Corporate Valuations - News UberEats & Zomato in talks to acquire Runnr : news

UberEats & Zomato in talks to acquire Runnr

Date: 15-May-2017

UberEATS India, which started operations earlier this month, is in talks with on-demand food and last-mile delivery portal Runnr (Carthero technologies Pvt. Ltd) for a potential acquisition. Both UberEATS and Zomato have given a term sheet to Runnr, where the offer from US-based cab-hailing application is pegged to be higher. Zomato is likely to buy Runnr in an all-stock deal for about $20 million Runnr was formed in July 2016 with the merger of on-demand customer facing food delivery app Tiny Owl and business-to-business last mile delivery company Roadrunnr. The merged entity started with delivering food to consumers and B2B food delivery connecting corporate employees and restaurants on a common portal. The entity Runnr had raised 47 crore from existing investors Nexus Venture Partners and Blume Ventures in September to start the altered model of delivery. Before the merger, the two entities had raised $50 million in equity capital from VCs including Sequoia and Matrix Partners The food technology space saw multiple companies such as Dazo, EazyMeals and others shutting shop in 2016 after the buoyancy of 2015.

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