Zomato acquires Uber’s Indian food delivery business Uber Eats India
Zomato acquisition of Uber Eats India : Indian food delivery app Zomato has acquired Uber Eats India – the food delivery business of US ride hailing company Uber in India in an all-stock deal.
As per the terms of the deal, Uber gets a stake of 9.9% in Zomato for the sale of Uber Eats India. The deal is valued at about $350 million, reported Times of India.
Commenting on Zomato acquisition of Uber Eats India, Deepinder Goyal – CEO of Zomato, commented: “We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category.”
Uber Eats in India will cease operations with immediate effect and will direct delivery partners, restaurants, and users of the Uber Eats apps to the Zomato platform.
Dara Khosrowshahi – CEO of Uber, commenting on Zomato acquisition of Uber Eats India, said: “Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t be prouder of their ingenuity and dedication. India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader.
“We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success.”
Following the transaction, the Indian food delivery business is now left with only two major players – Swiggy and Zomato.