Zomato on Tuesday announced it has acquired Uber's Food Delivery Business in India in an all-stock deal and Uber will have a 9.99 percent stake in Deepinder Goyal-led food delivery platform.
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.
According to sources close to the deal, the deal is in the range of nearly $350 million or Rs 2,500 crore.
“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 Deepinder Goyal, Founder and CEO, Zomato.
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