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Walmart to buy Latin American grocery-delivery service Cornershop for $225 Million

The move will ramp up its online grocery business in Mexico and Chile.
BY BEx Bureau
BusinessEx
Sep 14, 2018

Walmart Inc., the worlds biggest retailer by sales, will acquire Latin American grocery-delivery marketplace Cornershop Inc. for $225 million. The move will ramp up its online grocery business in Mexico and Chile.

The deal mirrors Walmart's growing investments in online delivery services across the globe. Recently, the company has acquired Chinese online grocer Dada-JD Daojia.

Founded in 2015, Cornershop offers its service through a mobile app, providing on-demand delivery from supermarkets, pharmacies and other food retailers in Mexico and Chile. The company had last year raised $21 million in a Series B funding round.

Judith McKenna, President and Chief Executive of Walmart International, said, We are focused on making life easier for customers and associates by building strong local businesses, powered by Walmart.

Cornershops digital expertise, technology and capabilities will strengthen our successful businesses in Mexico and Chile and provide learning for other markets in which we operate. This is an opportunity to leverage both of our brands, as well as Walmarts strong supply chain and store network. Combining Cornershops innovative, crowd-sourced delivery platform with Walmarts unique assets will allow us to accelerate growth for both companies, delighting our customers by saving them both time and money. We are excited to welcome Cornershop to the Walmart family, she further added.

Walmart said Cornershops CEO Oskar Hjertonsson, Chief Operating Officer Daniel Undurraga and Chief Technology Officer Juan Pablo Cuevas would remain in their existing positions.

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