CEO: RDIF to invest in Yandex.Taxi-Uber venture, Yandex projects

RIYADH, Oct 24 (PRIME) -- The Russian Direct Investment Fund (RDIF) wants to invest in a merged online taxi company of Yandex.Taxi and Uber, as well as in other projects of local Internet giant Yandex, the fund’s CEO Kirill Dmitriev told reporters on Tuesday on the sidelines of the Future Investment Initiative forum.

Yandex has bright prospects of expanding in other countries, including in the Middle East. “There are many other companies, like Yandex, which are highly promising for the region,” Dmitriev said.

In July, Yandex and Uber said merged their taxi businesses in Russia and some CIS countries into a company called NewCo, where Yandex will own 59.3%, Uber 36.6%, and 4.1% will be held by employees of the company.

Uber will invest U.S. $225 million and Yandex will contribute $100 million to NewCo, whose value may amount to $3.725 billion on a post-money basis.

In September, Dmitriev said the RDIF was considering investing in NewCo.

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