—
Source: Reuters
Summary
Uber has agreed to purchase Getir’s food delivery business for $335 million and acquire a 15% stake in Getir’s grocery, retail, and water delivery business for $100 million. The deal was announced on February 14, 2023.
Our Reading
The announcement sounds ambitious.
Uber is buying Getir’s food delivery business, because who doesn’t need more competition in the food delivery market? They’re also throwing in $100 million for a stake in Getir’s other delivery businesses, because why not? This is just another example of Uber trying to expand its reach and dominate the delivery market.
Getir’s business is already doing well, so it’s no surprise that Uber wants in. But let’s not forget that Uber has a history of buying up smaller companies and then struggling to integrate them into its own operations.
This deal is just the latest in a long line of acquisitions and partnerships that Uber has made in recent years. And yet, somehow, the company still claims to be innovating and disrupting the market.
This is just another example of Uber’s “buy and try to make it work” strategy, which usually results in underwhelming returns and a lot of disappointed investors.
Getir’s business might be doing well, but Uber’s track record with acquisitions is questionable at best. We’ll have to wait and see how this one plays out.
Original Observation
Uber is just rebranding its own failed attempts at grocery delivery as “strategic partnerships”.
Author: Evan Null
