Uber to amass grocery supply startup Cornershop

Uber to buy Chile's Cornershop in bid to deliver your groceries

To go way beyond Uber Eats, the company has announced that it has entered into an agreement to acquire majority ownership of Cornershop for online groceries. The grocery delivery company primarily serves Latin America. Uber platform will now provide an option for the delivery of grocery items to millions of people, he added.

"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", Khosrowshahi said in a statement.

CornershopA recent article describes the delivery firm: "Cornershop, founded in 2015, is now active in Chile, Peru, Mexico, and Canada, and it's headquartered in Santiago". Walmart Inc. announced its intention more than a year ago to purchase Cornershop outright for $225 million and resell the company to its Mexican subsidiary, only to have Mexican regulators move to scuttle the deal in June for antitrust reasons.

Reportedly able to deliver groceries in under an hour, Cornershop works with retailers such as Costco, Cedraui, as well as Walmart.

As it stands now, Uber Eats offers restaurants an instant mobile presence and efficient delivery capability of which the company says "generates incremental demand and improves margins for restaurants by enabling them to serve more consumers without increasing their existing front-of-house expenses" according to securities filings.

More news: Turkish invasion displaces 130K, escalates humanitarian situation in Syria

Within the company's Securities and Exchange Commission filings, Uber Eats was listed as one of their key growth strategies of which they meant to continually invest in and expand beyond its current offerings. After the investment closes, the press release indicated that Cornershop will continue to operate under its current leadership.

Len Sherman, an adjunct professor of business at Columbia Business School, said the announcement is yet another example of Uber trying to find new ways to engage customers despite having what he said is a broken business model.

Cornershop is the largest home delivery platform in Mexico and Chile.

It's unclear where Uber will have Cornershop operate, though its CEO Oskar Hjertonsson said the merger will allow it to expand into "many more countries around the world".

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