Online cab aggregator Ola has acquired Foodpanda’s India unit from Germany’s Delivery Hero group, in its attempt to enter food business again. Even though the details about the financials have not been disclosed yet, but as per reports, the all-stock deal is likely to have valued Foodpanda India at around $40 million.
The deal includes transfer of the Berlin-based company’s India business to Ola in exchange for Ola stock, a press statement said.
Let’s remind you that almost 18 months ago, Ola shut down its own food delivery business called Ola Cafe.
“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 $200 million in Foodpanda India will help the business be focused on growth by creating value for customers and partners,” said Bhavish Aggarwal, co-founder and CEO, Ola.