UberEats’ India business acquired by local rival Zomato
Uber sold Uber Eats, the ride-hailing company’s food delivery arm, to rival Zomato today in India. In an all-stock deal, valued anywhere between $300-$500 million, the former will gain a 9.99 percent stake in Zomato. Uber Eats arrived in India back in 2017. Due to stalled growth and increasing losses, rumors of the company selling the business to…