As Uber is losing its sheen in the international market, the ride-hailing firm has decided to sell off its subsidiaries. Recently, the cab aggregator has reportedly planned to sell its Indian food delivery business, UberEats.
Uber has put its India food delivery business on the block again with an asking price of around $500 million with Zomato emerging as the frontrunner, The Economic Times reported citing the three anonymous sources who are privy to the matter.
According to the cited media report, the final transaction size of UberEats may vary; however, the current funding round entails a stock deal for the business. Further, the cab aggregator may infuse money in the funding round of the online food delivery platform, Zomato.
"The talks with Zomato are now progressing towards a term-sheet and discussions are more realistic this time around," The Economic Times reported earlier, citing one of the three sources.
The decision of selling the Indian food delivery unit, UberEat has come at a time when the parent company, Uber seeks to reach its profitability after facing a headwind in the stock market. The cab aggregators stock price has gone down by over 33 per cent from the listed price.