Amazon is (cautiously) returning to the food delivery market. But first...
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• Account holders at bankrupt crypto firm Voyager probably won’t get all their money back
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• Wait times for chip delivery got a little better in June
The Amazon-Grubhub alliance
Grubhub, the struggling US meal-delivery business, is getting a second chance. On Wednesday, the company announced that it was teaming up with retail behemoth Amazon.com Inc., which is adding food delivery as a perk for millions of Amazon Prime members.
With the deal, Prime customers can get online food takeout with no delivery fees through a one-year Grubhub+ membership. As part of the tie-up, Amazon will get an initial option to take a 2% stake in Grubhub, and an additional 13% stake if the partnership goes well.
The agreement comes at a crucial time for Grubhub. In-person restaurant dining has gradually returned after pandemic lockdowns, while inflation has squeezed household budgets—meaning Americans’ appetite for takeout isn’t what it used to be. At the same time, Grubhub has fared poorly compared with its rivals. The Chicago-based subsidiary of Just Eat Takeaway.com NV has lost 10 percentage points of market share to DoorDash Inc. and Uber Technologies Inc. since the start of the pandemic, according to market research firm YipitData.
Just Eat Takeaway has stumbled, too: Its stock price plummeted almost 80% since it completed its acquisition of Grubhub in June 2021. More recently, it’s been desperate to sell the unit altogether to stem the losses.
But now, with the Amazon deal, Grubhub is suddenly back in contention. “The transaction essentially creates a more relevant No. 3 player after years of market share loss,” said CFRA analyst Angelo Zino. (DoorDash’s stock fell as much as 11% on the news.) And while Just Eat Takeaway doesn’t expect the deal to boost Grubhub’s cash flow and earnings until 2023, it could burnish its appeal to prospective buyers, Zino said.
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