WAL-MART will invest $225 million to buy Mexico Cornershop

WAL-MART will invest $225 million to buy Mexico Cornershop

Original title: retail giant WAL-MART will invest $225 million to buy Mexico Cornershop

[hunting cloud network]9 14 report (compile: Tian Xiao Xue)

According to foreign media reports, a few days ago, the retail giant Wal-Mart officially announced that it has successfully launched the acquisition of crowdsourcing on-demand distribution platform Cornershop, in order to further consolidate its worldwide daily department store distribution business.

It is reported that Cornershop is an online retail e-commerce from Mexico and Chile, born in 2015. Its services range from supermarkets, pharmacies and specialty food retailers, joining Wal-Mart for $225 million.

According to Crunchbase, the company completed a $21 million round of financing last year, led by Accel, a well-known venture capital firm, to expand its Latin American business. At the time, Oskar Hjertonsson, the company's chief executive, said Instacart's success in the U.S. market had greatly stimulated the flourishing development of daily-use Department stores in other countries and regions. Cornershop can also achieve large scale business profits.

So far, Cornershop has received $31.7 million in funding from investors including ALLVP, Creandum and NMT Network.

Similar to Instacart, Cornershop is a business model that works with contractors, who first pick up goods from the store and then deliver orders to customers. In addition, users can purchase more than one store with the same order, including grocery stores, specialty wine stores and raw meat stores.

According to WAL-MART's introduction, the company's current business growth is very fast. In the past year, the number of users has doubled.

After the acquisition, its three co-founders, CEO Oskar Hjertonsson, COO Daniel Undurraga, CTO Juan Pablo Cuevas, and the team as a whole, will remain independent.

Judith McKenna, Wal-Mart's chief executive of international business, said: "At this stage, our business objective is to provide users with a more relaxed and convenient lifestyle, while the company as a whole under the leadership of a strong business in various countries and regions.

Just last month, Wal-Mart announced its involvement in leading a $500 million financing round for Dada-Jingdong, China's online grocery distribution company. In January, it also worked with Rakuten in a number of areas, including e-readers, e-books and audio books.

Finally, according to the relevant regulatory regulations, the acquisition will be completed by the end of this year.

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