Uber sells India food delivery business to rival Zomato to cut losses

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

HONG KONG (BLOOMBERG) - Uber Technologies has agreed to sell Uber Eats in India to local rival Zomato, underscoring the US ride-hailing giant's effort to cut back on loss-making operations globally.. Read more at straitstimes.com.

HONG KONG - Uber Technologies has agreed to sell Uber Eats in India to local rival Zomato, underscoring the US ride-hailing giant's effort to cut back on loss-making operations globally.

The deal marks yet another leg in a wave of consolidation sweeping the food delivery sector. Uber, which is trading well below its IPO price, seeks to hive off loss-making operations to achieve its goal of being profitable on an Ebitda basis by 2021. While it will continue to vie with Ola - also backed by SoftBank Group - in ride-hailing, exiting the food business can help staunch bleeding in one of the most competitive markets in the region.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSİNESS

Business Business Latest News, Business Business Headlines