“Yandex” plans to make a joint business with Uber on a taxi call public, taking it to the stock exchange in the US in the first half of 2019. In addition, the company intends to actively invest in the delivery of food. This market in Russia alone is 80 billion rubles. and grows by 15% per year.
Yandex intends to conduct an IPO of a business connected with Uber Technologies on an online taxi call in the first half of 2019, Yandex Finance Director Greg Abovski said in an interview with Bloomberg. According to him, the listing will be held, most likely, in the US. What share holding can be offered to investors, the top manager did not disclose. Yandex shares were placed on NASDAQ, the company’s capitalization following yesterday’s trading was $ 10.53 billion.
Now Yandex is working to unite two applications on a single technology platform. However, the entire front-end development of both services (what users see) will remain separate from each other, that is, both applications will be available for booking trips, Mr. Abovski reminded.
In addition, Yandex will “aggressively invest” in the food delivery market next year, Greg Abovski noted, reminding that part of the deal between the companies was joining the JV of the food delivery service UberEats.
The market of food delivery in Russia is estimated at 80 billion rubles. per year and grows by 15% annually, previously reported Delivery Club. Recently, it attracts the attention of many investors, among which the Mail.ru Group stands out. So, in November 2016 the company announced the purchase of a Delivery Club for $ 100 million, and in May consolidated the start-up ZakaZaka. In December 2016, the group together with the former president of Dixy Ilya Yakubson and other investors invested 100 million rubles. in the delivery service of Instamart products.
Yandex and Uber announced the merger of businesses on an online taxi order in Russia, Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan in July. In the joint venture will also go the service delivery of food UberEats in these countries. Ukrainian business Uber did not enter the deal. Uber and Yandex invest in the new company $ 225 million and $ 100 million, respectively, estimating it at $ 3,725 billion, including investments. Financing will go to development, regional expansion and marketing. It is assumed that 59.3% of the company will belong to Yandex, 36.6% to Uber, and 4.1% to employees. The transaction still awaits approval of the Federal Antimonopoly Service, but the head of the FAS, Igor Artemyev, in September assured that it would “in principle be approved.”
As a result of June, the combined service platform comprised 127 cities and 35 million trips per month with a total value of 7.9 billion rubles. Partners ranked their share in the taxi market at 5-6%.
Author: Roman Rozhkov
Article in Russian: Kommersant