Ant Financial-backed Zomato buys Uber's Indian food delivery arm
) affiliate Ant this month - said Uber Eats in India will discontinue operations, and direct restaurants, delivery partners and users to the Zomato platform from Tuesday.
“India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business,” said Dara Khosrowshahi, Uber’s chief executive officer. Uber Eats in India accounted for 3% of the business’ gross bookings globally, but more than a quarter of its adjusted EBITDA loss in the first three quarters of 2019, the U.S. ride-hailing firm said.
Uber Eats, which also pulled out of South Korea earlier this year, said it will continue to operate in Bangladesh and Sri Lanka. While this is the first large acquisition in the Indian online food delivery market, deal activity has been heating up globally.
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