Uber sells Indian food delivery arm to Ant Financial-backed Zomato

Uber has sold its online food-ordering business in India to local rival Zomato in exchange for a 9.99 per cent stake in the startup backed by China’s Ant Financial, limiting its exposure to a crowded market where it has struggled to grow.

The all-stock deal is likely to push Zomato to the top position in India’s food delivery market, ahead of Swiggy, which counts China’s Tencent Holdings as an investor.