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Zomato acquires Uber Eats in India

Zomato acquires Uber Eats in India


Food delivery Zomato has announced acquisition of Uber Technologies Inc's food delivery business in India in an all-stock transaction. 

 

Uber Eats will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective from today.
 

“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. ” said Deepinder Goyal, Founder and CEO, Zomato.

 

The deal value is reportedly estimated at around $350 million (Rs 2,492 crore approximately) and it gives Uber 9.99% ownership in Zomato.

 

Commenting on the development, Dara Khosrowshahi, CEO of Uber, stated “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. ”

 

Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform offering in-depth information for more than 1.5 million restaurants across 24 countries and serves more than 70 million users every month.

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