Equity: Uber sells its Eats business in India, Qonto raises, and Tesla says no



Good morning, friends, and welcome back to TechCrunch’s Equity Monday, a short-form audio hit to kickstart your week. Equity’s regular, long-form shows still land each and every Friday, including this entry from just a few days ago.

This morning, coming to you early from the frozen tundra of the American East Coast, it’s Tuesday. That’s because yesterday was a holiday in the United States, so we took the day to work a little bit less than usual. But that doesn’t mean we’d skip an episode, so let’s dive into topics:

• Uber is cutting its losses in India, selling its Eats business for a stake in Zomato. Zomato is well-funded, and Uber now loses less money. However, where it will find growth is the next question.
• Earnings season is upon us. This week, Netflix, IBM, and Intel will announce their results. Naturally, those aren’t the companies that we care about the most on Equity, but they are big enough to generate quite a lot of noise. Noise that will help set market sentiment regarding technology companies, both public and private.
• Also on the news front, Tesla is saying ‘no’ to reports that its cars accelerate without input.
• Qonto, a French neobank, has raised a $115 million Series C. That’s a huge round for a neat company that is taking a popular model in a fresh direction.
• Stasher is a neat company in that it must make sense, even if your humble servant doesn’t really get it. It raised $2.5 million more.
• Captrace also put together a round, though we don’t know how large. What happens if you cross the cap table with blockchain? We may find out.
• Finally, a reminder as to why Uber is leaving Eats in India behind. Globally, Uber Eats turned $3.66 billion in GMV into $392 million in adjusted net revenue in Q3 2019. That wound up generating -$316 million in adjusted EBITDA. Damn.

And that was all the time that we had. We’re back Friday and Monday.

Source: Tech Crunch Startups | Equity: Uber sells its Eats business in India, Qonto raises, and Tesla says no