Uber and Yandex will Cooperate in Russia
Uber's US Shared Travel Service and Russian Internet Company Yandex intend to step up cooperation in Russia, the DPA reported.
Yandex is the market leader in internet search in Russia and Yandex Taxi offers its own online taxi service.
According to media reports, the joint venture with Uber and Yandex will have a majority share of 59.3% and the service will be active in about 127 Russian cities. Customers will be able to use their Uber or Jandex application to perform transactions. Yandex.Taxi Director Tigran Kudadewadan will become Chief Executive Officer of the joint venture.
Collaboration with the former Russian competitor can be classified as a partial success. The agreement also shows that Uber will now rely on a less aggressive expansion policy abroad. The rapidly expanding US company came across various crises this year, the most recent of which was the concealment of mass data theft to 50 million customers. Hackers stole data of passengers and drivers in 2016.
Meanwhile, this hack scandal may lead to a lower rating and a lower investment by the Japanese conglomerate SoftBank Group Corp., the Wall Street Journal reported. The Japanese are expected to submit their offer for the start of the week.
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