(Reuters) – Uber Eats, the food delivery arm of ride-hailing app Uber Technologies Inc, is close to a deal to sell its Indian business to Bengaluru-based Swiggy, the Economic Times reported on Friday.
The share-swap deal is expected to close by next month and will give Uber a 10 percent stake in food delivery service Swiggy, the paper said, citing people privy to the development.
…Swiggy was valued at a little more than $3 billion and competes with homegrown Ola-owned Foodpanda, Uber Eats and China’s Ant Financial Group-backed Zomato, which is valued at over $1 billion.