By Scott Kanowsky
Investing.com -- DoorDash Inc (NYSE:DASH) has announced a partnership with Canadian grocery chain Loblaw (TSX:L), as the U.S. delivery service looks to expand its offerings in response to growing competition and a market downturn for tech stocks.
In a statement, DoorDash said the move will make items available for at-home delivery in under 30 minutes through its own online platform or Loblaw's "President's Choice" unit. The service will be rolled out in several Canadian cities, including Toronto, Vancouver, Calgary, and Kitchener.
The companies did not provide details about the financial terms of the deal.
The agreement comes as DoorDash has seen its share price fall by more than 60% over the past year, as rising interest rates have partly contributed to flagging confidence in tech companies. DoorDash has also faced fierce competition from rivals like California-based startup Instacart.
Instacart also has a grocery deal in place in Loblaw, but without the offer of a sub-30 minute expected delivery time.
DoorDash shares were trading slightly higher in early U.S. trading on Wednesday.