New Delhi
According to a report on Monday citing sources, the deal “currently values UberEats’ India business at around $400 million.” As part of the deal, “Uber may invest between $150 to $200 million in Zomato”, the report claimed, citing sources. As an event in Delhi earlier this month, Zomato Founder and CEO Deepinder Goyal said the company is aiming to raise up to $600 million in a new funding round.
When contacted, Zomato said it “does not comment on rumours or speculations”. Despite arriving in the Indian market in 2017, UberEats has not made enough inroads in the online food delivery segment. Zomato is currently delivering 1.3 million orders a day from 150,000 restaurants across India at more than 10 orders per restaurant per day.
Swiggy has expanded its services to 500 cities, matching rival Zomato’s reach in the country. Swiggy, which has added 60,000 new restaurants in the past six months, said in October it would expand to 600 cities by December 2019. Since April 2019, Swiggy has increased the number of restaurant partners by almost 1.8 times to 1.4 lakh restaurants. In tier-3 and tier-4 cities, Swiggy has onboarded over 15,000 restaurants in the last six months. The market is piping hot as according to a recent study by business consultancy firm Market Research Future, the online food ordering market in India may grow at over 16 per cent annually to touch $17.02 billion by 2023. Last week, UberEats last launched its operations in Cuttack, its second city in Odisha.
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