Walmart Inc has acquired Cornershop Inc, an on-demand grocery delivery service for the Latin American market. No financial terms were disclosed. Cornershop’s backers included Accel, Creandum, Jackson Square Ventures and Endeavor Catalyst, according to Crunchbase.
BENTONVILLE, Ark., Sept. 13, 2018 – Walmart Inc. (NYSE: WMT) today announced the acquisition of Cornershop, Inc., a leading online marketplace for on-demand delivery from supermarkets, pharmacies and specialty food retailers in Mexico and Chile. This transaction is an important step forward in accelerating the company’s omnichannel capabilities and growth in Latin America. It follows Walmart’s recent investment in Dada-JD Daojia in China and the strategic alliance with Rakuten in Japan.
“We are focused on making life easier for customers and associates by building strong local businesses, powered by Walmart,” said Judith McKenna, president and CEO of Walmart International. “Cornershop’s digital expertise, technology and capabilities will strengthen our successful businesses in Mexico and Chile and provide learning for other markets in which we operate. This is an opportunity to leverage both of our brands, as well as Walmart’s strong supply chain and store network. Combining Cornershop’s innovative, crowdsourced delivery platform with Walmart’s unique assets will allow us to accelerate growth for both companies, delighting our customers by saving them both time and money. We are excited to welcome Cornershop to the Walmart family.”
Combining Cornershop’s innovative, crowdsourced delivery platform with Walmart’s unique assets will allow us to accelerate growth for both companies, delighting our customers by saving them both time and money.
– Judith McKenna, president and CEO of Walmart International
Walmart has entered into a definitive agreement to acquire Cornershop, Inc. for $225 million. Cornershop is a leading online marketplace for crowdsourced, on-demand delivery in Mexico and Chile and is rapidly building scale, with the number of unique users doubling in the past 12 months. Cornershop’s three founders, Oskar Hjertonsson, CEO; Daniel Undurraga, chief operating officer; and Juan Pablo Cuevas, chief technology officer, and their teams, will continue to lead the business.
Cornershop will remain an open platform that will continue to deliver from a variety of retailers, extending the convenience and availability of food, health & wellness and packaged goods for customers in Mexico and Chile. Closing of the transaction is subject to regulatory approval and is expected by the end of the year. For more information on this acquisition, please visit the Walmart de México website and the Walmart Chile website.
Information about other recent investments can be found in the Dada-JD Daojia press release and the Rakuten press release.
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 265 million customers and members visit our more than 11,200 stores under 55 banners in 27 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.