Campaign India Team
Jan 22, 2020

Zomato eats into Uber, acquires food business in India

Uber CEO has promised this does not spell the end of its India presence.

Uber Eats in India has discontinued operations.
Uber Eats in India has discontinued operations.

Food app Zomato has announced that it has acquired Uber’s food delivery business in India. The deal is an all-stock transaction, which gives Uber 9.99% ownership in Zomato.  

Uber chief executive Dara Khosrowshahi asserted that despite the news, 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," he added.

Zomato founder and CEO Deepinder Goyal said the acquistion "significantly strengthens our position in the category."

"We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India," Goyal said.

Uber Eats in India has discontinued operations. It will direct restaurants, delivery partners, and users of the Uber Eats apps to Zomato.

Source:
Campaign India
Tags

Related Articles

Just Published

9 hours ago

GoFundMe launches #StopAsianHate campaign in US

The US campaign includes a central hub for donations to AAPI (Asian American and Pacific Islander) organisations.

9 hours ago

Peugeot bids to move upmarket with brand refresh ...

The new logo and campaign signify a new time for the Peugeot lion.

10 hours ago

Pret a Manger calls global creative review

Brand wants 'digital creative expertise'.

10 hours ago

Creative and media deliver 'stronger performance' ...

Organic revenue decline of 7.5% in the last quarter of 2020 puts Havas in the middle of the holding companies to have reported so far.