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19
December 2017
 |
Ola (The Total Investment
& Insurance Solutions)
Cab
aggregator Ola on Tuesday said it will acquire Foodpanda India business from
Germany-based global online food ordering and delivery marketplace Delivery
Hero Group for $200 million. The Total Investment
& Insurance Solutions
"Our
commitment to invest $200 mn 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," said Bhavish
Aggarwal, Co-founder and CEO at Ola. The
Total Investment & Insurance Solutions
According
to the cab aggregator platform's statement, the deal includes the transfer of
Foodpanda's India business to Ola in an acquisition deal in exchange for Ola
stock. The Total Investment &
Insurance Solutions
The
company also said Founding Partner at Ola, Pranay Jivrajka has been appointed
as interim CEO of this business unit, supported by the existing leadership team
at Foodpanda India.
"Saurabh
Kochhar, who was the CEO of Foodpanda India until recently, has decided to move
on to pursue other opportunities," Ola said in a statement.
The
statement said Foodpanda India will benefit from Ola's scale and efficiencies
as a platform, also having leveraged learnings from Delivery Hero's global best
practices. The Total Investment &
Insurance Solutions
"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," said Niklas Ostberg, CEO and Co-founder of Delivery Hero
AG.The Total Investment & Insurance
Solutions
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