10.2 C
London
Wednesday, February 1, 2023

Uber plans to sell 7.8% stake in Indian food delivery company Zomato – londonbusinessblog.com

Must read

Kimberly Anne Scott Wiki – Where Is Eminem’s Ex-Wife Today?

Known from moviesEminem aka 2004as an actressPrime time 2003as herself - Mother of Eminem (segment "The Real EminShort informationDate of...

Rupee gains 12 paise to 81.76 against the US dollar, ahead of Union Budget

The rupee opened on a positive note, gaining 12 paise to 81.76 against the US dollar.On Tuesday, the rupee depreciated by 36 paise to...

Startups included until March 2024 to get income tax benefits: FM

The cabinet proposed on Wednesday to extend income tax benefits Startup established until March 2024. Minister of Finance Nirmala Sitharaman also said the government...

Mukesh Ambani Overtakes Gautam Adani as Richest Indian on Forbes Real-Time Billionaires List

Last week, New York-based Hindenburg Research released a report alleging that the Gautam Adani-led group engaged in stock manipulation and accounting fraud. The...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Uber plans to sell its 7.8% stake in Indian food delivery company Zomato as early as Wednesday, a source familiar with the matter told londonbusinessblog.com.

The ride-hailing giant, which acquired a stake in the Indian company when it sold its local Uber Eats business to Zomato in early 2021, plans to sell its stake through a more than $350 million block deal, for which it is partnering. with Bank of America Securities, the source said, asked for anonymity because the details are private.

The US company, which reported a net loss of $2.6 billion in the second quarter, said Tuesday reported an unrealized loss of $707 million on its investment in Zomato during the first half of this year and the quarter ended June 30, 2022.

Uber sold its food delivery business in India to local rival Zomato for $206 million, after years of aggressive efforts to compete with local food giants Zomato and Swiggy. As part of the deal, Uber acquired a 9.99% stake in the loss-making Indian food delivery startup. Uber did not immediately respond to a request for comment.

Shares of Zomato underperformed this year, falling to an all-time low last week following the end of the lock-in period for investors holding stakes in the company prior to the IPO.

The stock closed Tuesday at 55.55 Indian rupees (72 cents) apiece, giving the company a market cap of $5.5 billion, well below the $13.2 billion valuation it had made on its debut day a year ago. .

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Kimberly Anne Scott Wiki – Where Is Eminem’s Ex-Wife Today?

Known from moviesEminem aka 2004as an actressPrime time 2003as herself - Mother of Eminem (segment "The Real EminShort informationDate of...

Rupee gains 12 paise to 81.76 against the US dollar, ahead of Union Budget

The rupee opened on a positive note, gaining 12 paise to 81.76 against the US dollar.On Tuesday, the rupee depreciated by 36 paise to...

Startups included until March 2024 to get income tax benefits: FM

The cabinet proposed on Wednesday to extend income tax benefits Startup established until March 2024. Minister of Finance Nirmala Sitharaman also said the government...

Mukesh Ambani Overtakes Gautam Adani as Richest Indian on Forbes Real-Time Billionaires List

Last week, New York-based Hindenburg Research released a report alleging that the Gautam Adani-led group engaged in stock manipulation and accounting fraud. The...

Missing radioactive capsule found in Australia

A small but highly radioactive capsule that went missing in the Australian outback was found Wednesday after a frantic week-long search along an 870-mile...