UberEats-Zomato deal: Uber to invest $2000 mn

UberEats-Zomato deal: Uber to invest $2000 mn

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Uber is set to invest $1000-2000 million in fresh capital as part of its sale to its India food delivery business to local rival food delivery startup Zomato, Economic Times reported.

According to reports, Uber was also in talks to invest in rival Swiggy but it didn't take shape.

“While the agreement is not signed yet, they are in a period of exclusivity, which means both parties cannot engage with others. Uber’s capital commitment can range between $100 million and $200 million, but this may be along with a few other investment funds,” Economic Times was informed. 

However, Zomato would only take it forward if Uber invests in the joint entity, the report further stated.

Uber eats has been looking to expand its operations in India. Bansi Krotecha, Uber Eats Head of Operations India and South Asia, had said that the company is looking for exponential growth in the country.

If the merger happens, Zomato and UberEats would emerge as the biggest by the number of orders and size ahead of Swiggy in the food delivery market.