|
|
|
Zomato acquires UberEats India for nearly Rs 2,500 crore
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 21 Jan, 2020
Zomato on Tuesday announced that it has acquired Uber's Food Delivery
Business in India in an all-stock deal and Uber will have 9.99 per cent
stake in the Deepinder Goyal-led food delivery platform.
According to sources close to the deal, it is in the range of over $350 million or nearly Rs 2,500 crore.
Uber
Eats in India will discontinue operations and direct restaurants,
delivery partners, and users of the Uber Eats apps to the Zomato
platform, effective from Tuesday.
"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," said Goyal,
Founder and CEO, Zomato.
According to company sources, for the
first three quarters of 2019, "our Uber Eats business comprised 3 per
cent of our global Eats gross bookings, but was more than 25 per cent of
our global Eats Segment Adjusted EBITDA losses".
Uber started
its food delivery service in India around mid-2017, but has not been
able to scale up in the face of big players like Zomato and Swiggy.
It currently has nearly 26,000 restuarants listed on its platform from over 40 cities.
The
market is piping hot as according to a recent study by business
consultancy firm Market Research Future, the online food ordering market
in India is likely to grow at over 16 per cent annually to touch $17.02
billion by 2023.
Uber CEO Dara Khosrowshahi said that the Uber Eats team in India has achieved an incredible amount over the last two years.
"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," said Khosrowshahi.
"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.
On January
10, Zomato had announced that it has secured $150 million in fresh
funding from Ant Financial, a subsidiary of China-based giant Alibaba.
The
latest round of funding in Zomato, which currently value the company at
$3 billion, is part of $600 million funding round announced by Zomato
CEO Goyal at a Delhi event last December.
The deal comes in the wake of merger talks between Zomato and Swiggy, whoch both the companies have denied to date.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|