Russia’s Sberbank, to form $1b JV for taxi, food delivery services

A worker paints the facade of a branch of Sberbank in central Moscow, Russia, August 17, 2016. REUTERS/Sergei Karpukhin

Russia’s Sberbank and internet firm said on Thursday they would invest up to 64 billion roubles ($1 billion) in a new joint platform for taxi services and food, as online sales in the country gather pace.

The joint venture will compete with Yandex.Taxi, a unit of Russia’s largest internet search engine Yandex and US online taxi service Uber.

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