Swiggy Set to Acquire Uber Eats in India: Report
Sources suggested the deal will be a share swap, which will see Uber obtain a 10 percent stake in food-delivery startup Swiggy.
Swiggy Set to Acquire Uber Eats in India: Report (File photo of Swiggy)
Swiggy is said to be in talks to acquire the food-delivery arm of global ride-hailing firm Uber -- Uber Eats India. According to a recent report on the internet, the deal is in the final stage of negotiations. Sources suggested the deal will be a share swap, which will see Uber obtain a 10 percent stake in the food-delivery startup Swiggy. The US company reportedly held talks with Swiggyâ€™s main competitor Zomato over a similar deal, which apparently didn't go in the company's favour.
Swiggy last raised $1 billion in one of the biggest single financing rounds in the Indian food-tech industry in December, and, with this deal, it is likely to execute its largest acquisition yet.
In the past year or so, both Swiggy and Gurgaon-based Zomato have been raising capital as they have gone on a tear to acquire new customers. The deal talks come at a time when Uberâ€™s India rival Ola has put its food business under Foodpanda in the slow lane and has cut marketing and customer acquisition costs by two-thirds.
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