SAN FRANCISCO - Uber is in advanced discussions to sell its food delivery business in India, according to two people with knowledge of the plans, as the company moves to stem its losses.
Dara Khosrowshahi, Uber's chief executive, has been trying to pare back money-losing businesses to prove to investors that the company can turn a profit. Investors have agitated both in public and behind the scenes for Uber to clean up its balance sheet since it went public earlier this year. While Uber Eats has been a bright spot for revenue growth, the company has offered subsidies and free promotional offerings to gain new users, a strategy that has been expensive. In a conference call with investors last month, Khosrowshahi said his plan for Uber Eats was to take first or second place in every city it operates.