In one of the massive acquisitions of the year, food delivery giant Zomato has acquired Uber Eats India business in an all-stock deal. This means Zomato will now only be liable for a 10 per cent stake in Zomato’s business.
As per NDTV, the deal was sealed for a whopping Rs 2,492 crore. Uber Eats has reportedly been struggling to establish its business in India amidst competition from home nurtured food delivery giants Swiggy and Zomato.
“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Deepinder Goyal, Founder and CEO of Zomato.
Will Now Uber Eats Customers Be able To order From Uber Eats?
No, post the acquisition, Uber Eats has directed all its restaurants, delivery partner and users to the Zomato app. This means anyone ordering from Uber Eats will now be only able to order from the Zomato app.
Uber Eats in a statement it released today said “We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato.”
The Zomato business is currently valued at over $3billion. For the unknow, news of a merger between Swiggy and Zomato has also been doing rounds but were dismissed by both the parties.