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
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.
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.For more updates, be socially connected with us on
WhatsApp, Instagram, LinkedIn, Twitter, Facebook & Youtube