India remains an important market: Uber

Zomato, one of the largest food apps in India, has acquired Uber’s food delivery business in the country in an all-stock transaction. This gives Uber 9.99% ownership in Zomato.

Said Zomato CEO Deepinder Goyal: “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, CEO of Uber, added: “Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t 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.”

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective 20 Jan 2020.

Zomato is a restaurant review, restaurant discovery, food delivery and dining out transaction platform providing in-depth information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.

Uber’s mission is to create opportunity through movement. It started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, it is building 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. fiinews.com