Uber Launches New Application in Russia
During the past two years, Uber has forged a strategic alliance with Yandex. The two companies now provide more than 35 million rides a month in the region.
The joint venture will allow the two companies to deliver a range of services, including self-driving cars. The combined company will operate in 127 cities across six countries. Currently, Yandex holds a 59.3 percent stake in the new venture, while the other 36.6 percent will be held by employees.
The two companies also say that the combined business has seen 400 percent growth in rides over the last year. That's a lot of rides!
In June, the two companies combined generated $130 million in gross bookings. This is more than what they did in Russia alone last year.
In September, Uber signed a partnership with Russian state-controlled bank Sberbank. The bank began offering vehicle financing to Uber drivers. It also promoted the company on its mobile banking platform. Uber also made a bet on Russian oligarchs, and was willing to pay a small sum of money for political support.
Uber also teamed up with billionaire Mikhail Fridman and billionaire Alisher Usmanov. These figures reportedly have close ties to the Kremlin. They are currently under Western sanctions. The two companies have reportedly invested $225 million in Russia.
But it's not just the company's financial ties that have gotten them in hot water. They have also reportedly hired a political operative with close ties to the Kremlin.