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Yandex Soars As Uber Cedes Control: Does Russia Win?

14 July 2017

Yandex and Uber announced foundation of a combined company what will operate in Russia, Azerbaijan, Armenia, Belarus, Georgia, and Kazakhstan.

Also as a part of this deal, Uber has agreed to invest $225 million and Yandex has agreed to invest $100 million into the new company, valuing it at $3.725 billion on a post-money basis. Yandex is to own 59.3 percent and employees 4.1 percent. The company's CEO will be Tigran Khudaverdyan, who now runs Yandex's ride-hailing business.

It is Uber's second step-back from a major market as Didi Chuxing, a China-based ride-sharing firm, a year ago struck a deal to acquire the assets of Uber China, including its brand, business operations and data.

Below is an email sent today to Uber employees from Pierre-Dimitri Gore-Coty, head of Uber's business in Europe, the Middle East and Africa.

After selling its Chinese business in August past year, Uber has now yielded its clout overseas again - this time to merge its Russian business with the taxi arm of Russian search engine giant Yandex.

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The review calls for a new category of worker called a "dependent contractor" meaning that those Britons working for companies such as Uber and Deliveroo would receive more benefits. Uber, which raised funds regularly in 2015 and 2016, raised an undisclosed amount from German Investor Axel Springer this year, the only fundraising activity this year according to Crunchbase. The U.S. firm in return got a 17.5% stake in Didi, which at that time was valued at $35 billion.

"This combination greatly enhances Yandex's ability to offer better quality service to our riders and drivers, to quickly expand our services to new regions, and to build a sustainable business", says Tigran Khudaverdyan of Yandex.Taxi in a statement. The companies said that together they deliver over 35 million rides a month, with $130 million in gross bookings in June. The company is now looking to fill the vacancy, and is also searching for a chief financial officer.

Following completion, passengers will be able to continue to use either Yandex or Uber apps.

Calling a taxi will be possible via Yandex Taxi and Uber apps. Driver apps will be integrated after the transaction closes.

Yandex Soars As Uber Cedes Control: Does Russia Win?