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UBER TECHNOLOGIES, INC.

(UBER)
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Uber Strikes Deal With Gopuff to Push Essential Goods Delivery

05/04/2021 | 06:49am EDT

By Micah Maidenberg

Uber Technologies Inc. said it struck a deal to allow users to order grocery items and everyday goods through Gopuff, another effort by the ride-hailing company to bolster its delivery portfolio after a year in which more consumers tapped such options.

Uber said Tuesday that users of its Uber Eats platform will see almost every product category that Gopuff has on offer. Gopuff is a delivery service that focuses on delivering essential goods to consumers using what it calls micro-fulfillment centers. In March, the company said it raised $1.15 billion in fresh funding from investors including a SoftBank fund, Fidelity Management and Research Co. and Baillie Gifford.

Uber has been pushed to expand beyond its core ride-hailing services, adding options to its restaurant food delivery services. The company said last month it would, for example, add a feature to its app that permits passengers to book and get meals while en route in an Uber vehicle.

Meanwhile, the San Francisco-based company said Tuesday residents in more than 100 cities now can get groceries delivered via the Uber and the Uber Eats app. During the Covid-19 pandemic, demand for meal and grocery delivery picked up, as consumers looked to limit trips to stores and restaurants temporarily closed dining rooms.

Uber said its collaboration with Gopuff is expected to launch in more than 95 cities in June, with further national expansion to follow in the summer.

The partnership will help Uber push beyond rivals by "using Gopuff's network of micro-fulfillment centers to instantly meet consumer demand for thousands of products," Raj Beri, Uber's executive focused on grocery and new verticals delivery.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

05-04-21 0849ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.9.74%
SOFTBANK GROUP CORP. 0.72% 8528 End-of-day quote.5.83%
UBER TECHNOLOGIES, INC. 6.61% 47.42 Delayed Quote.-12.78%
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Financials (USD)
Sales 2021 15 647 M - -
Net income 2021 -2 198 M - -
Net Debt 2021 4 364 M - -
P/E ratio 2021 -39,4x
Yield 2021 -
Capitalization 88 759 M 88 759 M -
EV / Sales 2021 5,95x
EV / Sales 2022 4,10x
Nbr of Employees 22 200
Free-Float 98,0%
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Mean consensus BUY
Number of Analysts 41
Average target price 69,92 $
Last Close Price 47,42 $
Spread / Highest target 79,2%
Spread / Average Target 47,4%
Spread / Lowest Target -36,7%
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Managers and Directors
NameTitle
Dara Khosrowshahi Chief Executive Officer & Director
Nelson J. Chai Chief Financial Officer
Ronald D. Sugar Chairman
Sukumar Rathnam Chief Technology Officer
Yasir bin Othman Al-Rumayyan Independent Director
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