- Aug 4, 2021
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.