Chilean grocery delivery pioneer agreed to sell to Walmart in 2018, was blocked, then sold to Uber in 2021—only to see the brand retired as Uber absorbed it into Uber Eats.
Evaluating only Cornershop’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Acquisition gone wrong.
Key Events Timeline
FOUNDING
Cornershop founded in Santiago, Chile by Oskar Hjertonsson, Daniel Undurraga, and Juan Pablo Cuevas
FUNDING
Cornershop raises approximately $31M in venture funding
Uber announces acquisition of Cornershop for $1.4B, pivoting from standalone grocery delivery to Uber Eats integration
REGULATORY ACTION
Uber-Cornershop acquisition faces extended regulatory delays in Chile, Mexico, and Brazil allowing competitors iFood, Rappi, and Mercado Libre to consolidate market position
ACQUISITION ATTEMPT
Uber-Cornershop acquisition completed after regulatory approvals; integration into Uber Eats platform begins
SHUTDOWN
Cornershop standalone brand and app retired in most LatAm markets; operations consolidated into Uber Eats
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Documented cause
Cornershop was founded in 2015 in Santiago, Chile by Oskar Hjertonsson, Daniel Undurraga, and Juan Pablo Cuevas, building an on-demand grocery delivery marketplace that expanded to Mexico, Brazil, Colombia, and Peru. The company raised approximately $31M and agreed to be acquired by Walmart for ~$225M in 2018. The Chilean competition regulator rejected the Walmart acquisition in 2019, citing grocery market concentration concerns. Uber then acquired Cornershop for $1.4B in a deal announced in 2019 and completed in 2021 after further regulatory delays in Chile, Mexico, and Brazil. Post-acquisition, Uber integrated Cornershop into Uber Eats, ultimately retiring the standalone Cornershop brand and app in most markets by 2023. The acquisition delay allowed iFood, Rappi, and Mercado Libre to consolidate grocery delivery in LatAm during the COVID surge.
Lesson
“If your exit plan is acquisition by a company that operates in markets where you compete, build a regulatory approval timeline into your earnout. Assume 18 months of regulatory delay in any LatAm jurisdiction with a domestic grocery or logistics concentration concern.”
Failure anatomy
Collapse type
Acqui-hire
📉 MEDIUM
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