Have you ever ordered from Uber Eats on special occasions? Unfortunate news about it is awaiting your way. The company Uber Eats is selling the food delivery business to Swiggy in India. The losses faced by the company has been extremely high for the firm.
People concerned with food and beverages online on social media are as surprised as everyone else. The sudden decision has been due to the constant losses the company faced. The entire internet world questioned the situation.
What exactly happened?
Like many other online food delivery companies in India, a food delivery firm has been on a roll for two years. The food-delivery firm is said to be facing losses that urged it for taking such a disastrous step. According to the officials, the deal with Swiggy company is nearly done.
The report says that the company would sell a food-delivery organization at $1 billion. Swiggy raised the price that was finalized by the company. This deal was done back in December 2018.
The competition between the food delivery firms Zomato and Swiggy food is higher concerning this. Both the companies had been fighting over it.
Economic times reported that Swiggy was leading in the fight and company Uber food decided to choose it. The deal also has share swap involved with Swiggy, the online food ordering company.
Uber Eats had been serving in a day about 250,000 orders. However, as compared to Zomato and Swiggy, this is much less. The competitors such as Foodpanda and others serve even less than Uber Eats.
Earlier, the company was thought to be higher than $500 million, which is more than the gross income of Uber Eats. Uber has entered another market like Russia and China where the company sold all the stakes. Uber eats India faced many losses because of lots of competitors, especially Ola.
The company has planned this not only to cover the losses in India but something more. By using this particular step, they have decided to grow the business amid the rising competition.
How social media reacted?
People have started to get surprised over social media. The individuals tweeted about how interesting and weird it is for them. Some even have been relieved seeing that they wouldn’t have to face food filled with insects.
Let us look at a few tweets by the users around Twitter.
Only until Uber Eats sold out
Smh it was only a matter of time before Uber Eats sold out pic.twitter.com/TL1WBSCOKc
— Peter J. Hasson (@peterjhasson) February 7, 2019
He finds it interesting
UberEats being sold off to Swiggy? Interesting
— K (@KirtikaChandani) February 22, 2019
People have been connected with the company for two years now. Many complains raised in the past concerning quality that led the firm toward devastation. The company decided to sell the Uber Eats when the losses went over the head. You would have to choose another company for ordering your favorite food other than Uber Eats now.