Postmates X, the robotics division of the on-demand delivery startup that Uber acquired last year for $2.65 billion
Postmates X, the robotics division of the on-demand delivery startup that Uber acquired last year for $2.65 billion, is seeking investors in its bid to become a separate company, according to several people familiar with the plans.
The startup is being referred to as Serve Robotics, a nod to the yellow and black-emblazoned autonomous sidewalk delivery bot that was developed and piloted by Postmates X. The Serve robot, which recently partnered with Pink Dot Stores for deliveries in West Hollywood, will likely be the centerpiece of the new startup.
Postmates X, the robotics division of the on-demand delivery startup that Uber acquired last year for $2.65 billion, is seeking investors in its bid to become a separate company, according to several people familiar with the plans.
The startup is being referred to as Serve Robotics, a nod to the yellow and black-emblazoned autonomous sidewalk delivery bot that was developed and piloted by Postmates X. The Serve robot, which recently partnered with Pink Dot Stores for deliveries in West Hollywood, will likely be the centerpiece of the new startup.
The spinoff would be in line with Uber’s streamlined business strategy that began to take shape after its public market debut in May 2019 and accelerated last year as the COVID-19 pandemic put pressure on the ride-hailing company. Two years ago, Uber had enterprises across the transportation landscape, from ride-hailing and micromobility to logistics, public transit, food delivery and futuristic bets like autonomous vehicles and air taxis. CEO Dara Khosrowshahi has dismantled the everything-but-the-kitchen-sink approach as he pushes the company toward profitability.
In 2020, Uber offloaded shared scooter and bike unit Jump in a complex deal with Lime, sold a stake worth $500 million in its logistics spinoff Uber Freight and rid itself of its autonomous vehicle unit Uber ATG and its air taxi play Uber Elevate.
Aurora acquired Uber ATG in a deal that had a similar structure to the Jump-Lime transaction. Aurora didn’t pay cash for Uber ATG. Instead, Uber handed over its equity in ATG and invested $400 million into Aurora, which gave it a 26% stake in the combined company.
In a similarly crafted deal, Uber Elevate was sold to Joby Aviation in December.