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Cornershop expands regional presence and officially launches in Brazil

InvestChile - February,4,2020

Cornershop is continuing its expansion path in the Americas. The Chilean start-up has now officially launched its service in Brazil, specifically in the city of Sao Paulo.

With this step, the company, founded by Daniel Undurraga, Juan Pablo Cuevas and the Swede Oskar Hjertonsson, is expanding its presence in the region where it already has operations in Chile, Peru, Mexico, Colombia, Canada and, now, the giant of South America.

“We opened on January 30 with wide coverage in the city of Sao Paulo, with 20 posted stores, including an alliance with BIG Supermarket (ex-Walmart),” Undurraga told Pulso.

Sao Paulo, however, is only its gateway to Brazil and, in March and April, the company will launch its service in Rio de Janeiro, Campinas, Curitiba and Porto Alegre.

It should be remembered that Cornershop has an agreement with Uber for the transport technology company to acquire a majority stake, a transaction valued at US$450 million. However, the business is being monitored closely by Chile’s National Economic Prosecution Service (FNE), which has extended the period for analysis of this “concentration operation”.

Prior to that, the start-up had agreed to sell its business to the Walmart supermarket giant. This operation was, however, rejected by the fair competition authorities in Mexico, one of the start-up’s main markets.

Cornershop offers a platform for online shopping at supermarkets and other retailers, using shoppers to buy and deliver clients’ orders.

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Source: Pulso

Topics: global services- technology- Start-Up- Cornershop

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InvestChile

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