The San Francisco-based company and Yandex NV are merging their ride-hailing businesses in Russia. The agreement with Yandex is part of Uber’s renewed effort to improve revenue, narrow losses and resolve its legal issues. Tigran Khudaverdyan, head of Yandex.Taxi in Russia, will become CEO of the combined enterprise, Uber and Yandex said. In Russia, Yandex.Taxi has gross bookings of $1.01 billion on an annualized basis, while Uber had $566 million, according to a presentation prepared for investors. The new, unnamed company “will have the right to use Yandex.Taxi and Uber brands in the region”, the companies said.

Source: Mint July 13, 2017 11:03 UTC