Chennai: Naspers-backed Swiggy is in talks to acquire the food-delivery arm of global ride hailing firm Uber, Uber Eats India, reports state.
In what could be seen as one of the biggest consolidation moves in the food-tech market, the deal is said to be in the final stage of negotiation.
As per reports, the transaction is expected to be a share swap with Uber receiving around 10 per cent stake in the domestic food-tech firm Swiggy, which was last valued at $3.3 billion.
For Uber, this acquisition is seen as a strategy to reduce losses on a global level as it prepares for a possible public offering.
Swiggy last raised $1 billion in one of the biggest single financing round in the Indian food-tech industry in December last year.
The firm will further make the market more competitive for rivals such as Info Edge-backed Zomato, which is also in the market to raise a fresh round of funding, having already creater a barrier stopping rival entry.