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Swiggy to reportedly acquire Uber Eats India soon

Swiggy's deal with global ride-hailing firm Uber has reportedly reached the final negotiation stage.

  • Published: February 23, 2019 12:14 PM IST
Swiggy-App

Swiggy is all set to acquire Uber Eats, which would give the food-delivery startup a bigger hand to take on its strong competitor Zomato. According to a fresh report, Swiggy‘s deal with global ride-hailing firm Uber has reached the final negotiation stage and is expected to close by next month. It basically as share deal, which will give Uber 10 percent of stake in Swiggy, ET reports.

Apart from Swiggy, the company was also reportedly in talks with Gurugram-based Zomato, which apparently didn’t go well. “The development is in line with Uber’s global strategy to cut down on losses as it prepares for a public offering at a possible valuation of $120-150 billion,” the report stated. Separately, in the year 2018, Swiggy bagged the unicorn status.

Towards the end of the year, the company raked up $1 billion in funding, totaling its valuation to $3.3 billion, Businessinsider.in reported. “With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core,” said Sriharsha Majety, CEO of Swiggy had then said.

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Besides, Uber recently announced its water-based transport, called UberBOAT and UberBOAT XL in Mumbai. The global ride-hailing firm is already exploring air transport, which is labeled Uber Air. The firm has partnered with Maharashtra Maritime Board and is offering transportation via speed boats from Gateway of India, Elephanta Islands and Mandwa Jetty, on other Mumbai’s popular coastal routes. Users get to choose between two options when it comes to seating capacity. The firm is offering 6-8 seater option with the UberBOAT and more than 10 seater for UberBOAT XL.

  • Published Date: February 23, 2019 12:14 PM IST