An Uber Eats deliverer rides his scooter in a street in Lausanne amid the COVID-19 outbreak. AFP
Uber has agreed to buy food delivery app Postmates in a multibillion dollar deal, according to Bloomberg.
The San Francisco-based rideshare giant has been badly affected by the coronavirus pandemic -- cutting a quarter of its global workforce in May -- and has been looking to boost its growing food delivery service Uber Eats.
Bloomberg reported an expected $2.65 billion deal with start-up Postmates will be announced on Monday morning in the US, citing people familiar with the matter.
The deal would bolster Uber and help Postmates, a nine-year-old firm that has struggled against larger food delivery rivals, the New York Times has previously reported.
A $6 billion Uber offer this year to acquire Grubhub -- another US food delivery app -- fell through. Grubhub was later bought by European competitor Just Eat Takeaway.
Uber said in its quarterly update earlier this year that it lost nearly $3 billion and its rides business was down some 80 percent in April.
The company noted however, that it was seeing strong revenue growth for its Eats food delivery operation.
Neither Uber nor Postmates have commented on the potential deal.
Uber, the multinational ride hailing application, has sold its online food-ordering business in India to local rival Zomato in exchange for a 9.99 per cent stake in the startup. The deal is reportedly worth over $350m or close to Rs2,500 crore. Zomato is backed by China's Ant Financial.
Uber Eats is expanding to find its niche in South African food market. Food delivery is the fastest sector of Uber’s business. South Africa is biggest prize on the continent and Uber targets local tastes in its fight for dominance.
Uber are considering establishing a fund to pay workers who are either sickened or quarantined by the disease caused by the coronavirus.
Fiat Chrysler and Peugeot SA sealed their long-awaited merger on Saturday to create Stellantis, the world’s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen.
The benchmark KSE-100 index has given a 50 per cent return since March’s crash and experts predict the rally will continue this year (2021).
Customs transactions recorded by Dubai Customs (DC) saw a significant rise of 23 per cent to reach 16 million in 2020, despite the challenging global environment caused by the COVID-19 pandemic.
Pavilions Premiere bookings can be made from Jan.16 at https://expo2020dubai.com/en/pavilions-premiere with each visit costing Dhs25. Visitors are urged to book early as the experience will operate five days per week with limited operating hours...