- 2 September 2021
- Transport / Logistics Services
In a sign that the Russian tech giant is focusing on ultra-fast grocery deliveries, Yandex is to buy out Uber from its Russian joint ventures in grocery delivery, logistics and autonomous driving.
The US $1bn all-cash deal will give Yandex full control of Yandex.Eats, grocery delivery service, Yandex.Lavka and the Yandex.Delivery logistics business. It will also buy out Uber’s stake in a separately held autonomous vehicle division.
Yandex is Russia’s answer to Google, and the move indicates that it is focusing on developing its interests in the e-commerce delivery market.
As we reported in late August, Yandex is about to start operating an ultra-fast delivery service in New York City – another sign of the firm having global ambitions in a competitive niche where large sums are being invested. It is cash-rich too, with nearly $3bn cash on hand and deposits as of the second quarter of 2021.