What's fueling the bruising three-way price war between Latin American ride-hailing and food-delivery companies? Billions of SoftBank dollars.
MEXICO CITY—For two years, the legendary late-night snack spot El Moro relied on Uber Eats to deliver its churros and hot cocoa to takeout customers across the capital. Then, in late 2018, it dumped the Uber Technologies Inc. app for an exclusive deal with rival delivery startup Rappi Inc.
“Rappi pursued us really aggressively,” said Santiago Iriarte, El Moro’s chief executive. The Colombian company offered to make deliveries for 10% of the price of an order, compared with Uber’s 30%.
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