Internet group Yandex has invested in MultiShip, a logistics services provider for online stores, in a move to reinforce its e-commerce platform.
Russia's biggest search engine, Yandex generates the bulk of its revenues from text-based advertising but also develops other services such as its price comparison service, Yandex.Market.
In a statement on Wednesday, Yandex said it would pay $1 million for a software platform that makes it easier for online retailers to deliver goods to customers in Russia's regions by connecting them with logistics providers.
Yandex will also invest several million dollars into new services and the expansion of MultiShip's client base. It added that MultiShip's software developers would join Yandex's team.
The move comes on the heels of an agreement between the Federal Customs Service and express shipping companies on Tuesday that could allow for deliveries from abroad of parcels to individuals. Several shipping companies said last week they were terminating the service, which was frequently used for delivering packages purchased from online suppliers abroad, in light of increased duties and paperwork requirements from the customs authority.
On Wednesday express shipping company DHL said it was working on implementing the agreement with the goal of reinstating package delivery services for individuals.
Yandex said that with the acquisition of Multiship the users of Yandex.Market will be able to choose goods from online stores in other regions based on cost and time of delivery.
MultiShip works with more than 300 internet stores, helping to arrange delivery to more than 40,000 cities and towns. Yandex.Market features more than 14,000 online stores and has an estimated monthly audience of 18 million shoppers.
Material from The Moscow Times was used in this report.