Swiggy to Acquire Uber Eats' India Business worth $330 Mn
22 Feb 2019 4:03 AM GMT
Uber Eats, the food delivery business of cab hailing firm Uber, was launched nearly two years ago in India, however established local brands like Zomato and Swiggy have not allowed Uber to make its own space among the Indian customers and now, according to ET report, Uber's food delivery business 'UberEats' is all
- Uber Eats, the food delivery business of cab hailing firm Uber, was launched nearly two years ago in India, however established local brands like Zomato and Swiggy have not allowed Uber to make its own space among the Indian customers and now, according to ET report , Uber’s food delivery business ‘UberEats’ is all set make a tactical exit by selling its India business worth $330 million to its local rival Swiggy.
- Uber is selling its food business of India in order to push down its losses and help the company go for IPO with targeted valuation.
- In March last year, Uber did exactly the same when its exited its transport and food delivery businesses by selling it to deal with Singapore-based Grab.
- It may noteworthy that Swiggy’s last fund-raise, which made it to valued at $3.3 billion, was led by Naspers including new backers Tencent and Coatue and Coatue is an investor in Uber too.
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