Ola acquires Foodpanda's India business

Updated:8 years, 6 months ago

New Delhi, Dec 20 (ANI): Ride-hailing firm Ola announced on Tuesday that it will acquire Foodpanda's India business from parent Delivery Hero in an all-stock deal. Ola has also committed investments of $200 million in the Foodpanda India business. This is Ola's second try at building a food delivery business after it shut down Ola Cafe in 2016. While the companies did not divulge details of the deal, Foodpanda is expected to be valued at $40-50 million. "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. 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. Foodpanda India has about 15,000 restaurants in 100 cities listed on its platform.

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Ola acquires Foodpanda's India business

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