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Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99 per cent stake in the startup backed by China’s Ant Financial.
Since launching in India in 2017, Uber Eats has struggled to gain market share and is a distant third to Tencent Holdings backed Swiggy and Zomato. All three have spent heavily on deals and discounts to attract customers in a highly competitive market.
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