Jan 21, 2020 - Technology

Uber sells India food delivery business to rival Zomato

Photo: CHANDAN KHANNA/AFP via Getty Images

Uber has agreed to sell its food delivery business in India to rival Zomato in an all-stock deal that gives Uber a 9.99% stake in the combined business.

Why it matters: Uber is under growing pressure from investors to figure out a path to profitability and cut loose anything that won't help it reach that goal.

Flashback: In 2018, Uber considered acquiring Swiggy, another big rival in India, though the talks never turned into a deal.

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