Zomato acquires Uber Eats India Operation
Zomato has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 percent stake in the Indian food delivery and restaurant discovery platform.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, a statement said.
"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," Dara Khosrowshahi, CEO of Uber, said in the statement.
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