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Zomato acquires Uber Eats in India in an all-stock transaction worth Rs 2,485 crore

Zomato acquires Uber Eats in India in an all-stock transaction worth  Rs 2,485 crore

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  21 Jan 2020 6:44 AM GMT

NEW DELHI: Zomato, one of the largest food apps in India has acquired Uber Eats in India in an all-stock transaction. The deal is worth $350 million, according to reports.

Uber Eats, Uber's food delivery business, will soon discontinue operations and will direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform.

"We entered food delivery in India in 2017 and today is when our journey takes a different route. Zomato has acquired Uber Eats in India and we'll no longer be available here with immediate effect. We wish all our users more good times with great food on the road ahead," according to the Twitter account of Uber Eats.

Dara Khosrowshahi, CEO of Uber, said, “Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t be prouder of their ingenuity and dedication. India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader. We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success. ”

Deepinder Goyal, Founder and CEO, Zomato, said that the "acquisition significantly strengthens our position in the category. ” Zomato currently has a presence in more than 550 cities.

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