I learned the lessons, and instead of confronting and getting out of the big countries, as in China, they decided to cooperate and benefit collectively, which will happen in Russia.
YANDEX, the Russian Internet giant, has announced that it will merge its business in partnership with Ober, Russia and five neighboring countries, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan.
Under the merger, a new company will be established operating in these countries and serving 127 cities. Uber will invest $ 225 million for a 36.6% stake and Enekdas $ 100 million for a 59.3% stake and 4.1% of the company will be given to its employees.
Uber had entered the Chinese market but faced great competition, forcing it to sell the company to Chinese competitor Didi Chuxing for a share of 17.5% of the total company value of 35 billion dollars and then rose to more than 50 billion dollars, raising the share of Uber to 8 billion dollars.
Uber recently announced a reduction in its losses from $ 991 million to $ 708 million in the first quarter of this year. With such major partnerships, Uber seeks to improve its financial position by providing it in more than 600 cities in the world.
Russia’s Yandex.Taxi recently announced 285 million flights worth more than $ 1 billion in one year, while Uber announced 134 million flights worth $ 566 million in a year.
Uber was founded three years ago by Yandex.Taxi, but its presence in the region is weak. It operates in 16 Russian cities only and does not serve Armenia and Georgia. Yandex.Taxi operates in 127 cities in the region.