Uber reach $1.1billion agreement to buy e-commerce alcohol delivery firm Drizly
Uber Technologies, Inc. and Drizly have reached an agreement which will see the global mobility platform acquire Drizly for approximately $1.1billion in stock and cash.
The global mobility and logistics firm has snapped up the online alcohol marketplace which is available in more than 1,400 cities across a majority of US states.
Drizly works with thousands of local merchants to provide consumers with a selection of beer, wine, and spirits.
After the completion of the transaction, Drizly will become a wholly owned subsidiary of Uber. Drizly’s marketplace will eventually be integrated with the Uber Eats app, while also maintaining a separate Drizly app.
Drizly say they plan to innovate and expand independently in its fast-growing and competitive sector, while also gaining access to the “advanced mobile marketplace technologies of the world’s largest food delivery and ridesharing platform“.
Uber CEO, Dara Khosrowshahi, said: “Wherever you want to go and whatever you need to get, our goal at Uber is to make people’s lives a little bit easier. That’s why we’ve been branching into new categories like groceries, prescriptions and, now, alcohol. Cory and his amazing team have built Drizly into an incredible success story, profitably growing gross bookings more than 300 percent year-over-year.
“By bringing Drizly into the Uber family, we can accelerate that trajectory by exposing Drizly to the Uber audience and expanding its geographic presence into our global footprint in the years ahead.”
Drizly co-founder and CEO Cory Rellas added: “Drizly has spent the last 8 years building the infrastructure, technology, and partnerships to bring the consumer a shopping experience they deserve. It’s a proud day for the Drizly team as we recognize what we’ve accomplished to date but also with the humility that much remains to be done to fulfill our vision.
“With this in mind, we are thrilled to join a world-class Uber team whose platform will accelerate Drizly on its mission to be there when it matters—committed to life’s moments and the people who create them.”
