In an unexpected move, India's homegrown cab-hailing service provider Ola has announced that it has acquired food-tech startup Foodpanda India in an all-stock deal from its parent company Delivery Hero.
The deal will see Ola scoop up the Foodpanda India business with DeliveryHero taking an undisclosed amount of Ola stock in exchange.
Saurabh Kochhar, CEO of Foodpanda India has made a decision to move on and will not continue with the company. Ola's founder partner, Pranay Jivrajka has been appointed as Interim CEO of this Business Unit.
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Ola, a popular mobility platform, today committed to invest $ 200 million into the Foodpanda India business, by far the largest such fund infusion in India's online food ordering and delivery industry thus far.
"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. With Delivery Hero's global leadership and Ola's platform capabilities with unique local insights, this partnership is born out of strength", Bhavish Aggarwal, chief executive at Ola, said in a statement.
The organization is in the state of mind for development after it shut a $1.1 billion subsidizing round drove by Tencent and SoftBank in October and looking for approaches to separate itself from Uber's Indian business. Apart from this, the current Leadership Team of Foodpanda India will continue to cooperate.
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Foodpanda had a roller coaster ride with hick ups in operations, including fake listings and unreliable deliveries. Delivery Hero operates in more than 40 countries in Europe, the Middle East and North Africa. But given that this time it is pegging its fortunes to a business with scale, Ola just might emerge second time lucky. Comapnies such as Swiggy, Zomato are already in the fray. Interestingly, archrival Uber launched its food delivery business, uberEATS, in India earlier this year.
Swiggy is supported by Naspers and raised close to $100 million this previous year, Zomato scaled to achieve gainfulness and ventured into coordinations while global goliaths Uber (UberEats) and Google (Aero) entered the space with at first restricted administrations.
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