Bulletin
Investor Alert

May 17, 2019, 4:05 p.m. EDT

United Kingdom : Amazon squares up to Uber with backing for UK food app Deliveroo

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

May 17, 2019 (Euclid Infotech Ltd via COMTEX) -- Amazon has taken a stake in British online food delivery company Deliveroo, leading a US$575 million fundraising to pit itself against Uber Eats in the global race to dominate the market for takeaway meals.

The news the world's biggest online retailer has bought into one of Europe's fastest growing tech companies sent shockwaves through the sector, hitting shares in European rivals Just Eat , Takeaway.com and Delivery Hero.

The online giants are betting the takeaway market will expand as it branches out from fast, unhealthy meals to nutritious dishes, and that they have the scale to beat smaller rivals which have to sacrifice profits in the race to grow.

Deliveroo founder and CEO Will Shu said the fundraising would enable the loss-making group to increase its reach, develop technology and pursue innovations such as expanding its own kitchens that can be rented to restaurants to meet demand.

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.