Zomato buys Uber Eats in an all-stock deal
Ride-hailing firm gets about 10% in Zomato; team not being absorbed
Uber will get a 9.9 percent stake in Zomato as part of the deal, said a report in Business Standard. The deal for Uber Eats, which operates in 41 cities, was signed at 3 AM, and its customers will be shifted to the Zomato app from 7 AM, the report said.
In a regulatory filing to BSE, Info Edge (India) a shareholder in Zomato—said its shareholding in Zomato will stand reduced to about 22.71 percent on fully converted and diluted basis upon closing of the transaction.
The deal comes days after Zomato had raised $150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a $3 billion valuation, according to a PTI report.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective today, according to a blog post on Zomato website.
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