Date
22 August 2019
Deliveroo is seeking US$575 million in funding from investors to be able to better compete with rivals. Photo: AFP
Deliveroo is seeking US$575 million in funding from investors to be able to better compete with rivals. Photo: AFP

Amazon close to buying stake in UK’s Deliveroo: report

Amazon.com Inc. is in talks to invest hundreds of millions of pounds in British food delivery app Deliveroo as part of a US$575 million the latter is seeking to raise, Sky News reported.

Deliveroo is likely to unveil the deal in the coming days, Sky News said, citing the sources.

If a deal is confirmed, Amazon is likely to invest a substantial proportion of the funds raised by Deliveroo in the gig economy, Sky News said. Amazon declined to comment on the Sky News report.

The Telegraph newspaper reported last September that Amazon had made two preliminary exploratory approaches for Deliveroo.

The company operates in 100 cities across the United Kingdom, as well as in Hong Kong, Australia, Germany, the United States, France, Singapore, Belgium, Ireland, Italy, the Netherlands, Spain, Taiwan, Kuwait and the United Arab Emirates, according to news website CNet.

Deliveroo’s algorithm is based on “powerful predictive technology” to determine the most efficient way of distributing orders based on the location of restaurants, riders and clients, the company said. Reuters

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