Uber Technologies Inc sold its India food business – Uber Eats India – to rival Zomato for $206 million in cash and shares, according to the Silicon Valley-headquartered ride-hailing giant’s filing with the US Securities and Exchange Commission (SEC).
The filing specified, for the first time, the financial terms of the deal that was first announced by both companies in late January. According to the disclosure, Uber will offload the business in return for 9.99 per cent compulsorily convertible cumulative preference shares of Zomato.
