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Walmart acquires on-demand delivery service in Latin America

September 17, 2018

Walmart Inc. (NYSE: WMT) agreed to acquire Cornershop Inc. for $225 million. Cornershop is online marketplace for crowdsourced, on-demand delivery in Mexico and Chile.

Cornershop enlists independent contractors to shop for and deliver orders to customers, Xconomy reported, and gives Walmart an established delivery and distribution network in Latin America. Cornershop also enables shoppers to place bundled orders containing multiple stores’ products, which are delivered all at once.

Cornershop will remain an open platform and continue to deliver from a variety of retailers. The transaction is subject to regulatory approval and is expected to close by the end of the year. Its three founders — CEO Oskar Hjertonsson, COO Daniel Undurraga, and CTO Juan Pablo Cuevas — and their teams will continue to lead the business.