Saturday, June 19, 2021

    Wal-Mart buys delivery logistics startup Parcel

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    (Reuters) – Wal-Mart Stores Inc (WMT.N) said on Tuesday, it has acquired Parcel Inc, a New York-based last-mile delivery startup, as the retailer seeks to better compete with e-commerce giant Inc (AMZN.O).

    Parcel, a 24/7 operation that delivers packages the same-day, overnight and in scheduled two-hour windows, was bought for an undisclosed amount “smaller than previous acquisitions” Wal-Mart made this year, the discount retailer said.

    “We plan to leverage Parcel for last mile delivery to customers in New York City – including same-day delivery – for both general merchandise as well as fresh and frozen groceries from Walmart and Jet,” Wal-Mart said in a blog post.

    Wal-Mart said in June it would buy online men’s fashion retailer Bonobos Inc for $310 million, on the same day Amazon unveiled a $13.7 billion deal to buy upmarket grocer Whole Foods Market Inc.

    The company also bought internet retailer for about $3 billion last year in the largest-ever deal for an e-commerce startup.

    A Wal-Mart representative declined to disclose the Parcel deal value. Parcel was not immediately available for comment outside regular business hours.

    Recode reported citing a source that the acquisition price was less than $10 million.

    Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier

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