Uber is shopping for the remainder of grocery supply start-up Cornershop




Uber CEO Dara Khosrowshahi speaks at a product launch occasion in San Francisco, California on September 26, 2019.

Philip Pacheco | AFP through Getty Photographs

Uber is acquiring the remaining interest in grocery supply start-up Cornershop, the corporate mentioned Monday. The acquisition reveals how Uber is investing extra outdoors its core ride-hailing enterprise, which has to this point didn’t show worthwhile.

Shares of Uber had been up about 0.66% earlier than markets opened on Monday.

The deal comes practically two years after Uber purchased a majority stake in Cornershop for an undisclosed sum. Cornershop at present operates within the U.S., Peru, Brazil, Colombia and Canada.

“Uber already owns ~50% of Cornershop and we have seen how working collectively can ship nice outcomes, like our joint 2020 launch of Brazil, the place very quickly we grew to become a number one participant. However to really unlock the complete potential of this partnership, we have to function as one firm,” Oskar Hjertonsson, founder and CEO of Cornershop, mentioned in a tweet.

Uber has targeted its acquisition efforts on its Eats section through the coronavirus pandemic. Uber acquired Postmates final July after it failed to purchase meals supply service GrubHub. It additionally acquired alcohol-delivery service Drizly in February.

Uber has offloaded a few of its extra cost-eating transportation segments. The corporate final 12 months transferred its electrical bike and scooter enterprise, Jump, to Lime. Uber additionally offered its self-driving unit, Advanced Technologies Group, to its start-up competitor Aurora Innovation. It additionally offloaded its flying taxi enterprise, Uber Elevate.

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