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Ride-hailing major Uber on Tuesday revealed that it lost about $245 million in its Zomato investment in the second quarter (Q2) this year, along with a total of $707 million loss in the first six months of 2022.
Uber had sold its food delivery business Uber Eats in 2020 in an all-stock transaction to Zomato for a 9.99 per cent stake in the online food delivery platform, and currently holds 7.78 per cent in the Deepinder Goyal-run company.
According to reports, Uber is now likely to sell its 7.8 per cent stake in Zomato for around Rs 2,938 crore ($373 million).
The offer is expected to come with a price range of Rs 48-54 per share, equivalent to 612 million or 7.8 per cent of total outstanding shares.
As of June 30, Uber owned 612 million (61.12 crore) shares of Zomato.
CNBC TV18 was first to report on the development.
Uber received a stake in Zomato after selling off its food delivery business in India to the food aggregator in a transaction in 2020.
Zomato shares closed 19.96 per cent up, at Rs 55.60 on Tuesday.
Its stock has lost over 60 per cent of its value this year.
Zomato reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter.