BENGALURU: Food delivery platform, UberEats India, which was recently acquired by restaurant aggregator, Zomato, on Friday posted a loss of $24 million for the first quarter of 2020 as total expenses surged to $19 million, as per filings with the US Securities and Exchange Commission (SEC).
UberEats reports earnings on a calendar year basis. Uber Technologies Inc had divested its food delivery business in India, selling the controlling stake to Zomato in March.
The deal also included UberEats picking up a 10% stake in Zomato. Apart from India, Uber exited at least eight food delivery markets in the last few quarters, as the publicly-traded company is expected to breakeven by 2021, as per filings.