Zomato all set to buy UberEats India

The deal may be sealed by the year-end as Zomato is also trying to close a new financing round of $600 million

e4m by exchange4media Staff
Updated: Dec 16, 2019 9:31 AM
Ubereats e4m

It seems that the current market situation is forcing many big players in India to rethink their business strategy.

Now reports are emerging about Uber selling off its UberEats India venture to Zomato.  The move is being undertaken to cut down expenses. 

According to reports, the deal valuesUberEats' India business at around $400 million. Uber may invest between $150 and $200 million in Zomato to get a sizable stake.  

Also Read: Zomato and ScoopWhoop join hands for India’s first extreme food show ‘Eat Like a Girl’

It is also being reported that the deal may be sealed by the year-end as Zomato is also trying to close a new financing round of $600 million. 

Experts believe that offloading UberEats India would help Uber, which exited Southeast Asia last year, reduce its global losses. The company, which has cut hundreds of jobs this year, reported a quarterly loss of more than $1billion in November. In the previous quarter, it lost about $5.2 billion. The company has said that it aims to become profitable by 2021.

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