Indian ride-hailing app Ola has purchased the Indian operations of Foodpanda, the mobile food delivery firm based in Berlin.
In an official statement released on Tuesday, Ola stated that Foodpanda's India business will be transferred to Ola in exchange for the online transportation network company's stock.
Foodpanda, previously owned by Germany's Rocket Internet, was sold to its larger rival Delivery Hero, last year, after the German firm chose to reshuffle its portfolio of businesses.
Under the agreement, Ola, owned by ANI Technologies, will also commit to investing $200 million in foodpanda's India business. Also, Saurabh Kochhar, who was the CEO of Foodpanda India until recently, has made a decision to depart to pursue other opportunities. Foodpanda India will now be headed by Ola's founding partner Pranay Jivrajka, the company said in a press statement.
Ola rival Uber already offers UberEATS online meal ordering and delivery platform, and with Foodpanda acquisition, one can expect Ola to offer a similar service within its app. More significantly, the company's losses have also narrowed down to 69 percent which is Rs. 44.81 crore compared to Zomato's reported loss of Rs 389 crore and Swiggy's widening loss of Rs 205 crore. Importantly, this announcement adds a new dimension to India's brutal food delivery war and Ola's ongoing cab rivalry with Uber. In 2014 Ola entered into the food delivery space with Ola Cafe operating in four major cities, Delhi, Mumbai, Bengaluru, and Hyderabad. Foodpanda claims it has over 15,000 restaurants listed on its platform across 100 cities in India.
Speaking on the deal, Ola Co-founder and CEO Bhavish Aggarwal said, "I'm excited about our partnership with Delivery Hero as we team up to take Foodpanda India to the next level".
According to Jefferies, Zomato is now processing 2.5 million orders per month in India, while Swiggy, the market leader, is clocking 3 million to 4 million orders a month. Ola's $200 million commitment for the business is significant since it's their second attempt in food-delivery.
Niklas Östberg, Chief Executive Officer and Co-founder of Delivery Hero AG, said, "The partnership with Ola will allow us to further consolidate markets where it strategically makes sense to collaborate with leading local players".
The food-ordering business was able to increase its revenues from Rs 37.78 crore in FY16 to Rs 62.16 crore in FY17, according to filings with the Ministry of Corporate Affairs.
One of the two jewels in German internet firm Rocket Internet SE's India crown, Foodpanda's fire sale has been a face-saving one for the incubator to exit the country after its washout show with Jabong's sale in July 2016.
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