New Delhi, Jan. 21 -- Zomato announced on Tuesday that it has acquired Uber's food delivery business in India in an all-stock transaction, which gives Uber 9.99% ownership in Zomato.

"Uber Eats India is now Zomato. Here's to better food for more people, and new beginnings," Zomato CEO Deepinder Goyal said.

"We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category," Goyal added.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective today, a statement said.

"We entered food deliver...