Russian Internet firm Yandex has invested an unconfirmed amount in logistics services provider Multiship. The strategic move is geared to reinforce the e-commerce platform of Yandex, according to Reuters.
Being the largest search engine in Russia, Yandex derives most of its revenue from advertising. In addition, the Internet group also has a comparison shopping system called Yandex.Market, the report detailed.
On Wednesday, Yandex issued a statement saying it would shell out $1 million for a software platform that would facilitate an easier goods delivery system to Russian customers with the help of logistics providers. In addition, Yandex will also invest millions of dollars to launch new services and expand the customer base of Multiship, the report explained.
Meanwhile, the software developers of Multiship would be integrated into Yandex's workforce, the report added.
Multiship works with over 300 Internet shops to facilitate goods delivery to more than 40,000 locations in Russia. According to Yandex, the deal will allow Yandex.Market users to choose products from online shops in other locations based on cost and delivery time, Reuters reported.
Join the Conversation