powerful control over travel-sharing activities in Russia and neighboring countries. It operates in several countries in Eastern Europe and Central Asia.
Yandex recently owns a 61% majority stake in taxi operations, while Uber owns 38%. The remaining 1% is maintained through the management of the company.
Abovsky said the appeal Yandex sought to own more corporations in which he already owns stakes.
“There is nothing imminent or procedural underway today. But I think we’re very interested in expanding this engagement and completing this asset,” he said. “I think it’s about making sure we can agree on value that generates costs for our shareholders.”
The company declined commenting on its plans for Yandex.Taxi and its Uber appointments.
For Uber, such an agreement would mark a definitive outlet for the company from the Russian market. After failing to get the ideal market share, Uber merged its Russian operations with Yandex in 2018 to shape the Yandex.Taxi that is up and running today. As a result of the agreement, Uber retained a minority stake.
Yandex also operates food and grocery delivery services. These corporations are under the microscope blocking. Like its opposite numbers in Europe and the United States, Yandex experienced an increase in demand for food delivery for the Covid-19 pandemic.
In a recent interview with Bloomberg, Yandex.Taxi director Daniil Shuleyko said that “the coronavirus has accelerated the transition of Russian consumers to online shopping.”
In another example of how the company had to respond to the crisis, it deployed a separate fleet of cars for doctors to scale in Yandex patients. He has transported doctors for more than 300,000 medical appointments, according to a corporate spokesman.
The future acquisition of Uber and the evolution of the delivery market, to mention its investments in self-driving cars, are only a variety of ongoing adjustments at one of Russia’s largest generation companies.
In June, Yandex severed ties with state-owned bank Sberbank, Russia’s bank. The two parties had participated in two joint ventures on e-commerce and payments.
The end of corporations will see Yandex complete with Yandex Market, an e-commerce marketplace. Sberbank will be completed with payment provider Yandex Money, hoping that the bank will soon rename the service with a new name.
I am a freelance journalist founded in Dublin and covering many spaces of the generation industry. I used to be a reporter at Fora and I was a normal contributor to
I am a freelance journalist founded in Dublin and covering many spaces of the generation industry. I used to be a journalist in Fora and I was a normal Tech.eu collaborator. My signature also gave the impression on BBC News, Vice and Mashable.