Zomato acquires Uber Eats in an all-stock deal

Zomato acquires Uber Eats in an all-stock deal

Indian online food delivery startup Zomato on January 21 said it had agreed to buy Uber Technologies's Indian food delivery business in an all-stock deal.

Uber will in turn get a 9.9 percent stake in the Gurugram-based company.

The deal value is at around $350 million (around Rs 2,485 crore), according to a report in The Economic Times.

 Zomato said Uber Eats in India would discontinue operations and direct restaurants and delivery partners to the Zomato platform, effective January 21.

All Uber Eats customers in India will be shifted to Zomato from 7.00 am on January 21.