Tech
»
1-min read

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.

News18.com

Updated:February 22, 2019, 11:51 AM IST
facebookTwittergoogleskypewhatsapp
Swiggy Set to Acquire Uber Eats in India: Report
Swiggy Set to Acquire Uber Eats in India: Report (File photo of Swiggy)
Loading...
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 Swiggy’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 Uber’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.





| Edited by: ---
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results