Uber Clears Hurdle To Buy Cornershop
A deal by Uber to acquire the Mexico-based grocery delivery app Cornershop has been given a go-ahead by Mexico’s antitrust regulator…
A deal by Uber to acquire the Mexico-based grocery delivery app Cornershop has been given a go-ahead by Mexico’s antitrust regulator after scrutiny, Uber announced on Monday. The go-ahead paves the way for Uber to finally acquire Cornershop after entering into a definitive agreement to do over a year ago.
The go-ahead from Mexican authorities comes on the heels of Uber completing its acquisition of the US-based food delivery service Postmates in a $2.65 billion deal. Uber is looking towards food and grocery deliveries for further growth after having conquered ride-hailing and more so in the middle of a pandemic that has significantly reduced the use of ride-hailing services.
Uber notably swooped in to acquire Cornershop for an undisclosed price after the retail giant Walmart had previously reached a deal to pay $225 million for Cornershop but saw its purchase blocked by Mexican antitrust authorities.
Cornershop is a grocery delivery service focused on Latin American markets and also operates in the US and Canada. It’s raised a total of $32 million in venture funding from investors including Accel, Jackson Square Ventures, and Endeavor Catalyst.
Uber’s acquisition of Cornershop is one of the most notable deals to emerge from Mexico’s startup scene.