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Walmart places order for Cornershop
Posted on Friday, 14 September 2018 13:10
Walmart is taking over Mexican and Chilean food delivery platform Cornershop for USD 225.00 million to accelerate its omnichannel capabilities and growth – specifically in the grocery segment - in Latin America.
The digital expertise, technology and capabilities of the on-demand supermarket, pharmacy and specialty food marketplace is a chance to leverage brands and the US giant’s supply chain and store network.
Cornershop raised USD 21.00 million via a series B financing round led by Accel Partners, and with participation from Creandum, Jackson Square and ALL Venture Partners, to expand services in nine new cities in Mexico.
The three-year-old startup “is rapidly building scale, with the number of unique users doubling in the past 12 months”.
Walmart will retain the marketplace’s three founders, who hold executive positions and will continue to lead the business.
Cornershop will remain an open platform that will continue to deliver from retailers to increase the convenience and availability of health and wellness and packaged goods, among others, for customers in Mexico and Chile.
The acquisition comes just a month after the US giant co-led a USD 500.00 million investment in Dada Nexus alongside the Chinese online grocery courier mobile application’s current part-owner JD.com.
It also leads on from a new strategic alliance in January with Rakuten for a wide-ranging partnership that includes grocery delivery in Japan, as well as the sale of Rakuten e-readers, e-books and audiobooks in the US.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 506 deals targeting online marketplace and shopping platforms announced so far this calendar year.
Interestingly, Walmart carried out the largest by value: in May it announced the purchase of a majority stake in Flipkart’s Singaporean holding company for USD 14.00 billion.
© Zephus Ltd