Uber sold its Indian food delivery business to Zomato 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,” Uber said.
The deal, which was announced on January 21, said Uber will get a 9.9 per cent stake in Zomato. 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’ operations,” Uber said in the report.
Source: Business-Standard