Zomato a food delivering app buys off Uber Eats in India, which was one of it’s competition.
Zomato, the online food delivery, and restaurant aggregator platform, on Wednesday, announced that it has acquired Uber Eats’ business in India in an all-stock deal that will see the ride-hailing company’s food delivery business being directed to Zomato starting today. In a blog post on Wednesday, Zomato said the deal gives Uber a 9.99% ownership in Zomato. Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective today. The move is aimed at cutting losses at the ride-hailing company’s food delivery business in India that has been a drag on the company’s earnings.