Uber lost $707 mn in Zomato investment this year
Uber, a major provider of ride-hailing services, disclosed on tuesday that it lost $707 million in the first half of 2022 and around $245 million in the second quarter of this year on its investment in Zomato. uber now owns 7.78% of the Deepinder Goyal-run business. In 2020, uber sold its food delivery service uber Eats to zomato in an all-stock deal for a 9.99% share in the online meal delivery platform.
It is now expected that uber will sell its 7.8% interest in zomato for about Rs 2,938 crore ($373 million). The price range for the offer is anticipated to be between Rs. 48 and Rs. 54 per share, or about 612 million or 7.8% of the total number of outstanding shares. uber owns 612 million (61.12 crore) shares of zomato as of june 30. The news of the development was originally reported by CNBC TV18.
In 2020, uber agreed to sell its indian food delivery business to the food aggregator in exchange for a share in Zomato. On tuesday, zomato stock rose 19.96% to settle at Rs 55.60. Over 60% of the value of the stock has been lost this year. Compared to a loss of Rs 359.7 crore the quarter prior, zomato recorded a consolidated loss of Rs 185.7 crore for the quarter ending june 30.