Zomato Buys Food Delivery Business Ubereats In India For $350 Million

Food delivery startup Zomato announced on Tuesday its acquisition of Uber’s Food delivery business- UberEats. The deal was acquired in an all-stock deal and the estimated value is around $350 Million.

According to this deal, Uber gives 9.99% ownership to Zomato. The estimated value is around Rs 2,492 crore. Ubereats was launched in India in 2017 and struggled during its launching days.

Zomato
Via: The Hindu

The main reason behind this acquisition was Zomato and its rival partner Swiggy dominated the food delivery business in India.

CEO and Founder of Zomato Deepinder Goyal said:

“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,”

Zomato
Via: The Quint

Ubereats acquired 12% of the market that included a partnership with almost 26,000 restaurants. The company was backed by Alibaba’s Ant Financial.

 

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Meenal Fadnavishttp://www.stackumbrella.com
I am a fervor content creator and blogger. My skills specialize in creative writing and editing. I am a very keen observer and a passionate learner.

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