Uber to Sell Food Delivery Business in India to Local Company

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Manage episode 253157787 series 2530089
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Indian food delivery company Zomato might soon take over the Indian branch of Uber Eats, Uber’s online food ordering and delivery platform. Rivals Uber and Zomato have started merger talks in 2019. The two companies are still in the middle of negotiations, but Financial Express reports that the deal’s completion may happen soon. The sale is estimated to cost Zomato $400 million. Reports also say that after the sale, Uber will be allowed to invest up to $200 million in Zomato. Early last year, Uber also reached out to Swiggy—another online food ordering and delivery platform in India—for a merger. However, the deal did not pan out as the two companies failed to agree on the financial and legal terms of the proposal. According to sources, Uber’s decision to sell Uber Eats is part of its move to reduce its global spending. In 2018, Uber exited Southeast Asia, while in 2019, the company has reported losses. Aside from its struggles with global spending, Uber Eats has been facing tough competition in India since it started in 2017. Uber Eats is behind Zomato and Swiggy—two companies that are neck and neck in India’s food delivery service industry. Zomato’s takeover in India is expected to help Uber achieve its goal to be profitable by 2021 and also give Zomato a slight edge over Swiggy. Uber chief executive Dara Khosrowshahi [DAH-ra KAWZ-roh-shaw-hee] said that the company aims to make Uber Eats the Top 1 or 2 food ordering platform in every country that it enters. Otherwise, the company will cease operations in the country.

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