Uber Technologies Inc. agreed to sell its Indian food-delivery unit to a local rival, shedding a struggling business in a move that could steer the ride-hailing company toward profitability. The deal with Zomato Media Pvt. Ltd has been under negotiation since last year and it was formally unveiled on Tuesday in India. It gives Uber a 9.99% stake in Zomato.

Source: Wall Street Journal January 21, 2020 01:18 UTC