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Uber and Yandex collaborate taxi services in six countries

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Tinuku ~ Uber and Yandex combine capital for transportation services in Russia. Two technology companies headquartered in San Francisco and Moscow collaborating to strengthen taxi services in Russia and will enlarge businesses to neighboring countries. Newly established a company will operate in 127 cities in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia.

Tinuku Uber and Yandex collaborate on taxi services in six countries

"This agreement marks our growth in the region and helps Uber build a sustainable global business," said Uber Head for Europe, Middle East and Africa, Pierre-Dimitri Gore-Coty.

This unification of capital marks a shift in Uber's strategy that has been plagued by legal issues and internal structures for months. New company will be headed by the head of Yandex Taxi, Tigran Khudaverdyan.

They will also have UberEats food ordering service. Yandex launched a taxi service in Moscow three years before Uber entered Russia.

"This combination greatly enhances Yandex's ability to offer better quality services to our customers and drivers to quickly expand services to new areas and build sustainable businesses," Khudaverdyan said in a statement.

Yandex was incorporated in 1997 as an internet search engine company and launched a taxi business in 2011. Yandex includes US$100 million to a new company with 59.4 percent stake, while Uber invests US$225 million and owns 36.6 percent stake.

This unification of capital marks a shift in Uber's strategy that has been plagued by problems this past few months. Last year, Uber also merged with Didi Chuxing to cover U$2 billion loss, instead Uber got a stake in the joint venture.


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