Ride-hailing major Uber has sold its 7.8% stake in India-based food delivery app Zomato for US$392 million, Reuters reported.
Last week, Zomato’s stock dropped 14.26% to an all-time low of 46.8 rupees (US$0.59) per share, a stark contrast to its IPO launch day value of 115 rupees (US$1.46) apiece. The firm’s market capitalization dipped to 377.5 billion rupees (US$4.8 billion) from its high of 1 trillion rupees (US$12.7 billion).
However, the food delivery platform announced yesterday that it had narrowed its losses compared to last quarter due to returning customers and a higher number of orders.
Amid this, the company is looking to rebrand itself to Eternal, an entity that will include Zomato’s main business as well as Blinkit, Feeding India, and Hyperpure. Zomato CEO Deepinder Goyal announced that the firms under Eternal’s umbrella will act as “peers” working as a “super-team.”
See also: Zomato’s financial health in 5 charts (Updated)
Currency converted from Indian rupee to US dollar: US$1 = 78.97 rupees.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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