Food delivery playform Zomato on Tuesday acquired Indian operations of Uber Eats for around $350 million (Rs 2,485 crore). All Uber Eats customers in India will be shifted to Zomato from 7.00 am on January 21.
“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Deepinder Goyal, Founder and CEO, Zomato.
According to a report of ET Tech, Zomato will not absorb Uber Eats’ team in India. This means around 100 executives will either be reallocated to Uber’s other verticals here or laid off.
Meanwhile, a report by Business Standard mentioned that Uber will get a 9.9 percent stake in Zomato. 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.