UPDATE 1-Russia's Sberbank and Mail.ru to form JV in taxis, food [Reuters]
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Source: Reuters
UPDATE 1-Russia's Sberbank and Mail.ru to form JV in taxis, food - Reuters 3 Min Read (Adds detail, comments) MOSCOW, July 25 (Reuters) - Russia’s Sberbank and internet firm Mail.ru said on Thursday they had signed a letter of intent to launch a joint platform in taxi services and food to create a “last mile” delivery player. Russia is facing a boom in online sales businesses, from taxi services to clothes and food. The new joint venture will compete with Yandex.Taxi, a joint venture between Russia’s largest internet search engine Yandex and U.S. online taxi service Uber. The platform based on Delivery Club and Citymobil may be valued at over 100 billion roubles ($1.58 billion), Mail.ru said in a statement. Sberbank shares were up 0.04% and Mail.Ru was 0.2% higher following the announcement. The partnership will broaden the geographic reach of Delivery Club, one of Russia’s biggest food delivery services, and accelerate the regional expansion of Citymobil taxi, the companies said. Sbe
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