Uber Eats, which is the food delivery startup of the Uber, which was launched around 2 years ago in India. Uber food delivery business ‘UberEats’ is now all set to make an exit its Indian business which is worth $330 Million to the local rival Swiggy.
Uber is selling its business due to continuous losses and help the company logo for the Initial Public Offering with the targeted valuation.
The acquisition is merely going to share the swap that is Uber would pay with the shares rather than the cash, which gives Uber around 10% stake in the Swiggy which was valued to be around $3.3 Billion.
The deal will be expected to be close by the March, if happened then Swiggy will be the largest acquisition till date, and Uber first divestment of its food business across the globe.
The month, Swiggy has also acquired Kint.io, which is a Bangalore based AAI startup for an undisclosed amount.
Picture Credits: Uber Eats