Food delivery service Postmates was acquired by Uber for a $2.65 billion all-stock deal. After its bid to acquire Grubhub fell through due to antitrust scrutiny, this deal will give the ride-hailing company a much-needed boost. Grubhub was later acquired by European company Just Eat Takeaway.
Postmates will operate as a separate app post-acquisition and will be able to tap into the Uber Eats delivery and tech operations.
Facing huge pressure with riding-hailing down about 80 percent due to the pandemic, Uber is trying to make up its losses with this acquisition. However, it still has Doordash and Grubhub to compete within this space.