Uber moves into grocery delivery with Cornershop acquisition

October 11 , 2019

Uber (NYSE: UBER) announced on Friday it is expanding into the on-demand grocery delivery market with the acquisition of majority ownership of Chile-based startup Cornershop.

Cornershop is a leading online grocery provider in Chile, Mexico, and more recently in Peru and Toronto.

The investment is expected to close in early 2020, subject to regulatory approval.

The news comes a day after Walmart Canada announced it is expanding its official partnership with Cornershop, growing its offering from five to 14 stores in the Greater Toronto Area.

“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,” said Dara Khosrowshahi, CEO, Uber.

“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.”

 

“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,” said Oskar Hjertonsson, Founder and CEO, Cornershop.

“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."

After closing of the investment, Cornershop will continue to operate under its current leadership, reporting to a board with majority Uber representation.

Cornershop is an express delivery service that customers can use to order groceries on-demand in as quick as 60-minutes.

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