Ride-hailing and micromobility firms Uber and Bolt are severing their ties with Russia in response to the invasion of Ukraine but China’s Didi is staying put.
On Monday, Uber said that it is seeking to “accelerate” the sale of its stake in a joint venture with Yandex, the Russian tech giant. It is a process that began last year with Uber selling off its stake in the venture, which includes verticals like grocery and food delivery and self-driving car technology.
“In August 2021, we divested a significant portion of our stake in our joint venture with Yandex and agreed to a process to divest the rest. In light of recent events, we are actively looking for opportunities to accelerate the sale of our remaining holdings and, in the meantime, will remove our executives from the board of the joint venture,” a spokesperson said.
The US ride-hailing company did not have much luck in cracking the Russian market over the years and in 2018, it sold its business to Yandex. Since then, Uber has held a stake in Yandex.Taxi – a separate entity to the main Yandex company – that is worth about $800 million.
Continue reading Uber And Bolt Sever Links To Russia But Didi Stays Put on Forbes
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