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Wal-Mart buys delivery logistics startup Parcel
October 3, 2017 / 5:18 AM / 2 months ago

Wal-Mart buys delivery logistics startup Parcel

Oct 3 (Reuters) - Wal-Mart Stores Inc 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 Amazon.com Inc.

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. bit.ly/2wv4iV7

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 Jet.com 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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