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The Deal: Food-delivery Startup Swiggy to Acquire Uber Eats in India

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Moupiya Dutta
Moupiya Dutta
She finds it interesting to learn and analyze society. she keeps herself updated, emphasizing technology, social media, and science. She loves to pen down her thoughts, interested in music, art, and exploration around the globe.

As per reports count, Uber India is in the final stage of a deal that would see Swiggy, the food delivery service, 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 rivals compete 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.

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Swiggy runs a mobile-based application and a website for food-delivery services currently operating in more than 80 cities across India.  Swiggy values a little more than $3 billion that now rivals 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.

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