Online food takeaway service Delivery Hero has snapped up rival Foodpanda in a move that will sure up its earnings across Europe and Asia amid greater competition from Deliveroo and Uber.
Terms of the deal have not been disclosed but the Berlin-based business said the acquisition bolsters its “global leadership position” in online food and delivery.
The combined business is tipped to process over 20 million orders per month across 47 countries. Indeed, Foodpanda will add 20 new countries in Eastern Europe, MENA and Asia to Delivery Hero’s business, which currently handles around two million monthly orders across the 22 countries it operates in, of which it claims it is the market leader in 17 of them. Additionally, the online food business said Foodpanda will allow it secure its market leadership position in the Middle East.
Delivery Hero bought the business from Rocket Internet, which also has a stake in it. Rocket Internet said the deal will increase its stake in Delivery Hero to 37.7%
Delivery Hero like Just Eat face disruption from Deliveroo and Uber on a similar scale to the way they shook up the online takeaway industry several years ago. As such. Just Eat has already set up an accelerator scheme.