Ride-hailing service Uber is acquiring Cornershop as it tries to gain a foothold in the Latin American grocery delivery business.
"Whether it's getting a ride, ordering food from your favorite restaurant, or soon, getting groceries delivered, we want Uber to be the operating system for your everyday life", Khosrowshahi said in a statement announcing the deal. Cornershop-which now operates in South America, Mexico and Toronto, Canada-will help contribute yet another service to Uber's platform, which now offers rideshare and takeout via Uber Eats.
Details of the agreement were not disclosed, but Uber said the deal is expected to be completed early next year.
The app provides delivery of "groceries to your front door in one hour" from retailers including Costco Wholesale Corp, Walmart Inc and Mexico's Chedraui. In case you missed it, it isn't the first time the online grocery store provider has made such attempts.
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Rappi has expanded at a breakneck pace in Latin America, with its restaurant delivery service emerging as a key competitor for Uber Eats. Considering what just happened with Uber, Cornershop has found finally found its alternative.
Earlier this year, Walmart tried to buy Cornershop for $225 million, but Mexican antitrust officials blocked the deal.
Within the company's Securities and Exchange Commission filings, Uber Eats was listed as one of their key growth strategies of which they meant to continually invest in and expand beyond its current offerings. For instance, the corporate lately introduced will probably be incorporating its rising Uber Eats platform into the Uber app to assist promote it to extra clients. In the end, Mexico's Federal Economic Competition Commission (COFECE) rejected the deal, fearing that it would result in monopolized power within the grocery delivery industry.
Cornershop CEO and founder Oskar Hjertonsson reiterated the partnership will aid in their goal of bringing "unique flavor of on-demand groceries from incredible retail partners to many more countries around the world".