Zomato strengthens foothold in India; acquires Uber Eats
08 Feb 2020
Zomato, the online restaurant guide and food ordering firm, has announced the acquisition of Uber’s food delivery business in India in an all-stock transaction, which gives Uber 9.99% ownership in Zomato.
Deepinder Goyal, CEO of Zomato, said, “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.”
According to the agreement, Uber Eats will discontinue its operations in India, and direct restaurants, delivery partners, and users of the Uber Eats app to the Zomato platform.
Dara Khosrowshahi, CEO of Uber, said, “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.”
Zomato is providing in-depth information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month. “We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success,” added Khosrowshahi.
Zomato, the online restaurant guide and food ordering firm, has announced the acquisition of Uber’s food delivery business in India in an all-stock transaction, which gives Uber 9.99% ownership in Zom