acquire Foodpanda’s India business from Delivery Hero Group
- Ola commits to investing $200mn in Foodpanda
Ola, India’s most
popular mobility platform, today announced its partnership with Germany
based Delivery Hero Group (“Delivery Hero”), the leading global online food
ordering and delivery marketplace. This deal includes the transfer of
Foodpanda’s India business to Ola in an acquisition deal in exchange for Ola
stock. This collaboration between India’s largest online platform and a
global leader in online food delivery, unlocks the power of a partnership that
will help Foodpanda India grow as the most preferred online food delivery
service in the country.
India will benefit from Ola’s scale and efficiencies as a platform, also having
leveraged learnings from Delivery Hero’s global best practices. Ola and
Delivery Hero will continue to collaborate on building the online food delivery
ecosystem in India. Ola has also committed to invest $200mn into the Foodpanda
India business, by far the largest such fund infusion in India’s online food
ordering and delivery industry thus far.
Kochhar, who was the CEO of Foodpanda India until recently has decided to move
on to pursue other opportunities. Pranay Jivrajka, Founding Partner at Ola, has
been appointed as interim CEO of this business unit, supported by the existing
leadership team at Foodpanda India.
Aggarwal, Co-founder and CEO at Ola, said,
“I’m excited about our partnership
with Delivery Hero as we team up to take Foodpanda India to the next level. As
one of India’s pioneers in the food delivery space, Foodpanda has come to be a
very efficient and profit focused business over the last couple of years. Our
commitment to invest $200mn in Foodpanda India will help the business be
focused on growth by creating value for customers and partners. With Delivery
Hero’s global leadership and Ola’s platform capabilities with unique local
insights, this partnership is born out of strength. I look forward to welcoming
the Foodpanda India team to the Ola family.” He added, “I also thank Saurabh Kochhar for building
a wonderful team at Foodpanda India over the last couple of years and wish him
the very best in his new endeavours.”
Östberg, Chief Executive Officer and Co-founder of Delivery Hero AG, said, “The
partnership with Ola will allow us to further consolidate markets where it
strategically makes sense to collaborate with leading local players. At the
same time, we consider our stake in Ola as a very valuable asset, while Ola's
investment commitment in Foodpanda India is a clear and confident signal to the
Indian market.” He added,
“The Foodpanda India team has done a tremendous job building the business and
we look forward to supporting them and the Ola team in the future."
menus from 15,000+ restaurants across 100+ cities in India available on its
cutting edge app and website, Foodpanda is leading people discover and order
great food from around them, every day.
in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati, Ola
(formerly Olacabs), is India’s most popular mobility platform. Ola integrates
city transportation for customers and driver partners onto a mobile technology
platform ensuring convenient, transparent and quick service fulfillment. Ola is
committed to its mission of building mobility for a billion people. Using the
Ola mobile app, users across 110 cities can book from over 800,000 vehicles
across cabs, auto-rickshaws and taxis. Ola has also introduced a range of
shared mobility services on its platform like Ola Shuttle and Ola Share for
commute and ride-sharing respectively. The app is available on Windows, Android
and iOS platforms.
Hero is the leading global online food ordering and delivery marketplace with
number one market positions in terms of restaurants, active users and orders in
more countries than any of its competitors and online and mobile platforms
across 40+ countries in Europe, the Middle East & North Africa (MENA),
Latin America and the Asia-Pacific region. Delivery Hero also operates its own
delivery service primarily in 60+ high-density urban areas around the world.
The Company is headquartered in Berlin and has over 6,000 employees in addition
to thousands of employed delivery drivers.