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Uber Buys Latin American Delivery Service
Uber Technologies Inc. is acquiring majority ownership in Cornershop, a startup grocery delivery service based in Santiago, Chile.
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Uber Technologies Inc. is acquiring majority ownership in Cornershop, a startup grocery delivery service based in Santiago, Chile.
Financial details about the sale, which is expected to be completed early next year, were not disclosed
Last year Walmart Inc. offered to buy Cornershop for $225 million and resell it to its subsidiary in Mexico. But regulators rejected the deal on antitrust grounds.
Four-year-old Cornershop operates in Chile, Mexico, Peru and Toronto. The company’s smartphone app enables users to chose goods from their favorite store. A Cornershop shopper then picks up the items and delivers the order within the hour or at a scheduled later time.
Fees vary by store, and there are delivery charges for trips longer than 6 km (4 miles).
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