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Uber said on Tuesday it has sold its food delivery business, UberEats, in India to local rival Zomato as the American ride-hailing giant races to shed lossmaking operations to become profitable by next year.
As part of the deal, Uber would own 9.99% of Zomato and its Eats users would become part of the Indian company, the two loss-making firms said. The deal valued UberEats’ India business between $300 million and $350 million, a person familiar with the matter told TechCrunch. TechCrunch reported last month that the two were in advanced stages of talks for a deal.
Meena - Analyst - Forrester - TechCrunch - Uber
Satish Meena, an analyst at Forrester, told TechCrunch that despite the Uber deal, Zomato still lags...
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