One of the leading brand in the food-delivery application Uber Technologies Inc., Uber Eats is almost positioned close to a deal to sell its Indian business to Bengaluru-based Swiggy, reported Economic Times on Friday.
According to the officials, this deal is anticipated to close soon by March 2019 and will offer a 10 percent stake to Uber in food delivery service by Swiggy, report revealed citing people privy to the development.
Moreover, Uber was expected the sale of its food delivery arm in India and has been in a direct communication with Zomato and Swiggy, reported TOI. Bengaluru-based food delivery venture, Swiggy is currently stepping ahead of the game in the food industry but rival Zomato is also looking forward to catch a share-swap deal, added TOI, citing sources familiar with the development.
Lightning fast delivery brand, Swiggy promptly runs a mobile-based application, and a full-fledged website for a food delivery services, and is also successfully providing a presence in more than 80 Indian cities. Furthermore, this leading food delivery force was valued at more than $3 billion and levels with homegrown Ola owned Foodpanda, China’s Ant Financial Group-backed Zomato, and Uber Eats which is financially calculates at around $1 billion.
However, taking the things into consideration, both Uber and Swiggy denied the comment while Zomato is lately responded. In the previous week, Uber posted the information of a 2 percent growth in quarterly revenue, raising questions about its future growth plans, as the company dedicatedly working on a preparation for a public offering and strategizing the operations comfortably with a minimum touch.