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Business deals

Uber sells Indian food delivery arm to Ant Financial-backed Zomato

All-stock deal is first large acquisition in India's online food delivery market

Uber Eats, which also pulled out of South Korea earlier this year, will continue to operate in Bangladesh and Sri Lanka.   © Reuters

Uber has sold its online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial, limiting its exposure to a crowded market where it has struggled to grow.

The all-stock deal is likely to push Zomato to the top position in India's food delivery market, ahead of Swiggy, which counts China's Tencent Holdings as an investor.

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