Uber: sells meal delivery business in India
(CercleFinance.com) - On Tuesday Uber announced the sale of its meal delivery business in India to Zomato as part of a deal financed by shares that will see it take 9.
99% of the capital of the Indian platform.
The American giant of passenger transport vehicles with driver (VTC) will therefore end, as from today, the activities of its Uber Eats subsidiary in India and redirect all its customers and partners to the Zomato platform.
"Given Zomato's recent valuation of $3.55 billion in the private markets,this would value the sale at roughly $355 million and ends a dark chapter for Uber Eats in India which has struggled to gain share vs. entrenched domestic competitors Zomato and Swiggy which together control roughly 80% of the food delivery market in India;" Wedbush analysts said this morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
99% of the capital of the Indian platform.
The American giant of passenger transport vehicles with driver (VTC) will therefore end, as from today, the activities of its Uber Eats subsidiary in India and redirect all its customers and partners to the Zomato platform.
"Given Zomato's recent valuation of $3.55 billion in the private markets,this would value the sale at roughly $355 million and ends a dark chapter for Uber Eats in India which has struggled to gain share vs. entrenched domestic competitors Zomato and Swiggy which together control roughly 80% of the food delivery market in India;" Wedbush analysts said this morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.