Tuesday, August 16, 2022

Uber likely to sell its 7.8% stake in Zomato for Rs 2,938 crore

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Uber will likely be 7.8 percent sales effort online food delivery platform Zomato that could be worth about Rs 2,938 crore ($373 million), multiple reports said Tuesday.

The offer is expected to come with a price range of Rs 48-54 per share, which is equivalent to 612 million or 7.8 percent of the total outstanding shares.

CNBC TV18 was the first to report on the development.

Uber acquired a stake in Zomato after selling its food delivery business in India to the food aggregator in a transaction in 2020.

Zomato shares closed 19.96 percent higher at Rs 55.60 on Tuesday.

The stock has lost more than 60 percent of its value this year.

Zomato reported Rs 185.7 crore in consolidated loss for the quarter ended June 30, compared to a loss of Rs 359.7 crore in the previous quarter.

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