Uber selling its stake in India’s Zomato
Uber Technologies has reportedly sold its minority stake in Indian food-delivery firm Zomato.
According to reports published by the Wall Street Journal, Bloomberg and Reuters, Uber sold its 7.8% stake for about $390 million.
Uber became a shareholder in Zomato in January 2020, when it sold its Uber Eats business in India to the then-private company.
Zomato went public in July 2021 and, according to the Wall Street Journal, its shares have lost more than half their market value over the past year.
The Wall Street Journal and analysts pointed out the sale of Zomato share will brings Uber an infusion of cash at a time when some of its equity investments have taken a hit – and the company yesterday (2 August) posted a net loss of $2.6 billion for the second quarter.