Uber is most likely the seller of a 7.8% stake in Indian food delivery platform Zomato set to go up for sale Wednesday (Aug. 3).
According to a Tuesday (Aug. 2) report from Reuters, a term sheet shows that the offer size of 612 million shares is worth $373 million. Sources told Reuters the seller in question is Uber, although the term sheet does not identify the seller.
Last month, news broke that Zomato was purchasing local grocery delivery startup Blinkit for 44.47 billion rupees ($568.2 million) in an all-stock deal as part of its strategy to expand its capabilities in the space amid stiffening competition. Studies show India’s quick commerce sector was worth $300 million in 2021 and is expected to expand to $5 billion by 2025, the report said, citing research firm RedSeer.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.