Uber Buys Drizly, an Alcohol Delivery Service for $1.1 Billion

Uber Buys Drizly, an Alcohol Delivery Service for $1.1 Billion

Uber has acquired Drizly, the alcohol delivery service, in a $1.1 billion deal, the ride-hailing company said on Tuesday. The acquisition is part of Uber’s aggressive push to expand its booming delivery business during the pandemic.

The deal, a mix of stock and cash, follows Uber’s recent acquisitions of Postmates, a food delivery service, and Cornershop, a grocery delivery company. Uber has also joined with Nimble to deliver prescriptions in some markets.

Uber will incorporate alcohol delivery into its Uber Eats service and continue to operate Drizly as a stand-alone app, the company said. Lantern, a cannabis delivery service owned by Drizly, is not included in the deal, Uber said.

“We are thrilled to join a world-class Uber team whose platform will accelerate Drizly on its mission to be there when it matters — committed to life’s moments and the people who create them,” said Cory Rellas, Drizly’s co-founder and chief executive, said in a statement.

Delivery has been a lifeline for Uber during the pandemic, which has caused a decline in ride hailing. In the third quarter of 2020, Uber said revenue from rides was down 53 percent while food delivery revenue was up 125 percent. Uber will report fourth quarter earnings on Feb. 10.

Source link

About The Author

We are independent. we bring you the Real news from around the world.

Related posts

Leave a Reply