Zomato Acquires UberEats India for Almost ₹2,500 Crore
Indian food delivery company Zomato has reportedly acquired UberEats India in an all-stock deal valued at nearly $350 million, or approximately ~₹2,500 crore. With the stock bargain, Uber gets a 10% stake in Zomato.
The bargain, under which UberEats' app in the state will cease to exist, will also see hundreds of UberEats executives either relocated in different Uber verticals or laid off, since Zomato isn't absorbing UberEats' squad into its workforce. Users of the Uber food delivery app will now be redirected to Zomato's app instead.
Moreover, select UberEats users will be getting some impressive offers from Zomato as well, including fifty% off on the starting time iii orders, forth with a complimentary 3 calendar month subscription to Zomato Gilded.
According to sources, the deal between Zomato and UberEats Bharat was in the works for nigh a year, and was helped along by Zomato'due south latest round of funding led by Alibaba-affiliate Ant Financial which recently boosted Zomato with a $150 one thousand thousand funding, at a $3 billion valuation.
Since its launch in the state, UberEats has failed to gain traction amid Indian users, with companies like Swiggy and Zomato leading the pack when it comes to food delivery options in the country. Uber, in its latest quarterly results, noted that the nutrient delivery arm of the company had been a major elevate for its revenue, with an operating loss of ₹2,197 crores for five months.
With Zomato's acquisition of UberEats Bharat, the company'due south customer base in the food delivery market in the country is expected to grow to somewhere around 50 to 55%, which will make it an even bigger histrion in the field, giving information technology an edge over its competition.
Source: https://beebom.com/zomato-acquires-ubereats-india-2500-crore/
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