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Zomato acquires 9.99% stake in Uber’s food delivery business in India
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Tuesday, 21 January, 2020, 15 : 00 PM [IST]
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Our Bureau, Bengaluru
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Zomato, one of the largest food apps in India, recently acquired Uber’s food delivery business in India in an all-stock transaction, which gives Uber 9.99 per cent ownership in Zomato.
Deepinder Goyal, founder and chief executive officer, Zomato, said, “We are proud to have pioneered restaurant discovery, and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category.”
Dara Khosrowshahi, chief executive officer, Uber, said, “Our Uber Eats team in India has achieved an incredible amount over the last two years, and I could not 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,” he added.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective today.
Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform providing in-depth information for over 1.5 million restaurants across 24 countries and serves over 70 million users every month.
Uber’s objective is to create opportunity through movement. It started in 2010 to solve a simple problem on how to enable people get access to a ride at the touch of a button.
“Over 15 billion trips later, it builds products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities,” said the company.
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