Ola announced that it acquired Foodpanda India from the parent company DeliveryHero. The deal gets Ola into the food delivery space, an expansive angle for the Uber rival in the country.
DeliveryHero has taken an undisclosed amount of stock exchange of Ola as Foodpanda’s Indian business gets an ideal umbrella for its own expansion. DeliveryHero has been ‘shopping around’ the Indian business recently and the announcement of today included Saurabh Kochar leaving its leadership “to pursue other opportunities.”
The deal entails Ola investing $200 million in Foodpanda India that includes a claim on 12,000 restaurant partners in 100 cities of the country.
On the other hand, Foodpanda is yet to spark up in India and operation issues like fake listings and more have been pushing things back for them. This seemed to turn around with the deal.
The company is known for not disclosing country-specific business figures but ‘order numbers from “Asia” – which includes India and Southeast Asia – grew 47 percent year-on-year in the recent Q3 2017 period to catch up with Europe.’
Returning to Ola, the company has experience in the food industry, Ola Cafe was a pilot project that got shut down in 2016. It operated in a few tier-one cities for a time period close to one year.
Well, there are numerous scenarios that can be considered regarding the outcomes of the deal but it is for sure that Ola has got a big boost from this deal to compete with Uber.
Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.
Reach our audience with your advertisements
Advertising on TechGenyz delivers results. Build your brand, increase website traffic, generate qualified leads, and drive action with our audience. Select the perfect advertising solutions for your brand.
Recent Post
Leaked: Apple’s official advertising video reveals
- May 26, 2022
How to find the best web development company?
- May 26, 2022
Most Popular
More Stories
Grow Your Business
All Rights Reserved © 2017 - 2022