Uber said on Tuesday it has sold its food delivery business, UberEats, in India to local rival Zomato as the American ride-hailing giant continues to shed lossmaking operations and become profitable by next year.
As part of the deal, Uber would own 9.99% of Zomato, the companies said. The deal valued UberEats’ India business between $300 million and $350 million, a person familiar with the matter told TechCrunch. TechCrunch reported last month that the two were in advanced stages of talks for a deal.
Satish Meena, an analyst at Forrester, told TechCrunch that despite the Uber deal, Zomato still lags Prosus Ventures -backed Swiggy, which services more number of orders each day.
More to follow…
