Yandex.Taxi is an online ride-sharing service launched in 2011 by Yandex (NASDAQ: YNDX), a technology company that builds intelligent products and services powered by machine learning.

In February 2018, Yandex.Taxi merged with Uber in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan to create a new private company called MLU B.V., incorporated in the Netherlands.

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We use our own mapping, routing, and navigation technologies, as well as a machine learning-based order distribution system. This combination reduces the time drivers waste looking for passengers as well as time to arrive to passengers and to take them to final destination. All these factors help reduce the net cost of a cab ride.

In the third quarter of 2018, Yandex.Taxi became profitable in its core market. As of September 30, 2018, our Taxi segment had approximately $400 million in cash and cash equivalents on its balance sheet. In the last nine months of 2018, Yandex.Taxi revenues grew 355% year-over-year, and the number of rides grew 178% in the same time period.