In its history this startup gathered $ 318 million, including $ 100 million from Goldman Sachs. On the other hand Delivery Hero, which bought Foodpanda shares from Rocket Internet, earned a total of $ 1.33 billion. Another consolidation on the market of on-line food ordering, during which a larger giant acquires a smaller giant. The objective? To gain exposure to Asian markets, where Foodpanda has developed widely.
The terms of the acquisition remain undisclosed. The transaction is expected to close before the end of 2016. Yet, it is known that Foodpanda will add 20 new countries in Eastern Europe, MENA and Asia to Delivery Hero’s portfolio. So far it has been processing about 2 million orders per month within 22 countries, claiming to be the market leader in 17 of them. The combined group is supposed to process over 20 million orders across 47 countries per month.
Both, Delivery Hero and Foodpanda, are headquartered in Berlin and started very much as rivals. Nowadays Europe is home to many active international firms in the online food takeaway industry. They are counting on their local bounds, established customer relations and widespread restaurant networks to eliminate new competition.