Uber Technologies, Inc. will acquire alcohol delivery company Drizly for approximately $1.1 billion in stock and cash.
Drizly is an on-demand alcohol marketplace in the United States, available and designed to be compliant with local regulations in more than 1,400 cities across a majority of U.S. states. Merchants on Drizly will be able to benefit from Uber’s routing technology and consumer base and Uber’s rewards and subscription programs will be able to deliver greater value to consumers with new benefits and perks on Drizly.
“Drizly has spent the last eight 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,” said Drizly co-founder and CEO Cory Rellas, in a statement.
“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,” said Uber CEO Dara Khosrowshahi, in a statement.
Related: Uber to Make $1 Billion in Grocery Sales Annually; Drizly Closes $50 Million Funding Round.