Uber just sold its food delivery business in India to local rival Zomato

The sale gives Uber a 9.99% stake in the Indian restaurant aggregator and food delivery start-up.

As a result, Uber Eats will discontinue operations and direct restaurants, delivery partners and users to the Zomato app starting today.

"India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader," CEO Dara Khosrowshahi said in a statement. The tech giant is under pressure from investors to turn its business around. Last year, the company reported a $5.2 billion loss in its

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