Published On: Sat, Oct 12th, 2019

Uber to acquire majority stake in Chilean online grocery company Cornershop

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Ridesharing company Uber Technologies has agreed to acquire a majority stake in Cornershop, a Chilean online grocery company for an undisclosed price, as per the latest retail acquisition news.

In addition to Chile, Cornershop provides its online grocery delivery services in Mexico, and more recently in Peru and Toronto in Canada.

Headquartered in Santiago, the online grocery company was founded in 2015 by Oskar Hjertonsson, Juan Pablo Cuevas, and Daniel Undurraga. The Chilean grocery company is backed by Accel, ALLVP, JSV, and Creandum,

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 flavor of on-demand groceries from incredible retail partners to many more countries around the world.”

Uber acquisition of Cornershop stake

Uber acquisition of Cornershop stake. Image courtesy of Graphics Mouse at FreeDigitalPhotos.net.

Following the closing of the transaction, Cornershop will continue to run its business under its current leadership, which will report to a board having majority representation from Uber.

Dara Khosrowshahi – CEO of Uber said: “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.

“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.”

Subject to regulatory approval, the transaction is likely to be completed early next year.

For more retail acquisition news like Uber acquisition of Cornershop stake and other retail industry news, keep following Business News Today.

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