India’s own cab hauling platform Ola, acquired online food ordering and delivery startup, Food Panda in exchange of percentage of Ola’s stock. The deal happened between Germany based “Delivery Hero”, world’s largest online food ordering and delivery marketplace.
Ola will invest $200 million to “Delivery Hero”’s India partnership with Food Panda over a period of time. This will help Food Panda India grow as the most preferred online food delivery service in the nation.
Speaking on the acquisition, Mr Bhavish Aggarwal, Cofounder and CEO of Ola, said, “I’m excited about our partnership with Delivery Hero as we team up to take Foodpanda India to the next level. As one of the India’s pioneers in the food delivery space, Foodpanda has come to be a very efficient and profit focused business over the last couple of years. Our commitment to invest $200mn 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. I look forward to welcoming the Foodpanda India team to the Ola family.”
Mr. Saurabh Kochhar, who has been the CEO of Food Panda India until recently has decided to move on to pursue other opportunities. Mr. Pranay Jivrajka, Founding Partner at Ola, has been appointed as interim CEO of this business unit, supported by the existing leadership team at Foodpanda India.
On this move, Mr. Bhavish also said, “I also thank Saurabh Kochhar for building a wonderful team at Foodpanda India over the last couple of years and wish him the very best in his new endeavours.”
Mr. Bhavish, also tweeted
Very excited to announce our partnership with @deliveryherocom as we welcome the team of @foodpandaIndia onboard @Olacabs. We aim to create India's best online food service experience with Foodpanda‘s wonderful team! https://t.co/fithklcCkW (1/2)
— Bhavish Aggarwal (@bhash) December 19, 2017
Mr. Sourav Kochhar, tweeted
Feels like a lifetime!! Super happy that all our hard work gets recognised. Thanks team @foodpandaIndia for all your love and support. Its been a pleasure! You all will be forever close to my heart. Cheers to new beginnings 🙂 https://t.co/6su7TxOFlR
— Saurabh Kochhar (@saurabhkochhar) December 19, 2017
Recently, bangalore based Ola, raised $ 1.1 billion from SoftBank Group and Tencent Holdings and is awaiting to further receive another $ 1 billion from the investors.