Walmart's purchase of Mexico food delivery app set to spur e-commerce
Updated : September 14, 2018 11:37 AM IST
Walmart Inc will acquire Latin American food delivery service Cornershop for $225 million, it said on Thursday, in a move to ramp up its online grocery business in Mexico and Chile.
The deal mirrors Walmart's growing investments and tie-ups in online delivery services across the globe, as it aims to compete with Amazon.com Inc, the world's largest online retailer.
Shares of the retail company's Mexico division, known as Walmex, jumped more than 3 percent on the news, closing at their highest level since late July.
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