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Uber sold Indian food delivery business to Zomato for $206 million

The deal, which was announced on January 21, said Uber will get a 9.95 stake in Zomato

Neha Alawadhi  |  New Delhi 

uber, Zomato
The company did not report the sale as a discontinued operation, considering it wasn’t a big part of the overall business

sold its Indian food delivery business to for $206 million, the US-based firm said in its annual report, filed with the US Securities and Exchange Commission on Monday.

“The estimated fair value of the consideration received is $206 million, which includes the investment valued at $171 million and the $35 million of reimbursement of goods and services tax receivable from Zomato,” said.

The deal, which was announced on January 21, said will get a 9.9 per cent stake in The value of the deal at the time was pegged be in the region of $350-400 million. The company did not report the sale as a discontinued operation, considering it wasn’t a big part of the overall business. “The divestiture of Uber Eats India does not represent a strategic shift that will have a major effect on the firms's operations,” Uber said in the report.

First Published: Tue, March 03 2020. 22:18 IST
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