January 21, 2020 / 1:56 AM / 2 months ago

Zomato buys Uber's Indian food delivery business

Jan 21 (Reuters) - Indian online food delivery startup Zomato said on Tuesday it had agreed to buy Uber Technologies Inc’s Indian food delivery business in an all-stock deal, which will give the ride-hailing app a 10% stake in the company.

The deal value is at around $350 million, the Economic Times newspaper reported here citing sources.

Zomato said here Uber Eats in India would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday. (Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu)

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