Rideshare giant Uber sold its stake in Russia to Russian based competitor, Yandex Taxi thus signaling the end of Uber in Russia. The company merged with Yandex Taxi in July 2017 after investing $225 million into the venture. According to CNBC news, Uber will own 36.6 percent of the company while Yandex Taxi will keep about 59 percent. The rest will be shared among employees of the company. Yandex invested $100 million into the venture and the company is now valued at about $3.725 billion. The company will operate in in Russia, Kazakhstan, Azerbaijan, Armenia, Belarus, and Georgia.
Yandex Taxi is a subsidiary of Yandex, a Russian search engine. It is also Russia’s biggest online taxi hailing service. Yandex Taxi lets users order an official taxi on the website or via the app without calling a dispatcher. Before the merger, Yandex Taxi was reportedly used by about 200 Russian taxi companies that conveyed passengers by operating about 20,000 taxi cabs. Since the merger, the company has grown tremendously.
How to use Yandex Taxi
- Download the app on your Android device or iPhone
- Enter your pickup location. The service automatically determines your location. Proceed to tap “Next” if you want to confirm your location.
- Click To and enter your destination address; this allows a fixed fare to be calculated for your ride.
- According to Yandex Taxi website, you have the opportunity “to enter up to three intermediary addresses (tap +). You can only make changes to a route that includes intermediary addresses while placing your order.”
- Choose a type of service and select your payment method. You can switch payment method from cash to card.
- A comments section is provided for any additional information that will aid the driver find you.
- Complete the ride request by clicking “Order taxi”.
This isn’t the first time Uber will be surrendering to competition in a region. The company announced in March 2018 that it will be exiting Southeast Asia and selling its business to rival, Grab. In August 2016, Uber’s former CEO, Travis Kalanick issued a statement on his Facebook page confirming news that Uber’s China Business will be uncharacteristically merging with Didi chuxing, a Chinese ridesharing giant. Healthy rivalry is good for any industry. The goal is to provide affordable and convenient transport solutions to riders all over the world. These mergers seem to be doing just that.
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