Online food ordering service Delivery Hero buys Foodpanda.
The two companies have been rivals since both came into operating online food delivery services.
Ralf Wenzel, Food panda’s CEO said,
“I am delighted to join forces with Delivery Hero and be part of a global platform that will help us grow and with which we share a common vision,”
Foodpanda is present in 22 countries including India, Thailand, Pakistan, Singapore, Malaysia, Taiwan, Bangladesh, Hong Kong, Philippines, Brunei, Saudi Arabia, United Arab Emirates, and Egypt.
In exchange of this deal Delivery Hero expects to get, its stake in the company to 37.7 per cent. The German unicorn paid US$586 million for a 30 per cent stake in Delivery Hero last year. The deal is to finalize in the early next year.
Delivery Hero is funded to the tune of US$1.33 billion spread across 11 rounds.
Hope this deals bring benefits to both the companies.