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 $350m or close to Rs2,500 crore. Zomato is backed by China's Ant Financial.
Uber Eats is expanding to find its niche in South African food market. Food delivery is the fastest sector of Uber’s business. South Africa is biggest prize on the continent and Uber targets local tastes in its fight for dominance.
Uber are considering establishing a fund to pay workers who are either sickened or quarantined by the disease caused by the coronavirus.
The number of people in work in Britain has suffered the biggest drop since 2009 and signs are growing that the coronavirus will take a heavier toll on the labour market as the government winds down its huge job-protection scheme.
Emaar Malls reported revenue of Dhs1.657 billion ($ 451 million) in the first half of 2020. With a first-half net profit of Dhs345 million ($ 94 million) the result demonstrates the resilience of the business.
Dubai Land Department, in cooperation with Property Finder, launched the fourth edition of Mo’asher, Dubai’s official sales price index. The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012,