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Russian state fund RDIF plans to invest in Yandex taxi business
December 5, 2017 / 4:46 PM / 5 days ago

Russian state fund RDIF plans to invest in Yandex taxi business

MOSCOW (Reuters) - The Russian Direct Investment Fund (RDIF) plans to invest in Yandex’s (YNDX.O) ride-sharing unit Yandex.Taxi and will partner with China’s Alibaba (BABA.N) in investing in other internet projects in Russia, the state fund’s CEO said on Tuesday.

A taxi with the logo of Russian online taxi service Yandex Taxi drives past a terminal of the Domodedovo Airport outside Moscow, Russia, November 2, 2017. REUTERS/Maxim Shemetov

“We will announce in the nearest future investments in the Yandex.Taxi company as well as investments in a number of our internet portals with the aim of expanding their operations abroad,” Kirill Dmitriev told Russian President Vladimir Putin.

The fund plans to invest together with Alibaba in the logistical infrastructure of the Internet in Russia, Dmitriev also said, according to a transcript of the meeting published on the Kremlin’s website. He gave no details.

Alibaba has recently launched its e-commerce platform Tmall in Russia as part of its popular online shopping site AliExpress.

The Chinese company is also in preliminary talks with Russia’s largest electronics retailer M.video (MVID.MM) about possible cooperation, M.video said last month.

Yandex, the “Google of Russia”, and Uber earlier agreed to combine their Russian ride-sharing businesses, with Yandex taking the bigger stake in the venture.

Reporting by Maria Kiselyova; Editing by Gareth Jones

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