Zomato buys Uber's Indian food delivery business

Indian online food delivery startup Zomato said on Tuesday it had agreed to buy Uber Technologies Inc’s Indian food delivery business in an all-stock deal, which will give the ride-hailing app a 10% stake in the company.

The deal value is at around $350 million, the Economic Times newspaper reported citing sources.

Zomato said Uber Eats in India would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday.