Zomato Likely to Buy Uber Eats - Best News Hub

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Home News Business Zomato Likely to Buy Uber Eats

Zomato Likely to Buy Uber Eats

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December 16, 2019

Zomato, is in talks with Uber to buy the Indian wing of its online food delivery service, Uber Eats India. The deal values Uber Eats India at $400 million (Rs 02836.5 Crore approx).

According to a report by Tech Crunch, Zomato is in advanced talks with Uber to buy its local food delivery business. As a part of the deal, Uber is likely to invest invest between $150 million (Rs 1064 crore, approx) to $200 million (Rs 1418.7 crore approx) in Zomato to get a sizable share in the domestic food delivery service.

While Uber hasn’t commented on the matter yet, Zomato in a statement to IANS said that it “does not comment on rumours or speculations”.

It is worth noting that reports of Uber planning to sell its food delivery business in India have been circulating on the internet for quite some time now. Back in July, a report indicated that Uber was in talks with Amazon India to sell its food delivery service to the Seattle-headquartered tech giant. Reports also suggested that Amazon India was planning to start its own food delivery arm in India and that it could offer the service as a part of its Prime membership in the country.

But now its seems that the deal didn’t work out and now Zomato has emerged as the front runner in the race.

The news comes at a time when Uber is trying to cut its losses. Last year the company sold its Southeast Asia-based business to Grab in a deal that was valued at over $6 billion. As a part of the deal Uber got a 27.5 percent stake in Grab with the Uber CEO Dara Khosrowshahi joining the Singapore-based company’s board. The company also laid of a total of 1,185 employees in three separate rounds of layoffs across departments in the course of the year.

Now, the company is trying to sell its food delivery service, which competes with both Zomato and Swiggy in India, to the Indian food delivery service.

*from various sources.