Sci-tech

Ola to acquire Foodpanda India; commits investment of $200 million

Ola to acquire Foodpanda India; commits investment of $200 million

Cab aggregator Ola is once again setting its foot into the food delivery space by acquiring Foodpanda India from Germany based Delivery Hero Group.

Foodpanda India is expected to benefit from Ola's scale and efficiencies as a platform, also having leveraged learnings from Delivery Hero's global best practices.

With this new development, Ola Founding Partner Pranay Jivrajka has taken over as interim CEO of this business unit, supported by the existing leadership team at Foodpanda India, while ex-CEO and co-founder Saurabh Kochhar has chose to move on to pursue other opportunities.

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"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", Ola said. The company had recently announced a tie-up with Zomato to enable food via from its in-car Ola Play platform. That Uber Eats has been able to deliver 10,000 orders a day only seven months after its India launch, as against Foodpanda's 40,000 orders a day five years after it launched, may have inspired Ola to jump into the fray, added Kumar, who says Ola's domain knowledge of hyper-local markets will be of help.

"At the same time the equity stake in Ola will allow Delivery Hero to participate in the long term Indian food delivery opportunity", it said.

The competition has been intense in the segment with the likes of Zomato and Swiggy fighting aggressively to capture the market.

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According to Jefferies, Zomato is now processing 2.5 million orders per month in India, while Swiggy, the market leader, is clocking 3 million to 4 million orders a month. In December 2016, parent Foodpanda was acquired by Delivery Hero, one of the leading global players in food ordering and delivery marketplace, which went public with a $ 1.1 Bn IPO in June 2017.

Delivery Hero which is one of the biggest startups in Europe, acquired Foodpanda a year ago in December. In order to take advantage of the market's growth potential, it has committed to investing $200m to expand Foodpanda's India business, which has 12,000 restaurant partners in over 100 cities. As part of the deal, Ola will also invest $200 million in Foodpanda India's operations.

While Ola will inherit a loss-making business from Delivery Hero, Foodpanda India has been able to cut its losses from Rs 142.63 crore in FY16 to Rs 44.81 crore in FY17.

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The platform, now available on both mobile (application) and desktop features over 15,000 restaurants from across 100 plus Indian cities, claims it has registered a profit on every order fulfilled and that it expects to be profitable in 2018-19.


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