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Uber Looks To Shutdown Uber Eats In Hong Kong After India In Quest Of Numero Uno Position

  • Uber Technologies Inc (NYSE: UBERlooks to discontinue its food-delivery services in Hong Kong on December 31 as it aims to focus on its ride-hailing business.
  • Launched in 2016, Uber Eats competed with popular services operated by Deliveroo PLC (OTC: DROOF) and Delivery Hero SE’s Foodpanda, Bloomberg reports
  • Uber, which counts Hong Kong as its most significant Uber Taxi business globally, said it would keep growing its other services. Uber had acquired local taxi-hailing app HKTaxi in August.
  • In 2020, Uber sold the Indian operations of Uber Eats to Alibaba Group Holding Ltd (NYSE: BABA)-backed Zomato.
  • “We really wanted to focus on delivery business in markets where we could be the leader, we could get to a number one position.” CEO Dara Khosrowshahi said.
  • Price Action: UBER shares traded lower by 4.42% at $37.95 in the market session on the last check Tuesday.

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