As per reports count, Uber India is in the final stage of a deal that would see Swiggy, the food delivery service to acquire Uber Eats in India. Swiggy in exchange would provide the U.S. ride-hailing firm with a 10 percent share of its business. The company was most recently said to be valued at $3.3 billion which followed up around billion-dollar led by Naspers including new backers Tencent and Uber investor Coatue.

The daily citing sources said Uber has also been in discussion with Gurugram-based Zomato for a deal, as both the rivals are competing for market leadership in this space. According to the publication, the transaction will be done as a share-swap deal, with Uber taking its required shares for the agreed upon valuation.

Swiggy that runs a mobile-based application and a website for food-delivery services currently operate in more than 80 cities across India.  Swiggy values a little more than $3 billion that now rivals with homegrown Ola-owned Foodpanda, China’s Ant Financial Group-backed Zomato, which is valued at over $1 billion, and Uber Eats.

Moreover, Uber’s confidential filing with the US market regulator SEC reported a loss of $1.8 billion for 2018. A transaction and a deal on UberEats will help the San Francisco-based company reduce its loss from the India business.

Sign up for Newsletters

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Reach our audience with your advertisements

Advertising on TechGenyz delivers results. Build your brand, increase website traffic, generate qualified leads, and drive action with our audience. Select the perfect advertising solutions for your brand.

Partner Now