Uber cuts losses from Eats business in India with sale to Zomato

BENGALURU: Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99per cent stake in the startup backed by China's Ant Financial.

Uber chief financial officer Nelson Chai said the move was another demonstration, following its decision to exit Uber Eats South Korea in October 2019,"of our commitment to take a hard look at Eats markets where we do not have a path to leadership". The unit in India made a loss of US$61 million for the three months to Sept. 30 on revenue of US$20 million, the company said in a filing with the U.S. Securities and Exchange Commission.

Independent brand consultant Harish Bijoor said the deal would also allow Uber to focus on its strengths."It should stick to what its competence is, in terms of being an aggregator of cabs," he said.

They are not profitable in India?

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Uber sells India food delivery business to rival Zomato to cut lossesHONG 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.
स्रोत: The Straits Times - 🏆 8. / 63 और पढो »