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Sberbank, Mail.ru set up Yandex.A Taxi to rival Russia as the internet booms

MOSCOW (Reuters) – the Russian Sberbank and the company in the internet Mail.ru said on Thursday they would invest in up to 64 billion rubles ($1 billion) in a new collaborative platform for taxi services, food, online retail in the country is gathering pace.

FILE PHOTO: A man takes a picture of the logo of the Russian bank, Sberbank, on a display screen during a session of the Pc. The saint-Petersburg International Economic Forum (SPIEF), Russia, June 6, 2019. REUTERS/Maxim Shemetov/File Photo

The joint venture will have to compete with Yandex.A Taxi, a unit of Russia’s largest internet search engine Yandex and the U.S. online taxi service Uber.

The Sberbank-Mail.Ru the partnership allows for an expansion of the geographic range of Delivery Club, is one of Russia’s leading food delivery service, and can accelerate the regional expansion of the Citymobil taxi service, the companies said.

“This is an important step in building a business that will have a significant impact on Russia’s digital business community. Mail.ru Group CEO Boris Dobrodeev said in a statement.

“The Russian online food delivery and taxi services in markets of considerable growth potential.”

The platform is based on the Delivery of the Club and of Citymobil is to be valued at over 100 billion rubles ($1.58 billion), Mail.ru it said in a statement.

The deal between the Mail.ru and Sberbank, would be able to do that, there is less of a joint project between Google, and Sberbank, in the future, VTB Capital analysts said.

At the moment, Sberbank has two major projects with Yandex, joint ventures, and Yandex.Dengi, or Yandex.Money, as it is well-known in the English language, and Yandex.Of the market.

“We don’t see any conflict in relation to our long-term successful business, Yandex, e-commerce,” Lev Khasis, Sberbank’s first deputy chief executive, said at the conference.

Common issues with Yandex will continue to develop,” Khasis said.

Sberbank shares were up 0.04% and the Mail.Ru it was by 0.2% higher as a result of the announcement.

The joint venture will operate in the market, with a value of more than 1 trillion rubles, combined-in over the next three years, the companies said.

The partners said they will hold a draw, and you can consider it a summary of the joint venture over the next few years, based on the example of Yandex.The Taxi, which is considering an initial public OFFERING.

Mail.ru the Group will contribute to the company its 100% interest in the Delivery of the Club and a 22.69% stake in the Citymobil, as well as to 7,7 billion rubles.

Sberbank will contribute 35% of a restaurant’s marketing, the digital platform for Foodplex, and almost 38 billion rubles, in cash.

Mail.ru and Sberbank investments to 5.1 billion roubles, and 13 billion rubles, respectively, according to the joint venture company’s performance, ” they said.

FILE PHOTO: The logo of the Russian Internet company Mail.ru the Group can be seen on the façade of the head office in Moscow, Russia, on the 26th of June, 2019 at the latest. REUTERS/Maxim Shemetov/File Photo

The firms, which were not seen before, such as the platform Instamart, food delivery service, which was launched in 2013.

A mobile phone operator, Megafon, earlier agreed to sell its interest in the Mail.ru China’s Alibaba Group Holding Ltd., as part of a deal to secure a 24.3% of the online shopping on the AliExpress-Russia.

In Russia, the principal opponents of the Mail.ru and of Yandex in the online retail have been in a private collection Ozon.ru and Wildberries platforms.

Reporting Anna Rzhevkina and Nadezhda Tsydenova; editing by Katya Golubkova and Elaine Hardcastle

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