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Zomato feasts on UberEats in an all-stock deal

Zomato feasts on UberEats in an all-stock deal

Indian Food-delivery giant, Zomato acquired Uber Eats in an all-stock deal on Tuesday and is now expected to become the No.1 food delivery partner in the country.The actual size of the deal has not been disclosed yet, but according to sources it was valued around $300 - $350 million. Uber Eats will get a 9.9 percent stake in Zomato. The deal is applicable only in the Indian region of Uber Eats. The company will continue its operations in Bangladesh and Sri Lanka. The move will help Uber Inc. to improve the financials of Uber Eats globally.

Regarding the customer data of Uber Eats, it is all set to be moved to the Zomato app from 7am today. Sources in Uber India has reported that around 245 Uber Eats employees, who will be affected by the deal will continue to be in the payroll till March 31 and Uber is making all efforts to absorb them and provide support to the rest in finding jobs.

Deepinder Goyal, CEO of Zomato, said that “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”.

Uber Eats grew rapidly to take a 12 percent stake in the food delivery market. However, while the country constituted for 3 percent of its global gross booking,it also contributed for 25 percent of its global EBITDA losses.  Uber will concentrate on making its cab hailing business in India profitable and will expand from 50 cities to 200 cities this year.



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