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Food Delivery

Uber's food-delivery bet on Zomato starts paying off

Aditi Shrivastava

March 02, 2021 | 4 Min Read

March 02, 2021 | 4 Min Read

India joins a list of markets including China and Southeast Asia where Uber is likely to go in the black on an investment after selling a local biz

Uber exited its meal delivery business Uber Eats in India in January 2020 by selling it to Zomato for a 9.99% stake in the company. This stake, Uber had said at the time, was valued at $171 million. For share-swap purposes, Zomato’s valuation was pegged at $1.7 billion.

Now, Zomato is valued at $5.4 billion. And although Uber’s stake in Zomato has been diluted to about 8%, it will be worth over $400 million now, show back-of-the-envelope calculations by The CapTable.

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