Uber buys Postmates, a food delivery startup.

The food delivery space heats up amidst the pandemic.

Wallace Ho 7 Jul, 2020

Uber buys Postmates, a food delivery startup.

With the pandemic on-going, millions of people around the world have moved to buying their food online.

In a recent move, ride hailing giant Uber has bought food delivery company, Postmates, in a $2.65 billion deal.

According to a report by TechCrunch, the deal was an all-stock deal.

This move comes after Uber failed to acquire another competitor, Grubhub, a major food delivery company that was acquired by Eat Takeaway for $7.3 billion.

Uber's new acquisition of Postmates would not only boost their Uber Eats business, but also further strengthen the Uber ecosystem, which is quickly evolving into a financial company.

“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. As more people and more restaurants have come to use our services, Q2 bookings on Uber Eats are up more than 100% year on year. We’re thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people, and merchants across the country,” said Uber CEO Dara Khosrowshahi in a statement.

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