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  • btc = $69 406.00 - 449.76 (-0.64 %)

  • eth = $3 768.42 -17.15 (-0.45 %)

  • ton = $6.54 0.26 (4.19 %)

10 Aug, 2023
1 min time to read

This move comes in response to a new Russian law that grants the government extensive access to user data within Yango application services.

The potential sale, which would sever the company's ties with Russia, is aimed at making Yango more competitive with local brands.

Although discussions with businessman Barak Abramov, who showed interest in acquiring Yango Israel, did not yield a deal, sources indicate that other potential buyers are currently in talks to acquire the company. Yandex, however, has denied any plans to sell Yango's Israeli operations.

Yango, known for its taxi service, scooter rentals, and consumer goods delivery under the Yango Deli brand, employs around 400 people in Israel. Recent strategic measures, including improving driver profitability by discontinuing higher bonuses and reducing broker fees, have contributed to the taxi service's positive EBITDA trend.

With approximately 5,500 drivers and a customer base of 150,000 users, Yango remains a prominent player in Israel's ride-hailing market. While the company decided not to participate in the latest taxi tender, experts speculate that its strategic direction may parallel Uber's recent departure from the Israeli market.

As negotiations continue, the potential transaction value for Yango's Israeli operations is estimated to surpass half a billion shekels.