Uber on Tuesday announced the sale of its food delivery business in India to Zomato in an all-stock deal. Uber will get a 9.9 per cent stake in Zomato as part of the deal whose size has not been disclosed.

The deal for Uber Eats, which operates in 41 cities, was signed at 3 am, and its customers will be shifted to the Zomato app from 7 am. The deal is applicable only in India and Uber Eats will continue to operate in Bangladesh and Sri Lanka. According to sources the deal value is around $300- 350 million. “We are proud to have pioneered restaurant discovery and ...