DoorDash soon could acquire grocery delivery service Instacart
This is read by an automated voice.Please report any issues or inconsistencies here.
See more from the L.A.Times in Google Search.
Set us as preferred DoorDash, the popular service that delivers meals and retail items to customers’ doors, is in talks to acquire grocery delivery platform Instacart, according to a report from the Wall Street Journal.The rival companies compete with several other online delivery services, including Amazon, Walmart, Postmates and Uber.
Instacart, however, focuses on grocery delivery rather than restaurant-prepared meals.DoorDash could finalize its acquisition of Instacart as soon as this week in a deal that values Instacart at around $17 billion, the report said, citing people familiar with the matter.
Business DoorDash Inc.unveiled an artificial intelligence agent for ordering food that works inside Apple Inc.’Instacart had a market value of around $13 billion before Monday’s report on the possible acquisition.
Its shares have risen nearly 19% in the last five days to around $60 per share.Its market value is $14 billion.
Meanwhile, DoorDash shares have fallen 10% in the last five days, closing around $170 per share on Tuesday.Its market value is around $73 billion.
DoorDash went public in 2020 at the height of the coronavirus pandemic, and Instacart listed in 2023.Business Serve has 500 sidewalk delivery robots in Los AngelesDoorDash, which is looking to expand its business with drones and autonomous delivery robots, already delivers goods from supermarkets including Kroger and Safeway.
It also partners with CVS, Macy’s and Target to deliver a range of convenience items.DoorDash’s acquisition of Instacart would add a major grocery-focused delivery platform to its repertoire.
Both companies rely on independent contractors to shop and deliver goods to customers through an app.The Wall Street Journal also reported that Uber once considered buying Instacart, though those talks are no longer active.
DoorDash d...