Yango divests Israeli taxi operations to local investors
Yango divests Israeli taxi operations to local investors
Established by the Russian technology firm Yandex, Yango is restructuring its operations amid sanctions imposed on Russian companies due to the Ukraine invasion. This includes transitioning taxi operations to local franchisees across various countries
Yango is divesting its taxi operations in Israel, transferring them to local investors led by Asher Maoz, who will continue operating under the Yango brand as a franchise, the company announced today.
Established by the Russian technology firm Yandex, Yango is restructuring its operations amid sanctions imposed on Russian companies due to the Ukraine invasion. This includes transitioning taxi operations to local franchisees across various countries.
In Israel, Maoz will hold a franchise, being the owner of several companies in the transportation sector, including Star Taxis, one of Yango's largest local partners. The transition to a franchise model in Israel commenced over a year ago, according to the company. "The application will continue to operate unchanged in Israel for both customers and drivers, and the investors will continue to manage the company under the Yango brand and will continue to enjoy the company's advanced technology," stated Yango. "This model will allow the company to continue developing the technology, and the investors to focus on managing the local market where they have many years of experience and a deep familiarity with the field of transportation."
Maoz expressed enthusiasm about receiving the franchise for operating Yango's taxi app service in Israel, noting, "The company's advanced technology, together with our in-depth knowledge and experience with the Israeli transportation market and our additional investments in the company, will accelerate the development of the service, pave the way for additional synergies in the field, and strengthen our position in the market."
Yango transitioned to a local franchise operating model a year ago in additional countries and is currently doing so in additional markets. According to the company, its taxi service operates in more than 35 countries.
