Drivers order fuel delivery via mobile app
Earlier this month, Yandex (YNDX) acquired on-demand fuel delivery startup Toplivo v Bak. The company, which operates in several Russian cities, delivers fuel on demand to drivers, wherever they are. Drivers order the fuel delivery through a smartphone app.
Before its acquisition by Yandex, Toplivo v Bak served corporate and individual clients in Moscow, Saint Petersburg, and Sochi. While Yandex has not disclosed how much it paid for Toplivo v Bak or how much money the startup makes, it’s clear Yandex made the acquisition to strengthen its car-sharing business.
Toplivo v Bak to cut ties with outside clients
In February this year, Yandex launched a car-sharing service, Yandex.Drive. Yandex said Toplivo v Bak will cease providing on-demand fuel to outside clients and focus on servicing the Yandex.Drive fleet. This in-house on-demand fuel delivery service may allow Yandex to run its car-sharing service more efficiently and profitably.
Yandex’s revenue rose 34% in the second quarter
In the second quarter, Yandex reported a profit of $531.1 million, and its revenue rose 34.4% YoY (year-over-year) to $472.8 million. Meanwhile, Google parent Alphabet (GOOGL) grew its revenue by 25.6% YoY, and Amazon’s (AMZN) revenue rose 39.3% YoY. Square’s (SQ) and PayPal’s (PYPL) revenue rose 47.8% and 23% YoY, respectively. Yandex’s strong second-quarter profit was supported by a Yandex.Market transaction in April.