UberEats’ India business acquired by local rival Zomato

Uber sold Uber Eats, the ride-hailing company’s food delivery arm, to rival Zomato today in India. In an all-stock deal,  valued anywhere between $300-$500 million, the former will gain a 9.99 percent stake in Zomato. Uber Eats arrived in India back in 2017. Due to stalled growth and increasing losses, rumors of the company selling the business to rivals picked up steam early last year. Zomato’s co-founder and CEO, Deepinder Goyal, said the company will onboard all Uber Eats customers, restaurant partners, and driver-partners on its own platform: Through this deal, Uber Eats India users now become Zomato users. I want to assure…

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