Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Delivery Hero acquires Rocket Internet-backed start-up Foodpanda
BackBack

Delivery Hero acquires Rocket Internet-backed start-up Foodpanda

Rocket Internet, a backer of both firms, said the combined business of Delivery Hero and Foodpanda will process more than 20 million orders a month and operate in 47 countries

Photo: Ramesh Pathania/MintPremium
Photo: Ramesh Pathania/Mint

Los Angeles: Delivery Hero Holding GmbH is acquiring Foodpanda, bringing together two top food delivery start-ups based in Germany.

Rocket Internet SE, a backer of both companies, said the combined business will process more than 20 million orders a month and operate in 47 countries. The German start-up investor said the deal will increase its Delivery Hero stake to 37.7%.

Europe is overrun with online food delivery companies, and Rocket has helped drive investor enthusiasm. The firm was involved in six of Europe’s 10 largest private investments in food delivery last year, according to data from Tech.eu.

Also read: How Rocket Internet got entangled in its own web

Delivery Hero and Foodpanda have raised more than $1.5 billion combined, according to data compiled by Bloomberg. In addition to Rocket, their backers include Goldman Sachs and Insight Venture Partners. Bloomberg

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 10 Dec 2016, 04:03 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie