Zomato, the online food delivery company, in an all stock deal has acquired Uber Eats. And with the deal, Uber Technology has 10% stake in Zomato.
InfoEdge which commands as much as 23% stake in Zomato in a regulatory filing said, "Zomato Media Private Ltd. has signed a definitive agreement to acquire Uber's food delivery business in India in an all-stock transaction, which gives Uber 9.99% ownership in Zomato".
Further as per the filing date January 21, Uber Eats will cease its operations in the country and direct restaurants, delivery partners and customers of Uber Eats to Zomato.
The Economic Times report which cited sources suggests the deal to be valued at $350 million.