This morning, Deepinder Goyal, founder and chief executive officer of Zomato, one of the largest food apps in India took to Twitter to announce that “Uber Eats India is now Zomato.”
This means that Zomato has acquired the ride-hailing giant Uber’s food delivery business in India in an all-stock transaction, which gives Uber 9.99 per cent ownership in Zomato.
Goyal said, “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. ”
A press statement released today states that “Effective today, Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform.”
Dara Khosrowshahi, chief executive officer of Uber said, “Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t be prouder of their ingenuity and dedication. India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader. We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success.”
Uber Eats India Tweeted: