InsightsSuccess
Subscribe Now!
Get A Chance To Feature In Magazine By Submitting Your Interview Today!
No Result
View All Result
InsightsSuccess
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Blog
  • Conferences
No Result
View All Result
InsightsSuccess
No Result
View All Result

UberEats’ Sold to Rival Company

UberEats’ Sold to Rival Company

In a recent development, Uber the ride hailing company has sold its Indian food delivering service Uber Eats, to its competitor Zomato today. According to various reports, the stock-deal was valued in between $300-$500 million; Uber will have a 9.99% stake in Zomato.
Uber Eats had stalled growth and were facing increasing losses since its rival company Zomato & Swiggy were taking the market by storm. The rumors of Uber selling its food delivery branch were ongoing for the past year. Zomato’s co-founder and CEO, Deepinder Goyal, said, “Through this deal, Uber Eats India users now become Zomato users. I want to assure Uber Eats India users that their similarly, the delivery partners who were earlier associated with Uber Eats India will be on-boarded on our fleet user experience won’t be compromised in any way – if at all, the scale gives us higher density to make our deliveries faster.”
Uber’s CEO, Dara Khosrowshahi, said the company is proud of the Uber Eats team’s achievements in India, but it was just an avowal of advocacy. Uber Eats has brought 25% loss and just 3% in revenues in 2019 as per various reports. The new deal with Zomato will now line up Uber’s plan to recover from the losses and become profitable by 2021.
Swiggy currently leads the food delivery market in India. With Uber Eats acquisition, Zomato will hope to gain some momentum this year.

Previous Post

Why Instagram and Facebook are attracting more advertising investment?

Next Post

Spacecraft Manufacturing Giant Completes its Crewed Spacecraft Test Flight

Next Post
Spacecraft

Spacecraft Manufacturing Giant Completes its Crewed Spacecraft Test Flight

Recent News

After Indian Ministers Fail to Persuade Musk to Incorporate His Tesla Business in India, Musk Has Shifted His Focus to Indonesia
Recent News

After Indian Ministers Fail to Persuade Musk to Incorporate His Tesla Business in India, Musk Has Shifted His Focus to Indonesia

Elon Musk, the CEO of Tesla and SpaceX, is slated to visit Indonesia in November as he wraps up operations...

Read more
Asian-Equities

Asian Equities Struggle Following Crippling China Statistics

Elon-Musk

Elon Musk’s Legal Issues Are Causing Tesla and Twitter Stock to Fall

Google-logo

300 European Publishers Sign Content Deals with Google

A-apple-smartphone

Under a New Digital Watchdog, the UK Is Pushing for Stricter Tech Regulations

Path Breakers

Hubstaff

Hubstaff: Time and Workforce Management at Your Fingertips Virtually

Evonence LLC – Expert Google Workspace Partner Across North America

Evonence LLC – Expert Google Workspace Partner Across North America

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Gary Olson | CEO | GHO Group LLC

GHO Group LLC: Bringing Vision to Reality

Josh Usheroff | Co-Founder | Black Box Productions

Black Box Productions: Crafting Visually Engaging Stories

Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.

  • About Us
  • Advertise With Us
  • General Disclaimer
  • Terms & Condition
  • Privacy Policy
  • Subscribe
  • Contact Us

© Copyright 2022, InsightsSuccess | All Rights Reserved.

No Result
View All Result
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Women In Business
  • Blog
  • Conferences
  • IT & Innovations
  • Leadership
  • Healthcare
  • Money
  • Startups

© Copyright 2022, InsightsSuccess | All Rights Reserved.