In keeping with the Occasions, the talks are nonetheless ongoing and the deal may fall by way of.
For these which have been taking note of Uber, this urge for food is just not new, albeit constant. A bit of over a month in the past, the ride-hailing firm was reportedly pursuing an acquisition of Grubhub, one other meals supply firm. Grubhub was in the end acquired by Simply Eat Takeaway in a $7.3 billion deal, however solely after the cope with Uber fell by way of over quite a lot of considerations.
Meals supply market has set to profit largely from the COVID-19 pandemic, as shops stay shuttered or swap operations to takeout solely. Newest earnings from the general public ride-hailing firm present that its ride-hailing enterprise is slowing whereas its meals supply service is rising like hell. Gross bookings for Uber Eats final quarter had been $4.68 billion.
So regardless that Uber nonetheless loses a ton of cash ($2.94 billion including all costs), its Uber Eats progress is staggering. And the inexperienced shoots may be fueling a few of this curiosity in different opponents.
If regulatory considerations had been a difficulty, Postmates might make a greater match.
With a valuation of $2.4 billion, Postmates is considerably smaller than Grubhub. And whereas the corporate filed to go public nearly 16 months ago, it held off finally citing “uneven market” conditions.
So if Uber Eats and Postmates mixed, the consequence would nonetheless be smaller than Doordash’s market maintain, however can be aggressive nonetheless. DoorDash, final valued at $13 billion, confidentially filed for an IPO nearly four months ago.
Additionally, Postmates delivers more than just food.
Postmates declined to touch upon rumors or hypothesis. Uber didn’t instantly reply to a request for remark.