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National

Uber Eats Bought Out By Zomato for $ 350 Million

Zomato Buys Uber Eats

Zomato Buys Uber Eats: India’s food delivery start-up, Zomato, today said that it has come to an agreement to buy the Indian branch of Uber Technologies Inc’s food delivery business. In the deal, Uber will get 10% stake in Zomato, company which is backed by Ant Financial of Alibaba.

According to the reports, the value of the deal is said to be around $ 350 Million i.e. Rs. 2,491 crore (Conversation rate at 1 USD = Rs. 71.18).

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Ever since Uber Technologies Inc launched its world famous Uber Eats in India in 2017, the company has been finding it hard to gain market share, because Swiggy and Zomato have huge goodwill and dominated the Indian food delivery market. In December 2019, Swiggy received 1.4 million orders daily, Zomato received 1.2 million and Uber Eats received 400,000 only.

Founder and Chief Executive Officer (CEO) of Zomato, Deepinder Goyal, 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”.

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According to Zomato, Uber Eats will no longer serve in India and will direct the restaurants, users, and even delivery partners to Zomato. This can already be seen on Uber Eats’ mobile application.

Uber’s CEO, Dara Khosrowshahi has said that company’s division – Uber Eats – has attained huge amount in the past 2 years, saying “India remains an exceptionally important market to Uber and we will continue to invest in growing our 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”.

As per the statement released by Uber Eats on Tuesday “We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato”.

The statement added “You can still get rides via the Uber app, which remains active and available. And you can still use Uber Eats if you’re traveling outside India. Until then, we hope you will enjoy many more tasty moments and discover great restaurants around you on Zomato”.

On the 10th of January, Zomato announced that it has acquired fresh funding of $ 150 million from Alibaba’s subsidiary, Ant Financial. In the latest round of funding, Zomato was valued at over $ 3 billion. This $ 150 million is a part of the % 600 million funding round that Deepinder Goyal announced in an event in December, in Delhi.

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xploringindia
Xploringindia is a administrator who has a keen interest in politics, fashion, and lifestyle. She is a post-graduate in Economics and loves to listen to classic old Hindi songs and travel to new places in her leisure time. Her writing is well researched, covering important aspects and core of the topic covering crucial points.
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