In October 2020, Uber managed to get the Federal Competition Commission (Cofece) to approve the majority acquisition of Cornershop, which made it the majority partner of the service platform in Mexico. However, now the mobility company announced that it will acquire 100% of the brand worldwide.
The news that Uber buys Cornershop, and that the app reaches a value of 3,000 million dollars, is a reflection of the maturity that e-commerce has acquired throughout the planet, since it is an agreement that occurs two years, after a $ 250 million investment from Uber.
“We are excited to integrate our driving partners and delivery partners in this new way of generating money, as they will have the way to become Cornershop shoppers. The benefit that this will bring to members is the flexibility of having extra income at other times, since users do not use Ubereats at certain times, nor do they travel by Uber all the time; In other words, it is one more way to have an income ”, Eduardo Donelly, regional delivery manager at Uber, told Expansión when the approval of Cofece in Mexico was achieved, so that in a similar way, the operation may happen in other parts of the world.
The Cornershop by Uber purchase process
For its part, Uber acquired the majority of Cornershop shares in October 2019, after Walmart dropped a $ 225 million deal to partner with the app. The authorities in Mexico rejected this first agreement, due to concerns about Walmart, which could not guarantee a level playing field for rival retailers, in the case of Uber, the Cofece took just over a year to define the fate of the new agreement.
In addition, the Venture Capital fund, ALLVP is part of this historic moment, because in addition to trusting Cornershop in 2015, giving it a capital of 8 million dollars, now with this new agreement, ALLVP will be able to return 5 times its fund.
