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Uber buys corner kicks out from under Walmart



Photo : Justin Sullivan ( Getty )

Uber is likely to become majority shareholder in Cornershop a grocery supplier that you have probably never heard of because it serves almost exclusively Mexico and parts of South America . In itself this would not be so interesting. But Uber suddenly takes up part of a deal with Walmart that fell apart this summer.

Cornershop is, to put it mildly, a well-known business model, albeit in lesser-known geographical territory: C customers use an app to place orders for groceries, the Cornershop app complies with the orders to personal buyers who pick up and deliver them in about an hour. It is unclear how much cash Uber burned in the deal – which is expected to close early next year – but for an estimate for the ballpark, store giant Walmart offered about $ 225 million to buy Cornershop directly. The main differences between Cornershop and, say, DoorDash are 1) DoorDash does not operate in Peru; and 2) b uying Doordash would be many times more expensive .

Because Cornershop supplies groceries from a variety of stores, including Walmart, Mexican authorities regulated the previous for fear that it would provide the already huge big box chain with unfair advantages over CostCo and others. served by the app. And with the audio intervention affecting Walmart's dreams of acquisition, Uber hopes Cornershop will complement the Uber Eats arm, which currently handles delivery of restaurants, but not groceries.

"We are excited to partner with the Cornershop team to scale their vision, and look forward to working with them to bring grocery delivery to millions of consumers on the Uber platform," wrote Uber CEO Dara Khosrowshahi in a press release to investors.

Uber attempts to re-establish itself (partly in response to increasing regulatory pressure) from a taxi company to – and no matter what the marketing agency thought it should be tied to the railroad tracks of a cartoon villain – " an operating system for everyday life . "So far has this shift included an overhauled app that now shows non-Uber transit options, an extension of the very bad and mute helicopter tour concept and perhaps also to become a temporary agency ?

From an outside perspective, Uber, a massively overvalued company that consistently disappointed investors since disclosure, seems to be throwing shit on the wall while simultaneously slashing main score in an attempt to regain its former brilliance. Maybe the banking services at Cornershop provide some luck.


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