Uber Eats, which is the start of Uber’s food delivery, which was launched approximately 2 years ago in India. UberEats, Uber’s food delivery business, is now ready to exit its Indian business, which has a value of $ 330 million for local rival Swiggy.
Uber is selling its business due to continuous losses and helps the company’s logo for the Initial Public Offering with the specific valuation.
The acquisition will simply share the exchange that Uber would pay with the shares instead of the cash, which gives Uber approximately 10% of the stake in the Swiggy, valued at around $ 3.3 billion.
The agreement is expected to close in March, if this happens, Swiggy will be the largest acquisition to date, and Uber will be the first sale of its food business worldwide.
The month, Swiggy also acquired Kint.io, which is an AAI startup based in Bangalore for an undisclosed amount.