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Uber Technologies, Inc. (NYSE: UBER) is to buy Drizly, North America’s largest e-commerce alcohol marketplace, for approximately $1.1 billion in stock and cash. 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 partners with retailers in 1,400+ U.S. cities to offer consumers of legal drinking age a transparent, personalised shopping experience. As part of the deal, it wil gain access to Uber’s mobile marketplace technologies and ridesharing platform.

Uber CEO, Dara Khosrowshahi, says: “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, adds: “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.”

The acquisition is subject to regulatory approval and other customary closing conditions and is expected to close within the first half of 2021.

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