For Uber today, the risk of continuing to invest in subsidies is greater than direct investment in the fleet.
After the taxi business has withdrawn from the Chinese and Southeast Asian markets, Uber has begun selling its most promising takeaway business, this time in India.
TechCrunch quoted three people familiar with the matter as saying that U.S. ride-hailing company Uber is selling its takeaway business UberEats’ Indian market business to India version of the public review Zomato is in negotiations and is currently in its later stages. It may be completed before the end of this year.
Sources say UberEats’ Indian business is valued at about $ 400 million. It’s still the same formula, similar to the previous sale of Uber China. As part of the transaction, Uber may invest $ 150 million to $ 200 million in Zomato and acquire a large stake in Zomato. An Uber spokesman declined to comment.
Zomato is a food recommendation platform. In 2018, Zomato received a $ 150 million investment from Alibaba with a valuation of more than $ 1 billion. At present, this platform is still in the expansion stage. Zomato founder and CEO Dipandel Goyal said earlier this month that Zomato’s new round of $ 600 million financing has entered its final stage, and there are reports that Ant Financial will conduct a new round of Zomato up to $ 600 million in financing.
Compared with Zomato’s 11-year history, Uber’s landing time for takeaway business in India is not too early, it is mid-2017. In order to gain a foothold in India, Uber Eats continues Uber’s usual way of burning money for the market, providing customers with great discounts, but this does not pose much of a threat to Zomato and Swiggy’s share-orders from the two companies The volume is much higher than that of Uber Eats’ Indian business. Sources said that the two companies reached more than 1 million orders per day, while UberEats had less than 600,000 orders at its highest daily order.
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