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Naspers-backed Swiggy is in talks to acquire the food-delivery arm of global ride hailing firm Uber -- Uber Eats India, in what could be seen as one of the biggest consolidation moves in the food-tech market.
The deal is in the final stage of negotiation said a report by The Economic Times.
Moneycontrol independently could not verify the report.
As per the report, the transaction is expected to be a share swap with Uber receiving around 10 percent stake in the domestic food-tech firm Swiggy, which was last valued at $3.3 billion.
Swiggy last raised $1 billion in one of the biggest single financing round in the Indian food-tech industry in December.
The company which had already created a huge barrier to entry for rivals, with this round it 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.
Zomato last raised $210 million from Alibaba's payment affiliate Ant Financial in October.
For Uber, this acquisition is seen as a strategy to reduce losses on a global level as it prepares for a possible public offering.
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