Central regions | Finance, business | Transport, logistics

Russian Internet giant rumored to consider investing in taxi service

14 Nov '17
Vezyot, a group of Russian taxi services, is in talks over investment with a number of yet-unspecified investors. Mail.Ru Group, one of Russia’s largest Internet holding companies, is rumored to be one of those, Firrma reported.

An anonymous source was quoted as saying that Mail.Ru Group’s investment intentions are “in the dozens of millions of dollars for a minority stake in the company.” The Internet holding is further thought to have plans to ratchet up its presence in Vezyot to as much as a controlling stake.

Other potential investors might include the automotive giants AvtoVAZ and Renault-Nissan and one of Russia’s Big Three telecom companies, VimpelCom, which is said to be interested in integrating the taxi service in its Veon communications platform. Spokespeople for the two car manufacturers declined to either confirm or deny participation in Vezyot talks.

For Mail.Ru Group, this could become its first investment in taxi services. Alisher Usmanov, one of Russia’s richest billionaires and the large co-owner of Mail.Ru Group, earlier invested in the U.S.’ Uber in partnership with USM Holdings.

The Vezyot group of companies came to light as a result of a merger between two major Russian taxi services: Fasten Russia (operating under the Saturn and RedTaxi brand names) and Vezyot (the RuTaxi, Lider and Vezyot brands). In May 2017 RuTaxi and Fasten further merged and raised a reported “under $100m” in an investment deal with UFG Private Equity.

The Vezyot services enable people to order taxi through a mobile app and by phone. The group operates in 120 Russian cities, as well as in Kazakhstan and the Czech Republic.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations:

Latest News: Central regions
19 Aug '19 | Finance, business | Technology & innovation
19 Aug '19 | Technology & innovation
16 Aug '19 | Finance, business | Telecoms, media
16 Aug '19 | Technology & innovation
15 Aug '19 | Finance, business | Technology & innovation
 

Feature stories

25 Jul '19
Russian scientists have come up with a new method of...
26 May '19
This article has been written by Carl Burch, an MBA,...
4 Apr '19
Russian scientists have come up with what they say is...
Search (News archive - 21430)
Advertising
Vox_Angelis
Advertising
NATT
Advertising
Venture_Russia_2018
Advertising
Marchmont News

Latest News

19 Aug '19
Stickeroid AI, a machine learning developer of...
16 Aug '19
MTS, one of Russia’s main mobile operators, earlier...
15 Aug '19
International investors have given the Russian Direct...

Most read stories from last week

19 Aug '19
Stickeroid AI, a machine learning developer of...