The stock of Yandex (NASDAQ:YNDX) closed at $31.66 gaining 0.70% in yesterday’s trading session. Yandex.Taxi, which is the company’s subsidiary on Monday, went ahead to make the announcement regarding its plan to move ahead and buy Foodfox though it did not disclose the exact amount.
Foodfox is a food delivery service and the move has been praised by analyst who takes the strong stand that Yandex.Taxi is on course towards achieving immense business success. It was back in 2016 that Foodfox was established and at the moment it has succeeded in delivering from about 2,000 restaurants in Moscow.
Reports indicate that its co-founders are determined to continue in their efforts of managing as well as growing the service in a significant way after Yandex.Taxi completes the merger with Russian branch of Ube.
A top official working with Yandex.Taxi opined, “No one should despise humble beginnings and to use whatever we are doing at the moment is such a beginning. Most of the business giants known around the globe today started up in a small way and we are not going to be an exception because we are going to do all within our means to ensure that we ‘touch the sky’”
He went ahead to state that they anticipated challenges along the way. He termed those as usual roadblocks for any company wishing to cut through challenges and become competitive. According to him, no barrier was too high for Yandex.Taxi and soon it will start reaping from the huge benefits that will be coming along with the monumental investment.
Yandex.Taxi has disclosed that the new deal was going to consume a large chunk of its resources. It is banking its hopes on the success of the project so that it can be able to resuscitate. It believes that the move was a risk that was worth it considering the fact that the new venture was quite lucrative in the region.
The interested shareholders are closely watching to see how matters play out in order to make wise investment decisions. Not pretty much can be said at the moment. We just have to wait and see.