Zomato buys Uber Eats in an all-stock deal

Info Edge (India) Limited, which has about 23 per cent stake in Zomato, announced that Zomato Media Private Limited acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.

Uber Eats in India will cease operations and direct restaurants, delivery partners and its users to the Zomato platform, effective from today. The transaction which has been in process for more than a year marks a significant consolidation move in the hotly contested and cash-intensive online food delivery market.

As per the agreement, upon closing of the acquisition, Info Edge's shareholding in Zomato will stand reduced to 22.71 per cent on a fully-converted and diluted basis.

Info Edge Limited is engaged in the business of internet-based service delivery operating in over four service verticals through web portals. Its service verticals include Naukri.com for recruitment-related services, Jeevansathi.com for matrimony-related services, 99acres.com for real estate-related services, Shiksha.com for education-related services, Meritnation.com for online/offline coaching services and Zomato.com for online food services.

At 12 pm on Tuesday, the stock is trading at Rs 2613.00, up by 0.92 per cent or Rs 23.90 per share. The 52-week high is recorded at Rs 2,736.60 and the 52-week low is Rs 1,511 on BSE.