Uber agrees deal to buy food delivery app Postmates
Uber has agreed to buy food delivery app Postmates in a multibillion dollar deal, according to Bloomberg.
The San Francisco-based rideshare giant has been badly affected by the coronavirus pandemic — cutting a quarter of its global workforce in May — and has been looking to boost its growing food delivery service Uber Eats.
Bloomberg reported an expected $2.65 billion deal with start-up Postmates will be announced on Monday morning in the US, citing people familiar with the matter.
A $6 billion Uber offer this year to acquire Grubhub — another US food delivery app — fell through. Grubhub was later bought by European competitor Just Eat Takeaway.
Uber said in its quarterly update earlier this year that it lost nearly $3 billion and its rides business was down some 80 percent in April.
The company noted however, that it was seeing strong revenue growth for its Eats food delivery operation.
Neither Uber nor Postmates have commented on the potential deal.
Related News
Non-conventional sectors like gemstone can increase exports
RAWALPINDI, APR 28 /DNA/ – The gems and jewellery sector can play a vital roleRead More
Weak economy facing challenges as FDI down 10% amidst rising cost: BMP
Anjum Nisar says foreign remittances flows crucial to support account balance ISLAMABAD, APR 28: TheRead More
Comments are Closed