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Uber Eats India acquired by Zomato in an all-stock transaction

Online food delivery and restaurant discovery platform Zomato has acquired the Indian operations of Uber Eats, the food delivery business run by Uber, for around $350 million (Rs 2,485 crore). The all-stock transaction will give the US-based ride-hailing company 9.99% shareholding in Gurgaon-based Zomato.

Uber Eats will cease to exist as a separate brand locally and users on its platform will be redirected to Zomato’s app. 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.