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UberEats India reports $24 million loss for March quarter

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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.

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