Source: Benzinga Feeds
Uber Technologies Inc. (NYSE: UBER ) is bowing out of the food delivery race in India. What Happened The San Francisco-based company on Tuesday sold its Indian division of Uber Eats to homegrown rival Zomato. In an all-stock deal, Uber will get 9.99% ownership of Zomato, and hand over all its logistics and operations infrastructure of Uber East India to Zomato, effective Tuesday. “India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader,” Uber CEO Dara Khosrowshahi said in a statement . “We have been … Full story available on Benzinga.com
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