Uber Eats sells Indian business to local rival Zomato
Uber spent 2019 shedding its loss-making businesses and laying off staff on a global scale in a bid to become profitable. The latest to get the ax is the Indian arm of Uber Eats, which has been sold to the local rival Zomato. Uber Eats ceased all of its operations in the Asian market earlier today, following a blog post by Zomato founder Deepinder Goyal.
The all-stock deal is pegged somewhere between $160 and $200 million, according to TechCrunch’s sources, and in exchange for this acquisition, Uber will now have a 9.99% stake in Zomato—a startup valued at $3.55 billion.
Read MoreUber Eats sells Indian business to local rival Zomato was written by the awesome team at Android Police.
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Karandeep Singh
Uber spent 2019 shedding its loss-making businesses and laying off staff on a global scale in a bid to become profitable. The latest to get the ax is the Indian arm of Uber Eats, which has been sold to the local rival Zomato. Uber Eats ceased all of its operations in the Asian market earlier today, following a blog post by Zomato founder Deepinder Goyal.
The all-stock deal is pegged somewhere between $160 and $200 million, according to TechCrunch’s sources, and in exchange for this acquisition, Uber will now have a 9.99% stake in Zomato—a startup valued at $3.55 billion.
Read MoreUber Eats sells Indian business to local rival Zomato was written by the awesome team at Android Police.
https://ift.tt/38vSAfH January 21, 2020 at 02:24PM
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