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Uber has said adamantly that it won’t exit India (or any more markets) following a hattrick of retreats from China, Russia and Southeast Asia, but does that include its food delivery business?
The answer could well be yes. If media reports are right, Uber is on the cusp of a tactical exit from India’s food delivery industry.
India - Economic - Times - Uber - Stages
India’s Economic Times is reporting that Uber is in the final stages of a deal that would see Swiggy, the food delivery service that recently raised $1 billion and expanded to general deliveries, eat up Uber Eats in India in exchange for giving the U.S. ride-hailing firm a 10 percent share of its business. Swiggy was most recently said to be valued at $3.3 billion following that billion-dollar round, which was led by Naspers and added Tencent to its cap table.
Uber Eats is touted as a major revenue generator for the company, The Information previously reported that it grossed $1.5 billion in sales in the first quarter of 2018 alone, and the company has pushed expansion hard in Asia. Uber Eats landed in India...
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