May 16, 2019 / 10:06 PM / 9 days ago

Amazon close to buying a stake in UK's Deliveroo -Sky News

May 16 (Reuters) - Amazon.com Inc is in talks to invest hundreds of millions of pounds in UK food delivery app Deliveroo as part of a $575 million fundraising, Sky News reported on Thursday, citing sources.

Deliveroo is likely to unveil the deal in the coming days, Sky News bit.ly/2JKBiSY said, citing the sources.

If a deal is confirmed, Amazon is likely to invest a substantial proportion of the funds raised by Deliveroo in the gig economy, Sky News said.

Amazon declined to comment on the Sky News report and Deliveroo was not immediately available to comment.

The Telegraph newspaper had reported last September that Amazon had made two preliminary exploratory approaches for Deliveroo.

Deliveroo operates in over 100 towns and cities across the UK, working with more than 8,000 restaurants, according to the company's website. According to the company, its algorithm is based on "powerful predictive technology" to determine the most efficient way of distributing orders based on the location of restaurants, riders and clients.

The company says its Editions platform helps restaurants expand to new areas, identifying cuisines that people want but are not available locally and then investing in restaurants to set up in these areas. ($1 = 0.7817 pounds) (Reporting by Rishika Chatterjee in Bengaluru Editing by Leslie Adler)

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