Uber Buys Postmates for $2.65 billion




Uber announced that it has purchased Postmates, a popular food and delivery service. This deal has made the company the second largest delivery platform, by size, in the US, Doordash is the largest delivery platform in the US.


In a statement, Uber said that it was committed to keep Postmates as a separate consumer facing brand, but would integrate its backend operations to the Uber Eats platform. Both the companies would work to ensure that they can “strengthen the delivery of food, groceries, essentials and other goods.”


Uber’s thrust forward in the food and grocery business has helped the company thrive. Lockdowns and shelter-in-place orders have diminished the requirements for a ride-hailing business. The online food and grocery business has thrived through the pandemic and hence Uber’s concentration on this division has paid dividends.


In its latest financial report Uber said that the revenues of its mobility division fell by around 53%. However, its Uber Eats division saw a 125% increase. With the pandemic still on, it will continue to invest in this division as its mobility division is in flux, due to the pandemic.


Uber spent huge amounts to push through Prop 22 in California. This was a big loss for labor as it removed basic rights like mandatory sick leave, expense reimbursements and overtime payments. It is looking to push it through in other states as well.

Follow us on Google news for more updates and News


This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.