DoorDash’s Grocery Battle

It's Benzinga, bringing Wall Street to Main Street. DoorDash is expanding its competition with Amazon and Walmart through its $17 billion acquisition of Instacart, according to the Wall Street Journal. The combined company would control 19% of U.S. online grocery sales, compared with Amazon's 40% and Walmart's 27%. DoorDash shares fell 9.4% Thursday, following news of an Amazon-UberEats partnership. DoorDash's larger delivery network, with millions of drivers compared to Instacart's 600,000 shoppers, could improve the speed and efficiency of Instacart's deliveries. Instacart has nearly 600,000 shoppers, while DoorDash has millions of delivery drivers. DoorDash has not disclosed how many dark stores it operates, or how many it needs to support its grocery delivery ambitions, leaving investors uncertain about its strategy. DoorDash shares trade at about 40 times forward earnings, down from more than 70 times at the end of last year. For all things money, visit Benzinga.com.