Uber Technologies has agreed to acquire a majority ownership stake in Chilean online grocery provider Cornershop. The acquisition highlights Uber’s efforts to broaden its delivery service and expand into the grocery store market.
The deal is expected to close in early 2020, subject to regulatory approval. Financial details of the investment have not yet been disclosed.
Cornershop was founded in 2015, with headquarters in Chile. Its main service operates within the Latin American market including Mexico and Peru, and the company has recently offered service in Toronto. The acquisition will expand its business across the world.
According to Uber, Cornershop will continue to operate under its current leadership, while reporting to a board with majority Uber representation.
Oskar Hjertonsson, founder and CEO of Cornershop said: “In 2015 we started Cornershop with primarily the Latin American market in mind and we couldn’t be more excited to work with Uber to help us take that mission much further.
“Uber is the perfect partner as we embark on our quest to bring our unique flavour of on-demand groceries from incredible retail partners to many more countries around the world.”
Uber began as a ridesharing company in San Francisco in 2010. The app expanded its access to transportation to include a food delivery service, Uber Eats. The platform offers service around the world and its latest purchase of Cornershop is intended to broaden its fast-growing food delivery app to include groceries.
“Whether it’s getting a ride, ordering food from your favourite restaurant, or soon, getting groceries delivered, we want Uber to be the operating system for your everyday life,” said Uber CEO Dara Khosrowshahi.
He added: “We’re excited to partner with the team at Cornershop to scale their vision, and look forward to working with them to bring grocery delivery to millions of consumers on the Uber platform.”
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