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<ul><li>Uber Eats in India discontinued its operations on January 21 and was acquired by food giant Zomato.</li><li>We speak to industry experts to find out the reasons why the food delivery platform took a nosedive and if the onus can be put on macro-economic factors or its brand-building strategy.</li><li>Experts opine that working with minimum funding, rivaling against stronger communications from competitors, disadvantages of being a late entrant, not having a separate identity, getting sidelined from the parent company and offering deep discounting were some of the factors that led to its decline.</li></ul> Food aggregator Uber Eats, which started its journey in 2017, was acquired by Zomato on January 21 for ₹2,485 crore. While its entity will cease to exist, Uber Eats’ consumers, restaurants and delivery partners will now be directed to Zomato. However, the buyout has left more than 200 employees on a cliffhanger. The acquirer Zomato started in 2008 and now has over 40 million users. Swiggy, on the other hand, started in 2013 and has gathered 42 million users. Uber Eats, which was established just three years ago, had over 10 million users. And with Uber Eats’ huge consumer base in its kitty, Zomato will now have control over 50-55% of the food delivery market. Experts opine that one of the reasons for Uber Eats downfall was its heavy discounting strategy. The operational losses amounted to ₹2,197 crore, more debts followed and a heavy competitive market did not let it sustain. As Uber Eats hits its brink and merges with Zomato, we speak to experts to find out the reasons, what could the platform have done differently to sustain and explore if upping its marketing game before would have helped in dodging the bullet. Increasing the frequency of communication with audiences Uber Eats had on-boarded Alia Bhatt as its brand ambassador -- the only food aggregator in India to get a celebrity involved in its communication. However, it released its first brand campaign after two years of its existence -- in the month of January 2019 called ‘Everyday moments.’ According to Voodly, it garnered more than 50.3 million views by the end of January and secured the first spot on the list of Top 10 Most Watched Indian Ads on YouTube. 
 
 
 
 
 
 
 
 
 <div type="Youtube" id="fUN47Yeefvo" title="Alia’s Tinda Moment! | Uber Eats" thumbUrl="https://i.ytimg.com/vi/fUN47Yeefvo/mqdefault.jpg"></div>



















 Karthik Srinivisan, Social Media and Brand Expert, says that there isn’t much for food aggregators to talk about so its communication strategy cannot be blamed. The ads can be about ‘variety, prompt delivery, post-delivery customer care, ease of ordering, UI/UX, payment options, loyalty program, promotions, etc.’ Gone are the days when brands would wait for some key occasions for a big media splash. Now it is more about participating in daily conversations, listening to what your consumers say. And being active on social media isn’t very expensive either. Srinivasan thinks Uber Eats could have been more consistent like Zomato and Swiggy here. “To be in the top-of-mind recall in such a category, the brands need to continuously be in the buzz. Zomato and Swiggy have cracked that code to a large extent, always being in the social buzz one way or another. Brands are moving away from one or two big-budget media blitzkrieg every year to announce their brand name to the largest number of people, to having sustained presence throughout the year to the most appropriate target audiences. This ensures that brands do not have only two peaks in a year where people notice their communication, but there's a consistent wave (instead of peaks) all through the year where a large enough number of target audiences notice their brand. Uber Eats perhaps did this less impressively or consistently compared to both Zomato and Swiggy,” adds Srinivasan. However, Srinivasan says the real reason is unplugging Uber Eats’ support system. “Beyond all this is the investors' appetite to continue funding these businesses despite losses. At some point, they may want to pull the plug to cut their losses and that could be the bigger reason for the sale.” N Chandramouli, CEO, TRA Research feels Uber Eats did not offer anything different from its competitors and its USP wasn’t clear in its communication. “Other than the fact that they used a celebrity for endorsements, I think the ads did not communicate much. With more number of restaurants available on the competing apps, the promise of variety or choice, felt lame,” he explains. Chandramouli rates Zomato’s communication strategy the most innovative in the category, followed by Uber Eats and then Swiggy. Late mover disadvantages Almond Branding’s Founder and Director, Shashwat Das, thinks the reasons for Uber Eats’ downfall has more to do with the business model and category dynamics rather than its communication strategy. “The two largest incumbent players in the market, Swiggy and Zomato, were already half-way to the top by 2017 and had by now exclusively tied up with major restaurants. Uber had to hence rely on heavy discounting to acquire and retain users and deep discounting strategy is never sustainable as consumer keeps benefiting but none of the market players win in the battle of dominance. Last-mile delivery is an operations-heavy, low-margin business where most of the startups failed due to lack of knowledge, field experience, and funding,” notes Das. “Uber knows from its cab hailing experience that any app brand that is not number 1 or 2 in the country it operates in, will find it difficult to be a successful and profitable business. In any app-based delivery brand, only ONE brand remains top-of-mind for consumers, with one more kept as backup. There is rarely room for a #3,” seconds Chandramouli. Some of the restaurants in India still offer free home delivery with no price caps and Das thinks the food market isn’t easy to crack. Downloading more apps, building new relationships and settling for lesser pay cuts did not make a stronger pitch for restaurant partners either. “Once an app signs up a merchant, a regular flow of business determines what importance the delivery app holds for the restaurant. Plus, the incumbents had more focus, spend-power and aggression than Uber Eats. With Uber Eats India accumulating more losses than Uber, its cab hailing sister-concern, added to the pressure from international investors after their poor IPO, the only good option for Uber was perhaps to cut losses and focus on their core,” says Chandramouli. Developing a distinct identity While Uber Eat’s core idea was to piggyback on Uber’s image and use its established network, Chandramouli suggests that this wasn’t a smart move as it affected Uber’s disruptor position. “I think they should have launched the food-delivery business under a different brand. Truly speaking, Uber's cab hailing app was always recognized as an innovator and leader, but by launching Uber Eats, it almost seemed like a me-too, copycat brand, losing its innovator positioning. Another risk of extending the Uber brand to this new business was that cab hailing apps business required a more involved and intimate decision of the consumer, which a food-delivery app did not,” he elaborates. Thanks to Swiggy and Zomato’s heavy funding, they had the bandwidth to innovate and offer discounts. However, their core focus is food delivery and Uber’s, on the other hand, is mobility. Das thinks this could be one of the reasons why it was sidelined and cut at the source when it fell loose. “Even though Uber Eats was launched with much fanfare, Uber couldn’t focus on it as much as its competitors. Clearly its core mobility ambitions in India were its top priority. Cab hailing companies like Ola and Uber after having burnt their fingers in this cash-guzzling sector saw more merit in focusing on their core rather than the side businesses,” says Das. Was it a smart move for Zomato? As per media reports, Uber will get a 10% stake in Zomato in a deal that values Uber Eats at $300-350 million. "It was a bad deal for Zomato I think, giving away stock worth 300 million USD, to a company struggling to stay afloat. I think Swiggy will gain from this. And for Uber, of course, this seems to be their long term strategy of buying into local food compaines," says Shubho Sengupta, Brand Consultant. "There is no economic crisis for those who order on Zomato. They are in the top 15% earners of this country," adds Sengupta. All eyes on Swiggy and Zomato While Dunzo and Food Panda also exist in the battleground, the horse race will continue between two stalwarts Zomato and Swiggy. This consolidation, experts opine, will bring some more financial discipline, nudge them to be more creative and source the much needed tech support from their parent companies.

What went wrong with Uber Eats?

Associated PressUber CEO Dara Khosrowshahi.<ul class="summary-list"><li>Uber Eats will reportedly sell its Indian business to a local rival, Zomato, for $400 million.</li><li>According to TechCrunch, Gurugram-headquartered Zomato could receive between $150 million and $200 million of investment from Uber as part of the deal.</li><li>Zomato, which also aggregates restaurants and operates in many countries around the world, is thought to be close to finalizing a $600 million funding round.</li><li>A spokeswoman for Zomato declined to comment, while Uber did not immediately respond to Business Insider's comment request.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit Business Insider's homepage for more stories.</a></li></ul>Uber will reportedly sell its Indian Uber Eats business to local rival Zomato for $400 million.That's <a href="https://techcrunch.com/2019/12/15/ubereats-india-zomato/">according to TechCrunch</a>, which claims negotiations are at "advanced stages." Reports of Zomato's possible acquisition of Uber Eats' Indian business first emerged last month.Uber itself may retain ties with Zomato by investing between $150 to $200 million in Zomato and a "sizable stake" in the firm, the report adds. Business Insider has contacted Zomato and Uber for comment. Uber did not immediately respond, while a Zomato spokeswoman said the firm "doesn't comment on rumors and speculations."Though <a href="https://www.zomato.com/about">Zomato has a global presence and has existed since 2008</a>, it is headquartered in the north Indian city of Gurugram, and thereby represents a domestic competitor to Uber Eats.ZomatoZomato CEO Deepinder Goyal has grown Zomato thanks to an unusually high number of funding rounds.Uber CEO Dara Khosrowshahi said last month that <a href="https://fortune.com/2019/11/04/uber-eats-new-growth-strategy-q3-earnings/">where his company can't reach the number one or number two</a> position in the food delivery market, it will leave.Uber Eats entered India relatively late, in mid-2017, and was never able to seriously challenge Zomato's presence, with <a href="https://techcrunch.com/2019/12/15/ubereats-india-zomato/">a source telling TechCrunch</a> that its daily orders peaked at 600,000 in comparison to Zomato's daily total of more than 1 million. Uber is also facing stiff competition in the Indian ridehailing space against local rival Ola.Zomato is also <a href="https://techcrunch.com/2019/11/22/prosus-ventures-india-food/">reported to be finalizing a fresh fundraise</a>, thought to hover in the region of $550 million. <a href="https://www.crunchbase.com/organization/zomato#section-funding-rounds">According to Crunchbase</a>, the firm - which also publishes customer reviews of restaurants - has already raised over $750 million across 15 funding rounds.The latest, <a href="http://www.kreoscapital.com/delivery-hero-leads-zomatos-new-funding-round/">a Series J fundraise of $62 million in March</a>, continued the firm's unusual approach of staging lots of incrementally larger funding rounds, without ever seeming to contemplate an IPO.<a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=future-of-retail-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/tech-that-died-this-decade-aim-vine-moviepass-2019-11">Tech that died this decade</a></h3>

Uber is thought to be selling its Uber Eats business in India for $400 million

Indian restaurant aggregator and food delivery startup <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> recently acquired <keyword id="4427948" type="PERSON" weightage="20" keywordseo="uber-eats">Uber Eats</keyword>. The deal makes Zomato the market leader in the Indian food delivery industry, dethroning Swiggy. In return, Uber gets a 9.9% stake in Zomato. “This acquisition significantly strengthens our position in the category,” said Deepinder Goyal, Founder and CEO, Zomato. <keyword id="8652341" type="UNKNOWN" weightage="20" keywordseo="Free-Zomato-Gold">Free Zomato Gold</keyword> offer eligibility criteria To celebrate the <a href="https://www.businessinsider.in/uber-couldnt-do-what-ola-did-instead-sells-ubereats-to-zomato-to-leave-behind-swiggy/articleshow/73468841.cms?src=hp_toon">acquisition</a> of Uber Eats in India, the company is offering free <keyword id="4299597" type="PERSON" weightage="20" keywordseo="Zomato-Gold">Zomato Gold</keyword> subscriptions to Uber Eats users. If you ordered food using Uber Eats after July 1, 2019, you can avail the free Zomato Gold offer. As part of this, you get three months of Zomato Gold subscription for free and 50% off on your next three orders. It is worth noting that neither Zomato nor Uber Eats have sent out any message or email to Uber Eats users informing them about this offer. How to get Zomato Gold for free <div type="image" title="photo_2020-01-26_12-22-52" msid="73630349" hostid="261"></div>

 All you have to do is follow these simple steps to get your free Zomato Gold subscription: <ul><li>Make sure you have both Zomato and Uber Eats apps installed on your phone. </li><li>Now open the Uber Eats app and login to your account. </li><li>Tap on the ‘Go to Zomato’ button. </li><li>In the Zomato app, login with the same email address and phone number that you’ve used in Uber Eats. </li><li>You will get three months of Zomato Gold added to your account. </li></ul>Note: This offer is only available for Uber Eats users, not existing Zomato users. However, our investigations suggest that this offer is working for existing Zomato users as well. If you are unable to claim the free Zomato Gold offer, try logging out of the Zomato app and going through the above steps once again. It is recommended that you have the latest updates of both the apps installed. See also: <a href="https://www.businessinsider.in/business/startups/news/uber-couldnt-do-what-ola-did-instead-sells-ubereats-to-zomato-to-leave-behind-swiggy/articleshow/73468841.cms">Uber couldn’t do what Ola did – instead joins hands with Zomato to leave behind Swiggy</a> <a href="https://www.businessinsider.in/ola-is-shedding-flab-getting-a-makeover-as-it-rides-to-a-big-bang-ipo-in-2-years/articleshow/72292401.cms">Ola is shedding flab and getting a makeover as it rides to a big-bang IPO in 2 years</a>

How to get Zomato Gold for free

New Delhi, Jan 21 () Uber Technologies Inc has sold its loss-making online food-ordering business in India, Uber Eats, to Zomato in exchange for a 9.99 per cent stake in the Indian food ordering platform.
 Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, the two companies said in statements.
 Neither company gave financial details.
 Started in 2017, Uber's food-delivery business in India has lagged market leaders Nasper-based Swiggy and Jack Ma's Ant Financial-backed Zomato. Another player Foodpanda, which was acquired in 2017 by ANI Technologies Ltd that also owns ride-hailing app Ola, too struggled to consolidate its user base. 
 "We have acquired Uber Eats India and with this development, we are the undisputed market leaders in the food delivery category in India," Zomato founder Deepinder Goyal wrote in a blog. "Through this deal, Uber Eats India users now become Zomato users."
 Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform that provides information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.
 Goyal, who is also the CEO of Zomato, said: "We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category."
 Dara Khosrowshahi, CEO of Uber, said India remains "an exceptionally important market" to Uber and the firm will continue to invest in growing local rides business.
 "We have been very impressed by Zomato's ability to grow rapidly in a capital-efficient manner," he said. "Our Uber Eats team in India has achieved an incredible amount over the last two years."
 Zomato's orders per month may go up by as much as 10 million to 50 million after the deal.
 The deal marks possible consolidation in the highly competitive and price-sensitive online food delivery market where most players are in the red.
 In a regulatory filing to the BSE, Info Edge (India) - a lead shareholder of Zomato and owner of Naukri.com brand - said its shareholding in the food delivery startup will stand reduced to about 22.71 per cent upon closing of the transaction.
 The deal comes days after Zomato had raised USD 150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a USD 3 billion valuation.
 Post money valuation of Zomato is USD 3.55 billion, sources in the know of the matter told , adding that this transaction will add to a total of over 50 million orders per month on its platform, giving it around 55 per cent market share.
 On accessing the Uber Eats app, users were shown a message saying they can still use Uber Eats if they are traveling outside India.
 Discussions between Zomato and Uber have been on for months. Facing stiff competition from Zomato and Swiggy, Uber Eats had been making losses.
 Uber had projected an operating loss of Rs 2,197 crore in its food delivery business for the five months through December 2019, according to a valuation report prepared by KPMG affiliate BSR and was part of regulatory filings.
 According to sources, Uber Eats India business contributed three per cent of the global gross bookings but accounted for over 25 per cent of adjusted EBIDTA losses for the first three quarters of 2019.
 With the sale of the food business in India, Uber can now focus on the rides business and driving it towards profitability, one of the sources said.
 They also said that 245 full-time employees of Uber Eats will be affected and some of these people could be absorbed in other roles in Uber. SR AKT ANZ MKJ

Uber sells loss-making online food ordering business in India to Zomato

New Delhi, Jan 21 () Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, a statement said.
In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and diluted basis upon closing of the transaction.
The deal comes days after Zomato had raised USD 150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a USD 3 billion valuation. 
"We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category," Zomato CEO Deepinder Goyal said.
Uber Eats, which entered India in 2017, has about 26,000 restuarants listed on its platform from 41 cities.
Zomato's restaurant discovery and food delivery platform has information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.
Discussions between Zomato and Uber have been on for months. Facing stiff competition from Zomato and Swiggy, Uber Eats had been making losses.
Uber had projected an operating loss of Rs 2,197 crore in its food delivery business for the five months through December 2019, according to a valuation report prepared by KPMG affiliate BSR and was part of regulatory filings.
According to sources, Uber Eats India business contributed three per cent of the global gross bookings but accounted for over 25 per cent of adjusted EBIDTA losses for the first three quarters of 2019.
With the sale of the food business in India, Uber can now focus on the rides business and driving it towards profitability, one of the persons said.
"India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader. We have been very impressed by Zomato's ability to grow rapidly in a capital-efficient manner and we wish them continued success," Dara Khosrowshahi, CEO of Uber, said in the statement. SR RUP

Zomato acquires Uber Eats business in India

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the <keyword id="2066292" type="PERSON" weightage="20" keywordseo="online-food-ordering">online food ordering</keyword> platform acquired the India business of <keyword id="4427948" type="PERSON" weightage="20" keywordseo="uber-eats">Uber Eats</keyword> in an all-stock deal. Shares of Info Edge (India) rose 3.47 per cent to trade at Rs 2,676.10 per unit on the BSE. On the NSE, the stock gained as much as 3.2 per cent to Rs 2,675.
 Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.
 Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, as per a company statement.
 In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and diluted basis upon closing of the transaction. RUJ ANS
ANS

Zomato owner Info Edge's stock gains 3% after UberEats buy

New Delhi, Jan 21 () Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday erased its early gains and settled nearly 2 per cent lower.
 Shares of Info Edge (India) rose 3.47 per cent to touch intra-day high of Rs 2,676.10 per unit on the BSE. However, it ended the day with a loss of 0.23 per cent at Rs 2,583.20.
 On the NSE, the stock gained as much as 3.2 per cent during the day to Rs 2,675. The scrip closed in red at Rs 2,545, down 1.80 per cent over previous close.
 Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.
 Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform effective Tuesday as per a company statement.
 In a regulatory filing to the BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and diluted basis upon closing of the transaction. RUJ SHW
SHW

Info Edge shares shed early gains, settle nearly 2 pc lower

<ul><li>Food delivery platforms — including <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword>, UberEats and <keyword id="1666592" type="PERSON" weightage="20" keywordseo="Foodpanda">Foodpanda</keyword> — seem to be in trouble over deep discounting and alleged ‘misuse of dominant positions’. </li><li>Over 500 small and mid-sized restaurants filed a petition to the Competition Commission of India (CCI) and Prime Minister’s Office (PMO) urging them to put a halt to the unsustainable pricing standards by online food aggregators. </li><li>While <keyword id="4427948" type="PERSON" weightage="20" keywordseo="uber-eats">Uber eats</keyword> and Foodpanda did not respond to the petition, Zomato and Swiggy have strongly denied the allegations. </li></ul>After Flipkart and Amazon, <keyword id="2523117" type="PERSON" weightage="20" keywordseo="online-food-delivery">online food delivery</keyword> platforms are in <a href="https://inc42.com/buzz/restaurant-association-files-cci-complaint-against-major-foodtech-players/">trouble over deep discounting</a> and internal sourcing. In a petition addressed to the Competition Commission of India (CCI) and Prime Minister’s Office (PMO), over 500 small and mid-sized restaurants have complained about the food delivery companies — including Zomato, Swiggy, UberEats and Foodpanda — ‘misusing their dominant position’. The small restaurants are urging India’s competition watchdog to put a halt to the unsustainable pricing standards by online food aggregators as well their deep discounting practices. They claim that it’s diverting consumer traffic away from them and to these online platforms. The petition also accused the food companies of using in-house kitchens, which has been another thorn in the side of local restaurant businesses. Same, same but different Unlike the allegations against e-commerce giants like Amazon and Flipkart, the food aggregators are barred from foreign direct investment (FDI). However, the CCI will carefully examine the exploitative activities <a href="https://tech.economictimes.indiatimes.com/news/internet/zomato-swiggy-others-eating-into-our-business-restaurants/67358478">according to an official</a> from the National Restaurant Association of India (NRAI). He added that a roundtable meeting with the food aggregators has been scheduled for next week that will address the issues put forward in the petition. While UberEats and Foodpanda did not respond to the petition, Zomato and Swiggy have reportedly denied the allegations. According to both companies, discounts are just a way to attract customers and encourage participation. In fact, the partner restaurants — the same people issuing the complaint — can also engage in the discount campaigns as per the Zomato spokesperson. Swiggy <a href="https://inc42.com/buzz/restaurant-association-files-cci-complaint-against-major-foodtech-players/">defended its actions</a> by stating that it has been fair to the restaurant community and nearly doubled the restaurant partners on its platform, thereby contributing to their business rather than taking away from it. The petition to the CCI is only the most recent of obstacles that the online food delivery platforms have had to face. They are already <a href="https://qz.com/india/1512013/indias-swiggy-zomato-gear-up-to-meet-new-food-delivery-norms/">being audited</a> by the Food Safety and Standards Authority of India (FSSAI) for food safety and quality standards. See also: <a href="https://www.businessinsider.in/indias-food-regulator-has-kicked-off-the-new-year-with-a-set-of-new-food-standards/articleshow/67347633.cms">India’s food regulator has kicked off the new year with a set of new food standards</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a> <a href="https://www.businessinsider.in/the-indian-government-may-revisit-plans-to-curb-e-commerce-discounts-report/articleshow/67132528.cms">The Indian government may revisit plans to curb e-commerce discounts: Report</a>

Swiggy and Zomato are being targeted for ‘misusing dominant position’ in a petition filed with India’s competition watchdog

<ul><li><a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a> announced Monday that it had sold its Indian food-delivery service to competitor Zomato for a 9.99% stake. </li><li>Shares of Uber surged as much as 6% Tuesday. </li><li>Offloading parts of the business that are not profitable brings Uber closer to its goal of being profitable on an Ebitda basis by 2021. </li><li><a href="https://markets.businessinsider.com/stocks/uber-stock">Watch Uber trade live on Markets Insider</a>.</li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a> gained as much as 6% Tuesday after the company announced that it sold its food-delivery business in India to Zomato, a startup backed by China's Ant Financial. After the all-stock transaction, which closed Monday, <a href="https://investor.uber.com/news-events/news/press-release-details/2020/Zomato-Acquires-Ubers-Food-Delivery-Business-in-India/default.aspx">Uber will own a 9.99% stake in Zomato</a>, one of the largest food-delivery platforms in India. Zomato is valued at about $3 billion after raising money from Jack Ma's Alibaba affiliate Ant Financial this month, <a href="https://www.businessinsider.com/uber-sells-indian-food-delivery-arm-to-ant-financial-backed-zomato-2020-1">according to Reuters</a>. The sale comes amid increasing pressure for <a href="https://markets.businessinsider.com/news/stocks/uber-lyft-stock-price-record-lows-amid-investor-unicorn-backlash-2019-10-1028571908">Uber to turn a profit</a>. The company has had a dismal stock performance in its first months as a public company, falling as much as 22% from its May 2019 initial public offering through Friday's close. Selling parts of the business that are unprofitable will give the company a boost as it strives to be profitable on an Ebitda basis before 2021. "India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader," Dara Khosrowshahi, Uber CEO, said in a <a href="https://investor.uber.com/news-events/news/press-release-details/2020/Zomato-Acquires-Ubers-Food-Delivery-Business-in-India/default.aspx">press release. </a>In addition, there's been a wave of consolidation in food-delivery markets around the world as different companies battle each other for domination. The sale "is another proof point - following our decision to exit Uber Eats South Korea in October 2019 - of our commitment to take a hard look at Eats markets where we do not have a path to leadership," Nelson Chai, Uber's chief financial officer, said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1543151/000155278120000094/e19525_uber-8k.htm">company filing Tuesday</a>.He continued: "At least some of the investment that we would have otherwise made in India will now be redeployed to other countries we serve where we believe we have a clear path to #1 or #2."Uber expects that it will gain about $143 million from the sale, net of taxes, <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1543151/000155278120000094/e19525_uber-8k.htm">according to the filing</a>.Wall Street analysts are largely bullish on the company and have a consensus price target of $44.46 with 28 "buy" ratings, 12 "hold" ratings, and zero "sell" ratings on the equity, according to Bloomberg data. The ride-hailing company has <a href="https://markets.businessinsider.com/stocks/uber-stock">gained 18% year-to-date through Friday's close</a>.<a href="https://markets.businessinsider.com/stocks/uber-stock"></a><a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=future-of-retail-2"></a>

Uber surges 6% after offloading its Indian food-delivery business

<ul><li>A report by YouGov – <keyword id="226155" type="COMPANY" weightage="20" keywordseo="BrandIndex">BrandIndex</keyword> – shows that <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> is the most positively perceived brand in India. </li><li><keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> ranks higher than <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> in the list. </li><li>UberEats ranks first in the most improved brands list in India.</li></ul>Google has ranked to be the most positively perceived brand in India, as per a report by YouGov. In fact, Google ranked higher than WhatsApp and YouTube, which took the second and third positions respectively. Four Indian brands made it to the list of top 10. Food aggregator Swiggy ranked fifth, MakeMyTrip ranked sixth, <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> ranked ninth while Zomato ranked tenth. Interestingly, <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> ranked two spots higher than Ola. The YouGov BrandIndex measures overall brand health. “The score takes into account consumers’ perception of a brand’s overall quality, value, impression, reputation, satisfaction and whether consumers would recommend the brand to others,” said YouGov. The report also shows the ‘most improved brands’ in India and surprisingly, UberEats tops the list. Globally too, Google is ranked the top brand, followed by WhatsApp and YouTube, while Facebook ranked fifth.

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