Russia’s Sberbank and Mail.ru to form JV in taxis, food

A man takes a picture of the logo of Russian bank Sberbank on a screen during a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 6, 2019. REUTERS/Maxim Shemetov/Files

MOSCOW: Russia’s Sberbank and Internet firm Mail.ru said on July 25 they had signed a letter of intent to launch a joint platform in taxi services and food to create a “last mile” delivery player. 

Russia is facing a boom in online sales businesses, from taxi services to clothes and food. The new joint venture will compete with Yandex.Taxi, a joint venture between Russia’s largest Internet search engine Yandex and US online taxi service Uber.