Uber & Yandex is Coming Together to Russia
News

Uber and Yandex is Coming Together To Complete Riding Giants In Russia

Both agreed to the deal of $125 million

Uber and Yandex is Coming Together To Complete Riding Giants In Russia

The carpooling giant is agreed to shake hand with the Google of Russia, Yandex to start a merged venture in the 127 cities. Both the companies have made a deal to start a sharing ride service in the Russian. The Uber got the global expansion opportunity that it's looking for a long time after its exit from China.

The deal is expected to close in the fourth quarter of the year. Both the companies are agreed to serve their joint venture in Russia, Armenia, Azerbaijan, Belarus, Georgia, and Kazakhstan covering almost 127 cities together.

The deal also allows the Uber to contribute its UberEats business in the six-county region.

The deal comprises the $125 million from the Uber and Yandex will invest $100 million. In this new riding service in Russia, the Uber will own 36.5%, Yandex will have 59.3% and the employees having a 4.1% stake.

Uber last year its business in China to the local rival Didi Chuxing in return of 17.5% of stake in Didi which worth $35 Billion. It the biggest investment that Uber has made in a long time. Both the Giants are looking to acquire high revenue from this deal in future.

This new joint venture will face some of the top rivals in Russia including Fasten-owned Rutaxi and Saturn, Maxim, and Gett, It will be quite interesting to see how Uber and Yandex will implement their strategies to outrun the archnemesis.

Tanya <span>Editor In Chief</span>
Written By
Tanya Editor In Chief

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.

News

Apple's Basket Looks Full For The Upcoming Year

4 min read  

Apple has it all. After successfully launching iPhone X into the market, Apple is all set for the forthcoming launches. iPhone X has set a new standard in the smartphone industry with its state of the art features and people expect Apple to keep raising that bar. But what next? Do we expect Apple to

News

Taster VR: BBC Wants To Deliver You Content Using VR via Smartphones

4 min read  

Worldwide news broadcaster now has taken a step to integrate the contemporary technology into the media system. BBC just released an app named Taster VR with the aim to transform the news delivering channel with the help of Virtual Reality. The media giant just introduced its new app for delivering

News

Facebook Live Streamed 10 Million Users On New Year's Night

4 min read  

While on the occasion of New year’ eve WhatsApp disappointed the users with the overloaded server, Facebook was hosting more than 10 million live streaming. According To the data shared by Facebook shows that on new year’s night maximum number of user went live on the platform to celebra

News

What Type of Instagram Engagement You Should Prioritize

4 min read  

Social Media Engagement works like a long-term relationship. To keep it running we need sheer dedication and ability to think about the future. In addition to that, we should ensure that the other party should remain happy for years to come.Social Media Engagement, defined primarily by the numbe