Uber Eats acquires ezCater for $2.3 billion in corporate catering push
Uber Eats has agreed to acquire corporate catering platform ezCater in an all-cash deal valued at $2.3 billion.
Uber Eats is acquiring corporate catering platform ezCater in an all-cash deal valued at $2.3 billion. The transaction, expected to close within the next few months subject to regulatory approvals, is a strategic move to strengthen Uber's position in large-order and pickup channels for restaurants.
Uber expects the deal to help restaurants secure larger orders. The company also aims to attract future individual diners through the expanded network. The acquisition combines Uber Eats' delivery infrastructure with ezCater's specialized catering platform for businesses.
EzCater’s market position and performance
EzCater connects businesses with more than 140,000 restaurants across the United States. Its platform serves group and workplace catering needs, including meetings, events, and recurring meal programs.
The company generated over $2.5 billion in gross bookings over the last twelve months. Its gross bookings grew at a high-teens percentage rate year-over-year. Average order values on the platform are over $400. ezCater is also profitable on a non-GAAP operating income basis.
| Metric | Figure |
|---|---|
| Gross Bookings (Last 12 Months) | Over $2.5 billion |
| Year-Over-Year Growth Rate | High-teens percentage |
| U.S. Restaurant Network | More than 140,000 |
| Average Order Value | Over $400 |
Background and leadership changes
EzCater was co-founded in 2007 by Stefania Mallett and Briscoe Rodgers. Mallett stepped down as CEO in 2023. Her successor, Ashwin Raj, left the company in January 2025.
The company's CFO since 2022, Rahman, was named permanent CEO in May 2025.
Financial context and valuation
The $2.3 billion acquisition price represents a significant premium. It is $700 million above ezCater's last disclosed valuation of $1.6 billion from a December 2021 funding round.
That 2021 round was a $100 million Series D-2 led by SoftBank Vision Fund 2. Other investors included Quadrille Capital, GIC, ICONIQ Growth, Insight Partners, and Invus. Total funding raised by ezCater before the Uber deal was $425 million.
Against its financial performance, the deal price is under one times the company's trailing gross bookings. Bookings represent the full value of orders placed, not ezCater's own revenue. Uber's release did not specify whether the $2.3 billion valuation includes debt or cash.
Integration and market reaction
Uber has not specified how ezCater will be integrated into its platform. The press release did not state whether the two entities will remain separate businesses. The companies declined to comment beyond the official announcement.
Uber Eats' large order and pickup channels already reported strong growth during the second quarter. Uber CEO Dara Khosrowshahi commented on this performance in an earnings report. He said the company’s large order and pickup channels, which "present a massive addressable opportunity," reported strong growth.
The deal arrives amid concerns from some retail investors about Uber's acquisition strategy. Uber's stock had declined over 15% year-to-date, though it inched 0.06% higher overnight ahead of Wednesday's trading. Sentiment on retail investor platforms remained bearish.
One user on Stocktwits criticized the acquisition, questioning why Uber is buying a catering company instead of executing share buybacks. Another said they would sell the stock, calling it dead money for at least a year more. A third said Uber management needs to be replaced and criticized what they called buying garbage companies.
The transaction is expected to close within the next few months, subject to regulatory approvals and customary closing conditions.
