Info Edge (India)'s shareholding in Zomato reduces to 22.71%; Uber receives 9.99% stake in Zomato
Info Edge (India) announced that Zomato Media (Zomato) has signed a definitive agreement to acquire Uber's food delivery business in India (Uber) in an all-stock transaction, which gives Uber 9.99% ownership in Zomato.Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective 21 January 2020.
Upon closing of said acquisition, the company's shareholding in Zomato shall stand reduced to about 22. 71 % on fully converted & diluted basis.
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