(Bloomberg) -- German rapid delivery startup Flink SE is nearing a deal to buy French competitor Cajoo, according to people familiar with the matter, a move that would give it access to French grocery chain Carrefour SA and strengthen its position in the competitive market.
The acquisition, which would value Cajoo the double-digit million euro range, could be announced in the coming days or weeks, the people said, declining to be identified because the information is private.
Spokespeople for Flink and Cajoo declined to comment, Carrefour media representatives didn’t immediately respond to an email and phone calls seeking comment.
Backed by U.S. food delivery leader DoorDash Inc., Flink -- worth several billion euros in its last funding round -- competes with a spate of rivals to deliver consumers their groceries and produce in minutes in countries including Germany and France.
An acquisition of Cajoo would come at a time investors are decreasingly willing to fund loss-making businesses and provide Flink with a key strategic partner in France.
Under the current plan, the deal would see Carrefour, which has a minority stake in Cajoo, become a minority shareholder in Flink, people familiar with the matter said. Flink had struck a similar deal with German supermarket chain Rewe.
Cajoo offers rapid grocery delivery in some large cities in France, and has struck a deal with Carrefour and a partnership with Uber Technologies Inc.
In France, Flink competes with the likes of Gopuff and Gorillas Technologies GmbH. It’s not the first step toward consolidation in France, coming after Gorillas acquired French competitor Frichti earlier this year, Bloomberg News reported.
Flink last raised $750 million in December from investors led by DoorDash in a partnership that may also yield commercial cooperation.
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