Russia's Yandex after full control of taxi business as ride-hailing bounces back

Russian internet giant Yandex is interested in taking full control of its Yandex.Taxi ride-hailing service, a joint venture with Uber which returned to pre-pandemic growth levels in June.

Yandex is talking to Uber about increasing its majority stake in Yandex.Taxi, Chief Operating Officer and Chief Financial Officer Greg Abovsky said on a conference call on Wednesday, although he added that nothing was likely to happen imminently.Late on Tuesday, Yandex said it planned to terminate its partnership in two joint ventures with Russia's largest lender Sberbank and raise US$800 million to finance future growth.

"We'd love to own more of the businesses we already have," Abovsky said."That, specifically, would be having a greater stake in Yandex.Taxi, which we are extremely excited about.

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