BUSINESS Uber buys delivery startup Postmates for $2.65 bn

BUSINESS

Uber buys delivery startup Postmates for $2.65 bn

AFP

20:46, July 06, 2020

Uber said Monday it was buying startup Postmates for $2.65 billion in a move to bolster its efforts to increase its delivery business of meals, groceries and other goods.

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Photo: AFP

The move steps up the effort by Uber to diversify its business to meet growing delivery demands during the pandemic amid slowing rideshare operations.

"Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery -- they can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19," Uber chief executive Dara Khosrowshahi said in a statement.

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