An Interest In:
Web News this Week
- March 31, 2024
- March 30, 2024
- March 29, 2024
- March 28, 2024
- March 27, 2024
- March 26, 2024
- March 25, 2024
January 21, 2020 01:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/bEXdpqY-coE/uber-sells-food-delivery-business-in-india-to-local-rival-zomato
Uber Sells Food Delivery Business in India To Local Rival Zomato
An anonymous reader quotes a report: Uber said on late Tuesday that it has sold its food delivery business, Uber Eats, in India to local rival Zomato as the American ride-hailing giant races to shed lossmaking operations to become profitable by next year. As part of the deal, Uber would own 9.99% of Zomato and its Eats users would become part of the Indian company, the two loss-making firms said. The deal valued Uber Eats' India business between $160 million and $200 million, two people familiar with the matter told TechCrunch. TechCrunch reported last month that the two were in advanced stages of talks for a deal. Indian newspaper Times of India first signaled about the two companies' talks in November. Satish Meena, an analyst at Forrester, told TechCrunch that despite the Uber deal, Zomato still lags local rival Swiggy, which services more number of orders each day. Backed by Prosus Ventures, Swiggy raised $1 billion in late 2018.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/bEXdpqY-coE/uber-sells-food-delivery-business-in-india-to-local-rival-zomato
Share this article:
Tweet
View Full Article
Slashdot
Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..More About this Source Visit Slashdot