UberEats’ India business is reportedly being sold to its local rival

UberEats’ India business is reportedly being sold to its local rival 1

Uber is close to selling the India-based arm of its UberEats food delivery service to Zomato, a local competitor in the crowded space, reports TechCrunch’s Manish Singh.

According to the outlet’s sources, Uber is advanced stages of talks to close the deal; UberEats is said to be valued at roughly $400 million, and its parent company will invest between $150 million and $200 million for a stake in Zomato.

The move is likely a measure for Uber to cut losses, as it has been bleeding billions of dollars each quarter this year, and aims to become profitable by 2021. UberEats has been operational in India since May 2017, but has only ever managed to earn the #3 position in India‘s competitive food delivery sector.

Zomato, for its part, has been around for 11 years now, and built its foundation on a comprehensive restaurant listing and reviews platform. It’s set to close a funding round of $600 million, at a valuation of $3 billion.

It isn’t clear exactly what the new year will look like for India‘s food delivery space. We’ll have to wait and see whether UberEats is closed down, or if it’s operated differently under Zomato somehow. Meanwhile, there’s also Swiggy, which raised a billion-dollar round around this time last year and is among India‘s most valuable tech startups. It recently expanded into hyperlocal deliveries, which makes sense given its massive nationwide logistics infrastructure. The battle for supremacy is on.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,741 0.31 % 0.15 % 2.50 %
Ethereum1,960.6 0.35 % 1.60 % 6.42 %
Tether1.001 0.03 % 0.04 % 0.03 %
BNB329.00 0.00 % 0.20 % 7.33 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4081 0.15 % 0.96 % 7.07 %
Binance USD0.9985 0.17 % 0.74 % 0.30 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana48.50 0.34 % 2.89 % 15.54 %
Polkadot9.960 0.26 % 2.59 % 9.86 %

Bitcoin (BTC) $ 29,808.00
Ethereum (ETH) $ 1,963.91
Tether (USDT) $ 1.00
BNB (BNB) $ 328.21
USD Coin (USDC) $ 1.00
XRP (XRP) $ 0.407111
Binance USD (BUSD) $ 0.999632
Cardano (ADA) $ 0.516339
Solana (SOL) $ 48.52
Polkadot (DOT) $ 9.98