Zomato Buys Uber Eats In India For About $350 Million

Zomato Buys Uber Eats

As Zomato bought Uber Eats, it said that Uber Eats in India will suspend operations and direct restaurants, delivery partners and users to the Zomato platform, with immediate effect, a change that is already reflected in the Uber Eats app. Reports indicate that the value of the agreement is estimated at $ 350 million.

Zomato buys Uber food delivery business that you eat in India for $ 350millon

Food delivery company Zomato said today it has agreed to purchase Uber Technologies Inc's Indian food delivery company in a stock agreement, which will give Uber a 10 % stake in Zomato, a food delivery company backed by Alibaba's financial. 

A report indicates that the value of the agreement of buying Uber eats by Zomato is approximately $ 350 million or approximately Rs. 2,492 million.

Uber Technologies Inc, Uber Eats, had a problem quitting in India after its launch in 2017. The main reason for this is that Zomato and other local competition Swiggy dominated the food delivery market in India.

" Discovery of restaurants has created a best food delivery company in more than 500 cities in India. This acquisition greatly strengthens India the position in this category," said Founder and CEO Debender Goyal. From Zomato.

Zomato said that Uber Eats in India will suspend operations and direct restaurants, delivery partners and users to the Zomato platform after Zomato Buys Uber Eats, with immediate effect, a change that is already reflected in the Uber Eats app.

Dara Khosroshi, CEO of Uber, said the Uber Eats team in India has achieved a tremendous amount of honesty in the past two years. "India is a very important market for Uber and we will continue to invest in the growth of our travel business, which is already a leader in its class," Khusrawchi said, adding, "Zomato has impressed us by the ability to grow rapidly in the market. Quickly in a capital-efficient manner and we wish them continued success."

A statement published by Uber Eats today says: "We announced today that Zomato buys Uber Eats in India. As such, you will no longer be able to order Uber Eats in India, but you will be able to enjoy your favorite meals. With exciting offers designed specifically for You are in Zomato. "

“You can still get trips through the Uber app, which is still active and available. You can also use Uber Eats if you travel outside India. Until then, we hope you enjoy many delicious moments and discover the excellent restaurants around you. In Zomato.”

On January 10, Zomato announced that it had received $ 150 million in new money from Ant Financial, a subsidiary of the Chinese giant Alibaba. The latest round of financing at Zomato, which the company currently estimates more than $ 3 billion, is part of the $ 600 million financings round announced by Zomato CEO, Deepinder Goyal, at an event in Delhi in December.

After Zomato has acquired Uber Eats in India, it is the latest example of consolidation in the global food delivery market. Earlier this month, Dutch firm Takeaway.com invited Prosus Investment to buy Just Eat from Great Britain for 6.2 Billion pounds ($ 8,1 Billion).

In December, Delivery Delivery Hero from Germany agreed to purchase the main owner of the South Korean food delivery app, Woowa Brothers, for $ 4 billion.

Image Source: HindustanTimes

Also, Read:  Ecommerce news India | Flipkart Invests in Ninjacart | Fruits & vegetable delivery

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