An online cab provider Ola, which is operated by ANI Technologies Pvt. Ltd has reportedly acquired online food delivery start-up Foodpanda India from Berlin-based Delivery Hero on Tuesday.
While explaining, Bhavish Aggarwal co-founder at Ola said, they are looking to take the Foodpanda India business to the next level.
It was reported that $200 million will be invested more to focus on the value and to grow the business.
Bhavish Aggarwal, co-founder and chief executive at Ola said in a statement, “Our commitment to invest $200 million 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”.
Reports say Foodpanda has 15,000 restaurant partners in across 100 cities in the country.
Niklas Östberg, chief executive and co-founder of Delivery Hero said in a statement, “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”.
It was believed that last year Delivery Hero had acquired Food Panda from Rocket Internet.
It was learned that the deal came after Ola raised $1.1 billion (about Rs7,000 crore) from SoftBank Group and Tencent Holdings to rebuild its position in India.