Left Menu
Development News Edition

Siberian taxi firm bringing fare-haggling to Moscow plans expansion

Siberian taxi firm bringing fare-haggling to Moscow plans expansion
Representative image Image Credit: ANI

A Siberian ride-hailing firm that allows customers to haggle over their fares is investing to beef up its presence in Moscow, a market dominated by New York-listed internet giant Yandex and Uber, its founder said.

InDriver, which is available in 28 countries chiefly in Central Asia and Latin America, plans to spend up to $10 million over the next two years to expand its presence in the sprawling Russian capital, its head and its founder Arsen Tomsky told Reuters. Unlike its competitors that offer fixed rates, inDriver allows customers themselves to propose a fare for their journey. Drivers can then either accept or reject the price or make a counter offer.

The Moscow market for online taxi services is fiercely competitive and Yandex. Taxi, Russia's largest online taxi service, is currently planning an initial public offering (IPO). InDriver currently holds less than 2% of the Moscow taxi market, with Yandex. Taxi and Uber together accounting for more than 70%, data from Moscow's transport department showed.

Tomsky said inDriver, whose strongest customer base is in Siberia and Russia's the Far East, had carried out 1 million rides a day globally in November. In contrast, Yandex. Taxi conducts more than 3 million a day, according to VTB Capital data. "We can see that seven out of 10 Muscovites haven't heard about us," Tomsky said. "This means we have to invest much more in Moscow. This will significantly increase our market share."

InDriver does not disclose its revenue, but Tomsky said it planned to see its gross merchandise volume (GMV), a measure of sales, reach up to $1 billion this year. In 2018 its GMV stood at $350 million, a figure Tomsky expects to grow by between 2.5 and 3 times every year over the next five years.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



JNU Administration's 100-meter challenge before JNUSU

For the first time in its history, Jawaharlal Nehru University JNU Administration is seeking permanent deployment of local police to keep protesting students at 100 meters away from the Administrative Block. It would be interesting to see h...

Sentiment Analysis of Twitter users during COP 25: Governments losing trust on Climate Action

Sentiment analysis of Twitter users during COP25 in Madrid, being held from December 2-13, shows widespread fear on climate change due to global warming but almost no trust on governments in meeting the emission targets. In the analysis the...

These innovators are making humanitarian response more efficient

These alarming trends prompt a call for the world to not only address the ongoing crisis but also to adopt innovative approaches to fulfill the growing humanitarian needs in such emergencies. ...

Hyderabad Encounter: A sentiment analysis of public mood on day of encounter

Sentiment analysis of twitter users revealed that they showered salutes on Hyderabad police for eliminating alleged gang rapists of the veterinary doctor but only a few believe in cops version of successive events leading to encounter....


Latest News

India, Japan defer Shinzo Abe's visit to mutually convenient date in near future: MEA

India and Japan have decided to defer the visit of Japanese Prime Minister Shinzo Abe to a mutually convenient date in the near future, the Ministry of External Affairs MEA said on Friday. With reference to the proposed visit of Japanese PM...

UPDATE 1-INSIGHT-How Boris Johnson’s election gamble paid off

It was a straight forward message Get Brexit done. The mantra of British Prime Minister Boris Johnson and his Conservative Party during the national election campaign was aimed at harnessing voter frustration at a parliamentary logjam over ...

UPDATE 1-South African ministers debate power crisis as outages persist

South African President Cyril Ramaphosa will on Friday press his energy and state companies ministers for ways to solve a crisis that will force Africas most industrialised economy into a ninth day of power cuts.His cabinet meets as struggl...

Man dies after jumping before Delhi Metro train

A 33-year-old man ended his life on Friday by jumping in front of a train at the Jawaharlal Nehru Stadium metro station, police said. The deceased was identified as Bharat J, a native of Chennai, they said.Police were informed about the inc...

Give Feedback