Yandex is going to be in contract with Uber 's Russian business after they had made immense efforts to build their presence in this region...Yandex will own 59% of the company...This deal emarks a competition from Uber after their rivalry had fuelled a price war...Aand Yandex stocks went flying this thursday by 16%...
Tigran the new boss said this will enhance passengers in a better way as this will decrease their wait for the ride and will consume less time
"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," he added in statement.
Yandex will contribute around about $100m to the new company, which will operate in 127 different cities in Russia, Azerbaijan, Armenia, Belarus and Kazakhstan.
The companies however have said that both the brands will remain active for the consumers....!!
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