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Ola acquires Foodpanda India from Delivery Hero, to invest $200 million

New Delhi: Ola, operated by ANI Technologies Pvt. Ltd, has acquired online food delivery start-up Foodpanda India from its German parent Delivery Hero AG in an all-stock deal that will see the ride-hailing firm infuse $200 million in Foodpanda India’s operations. Under the deal, Foodpanda’s India business will be transferred to Ola in exchange for the latter’s stock. The share-swap arrangement and details of the transaction were not disclosed. The deal marks Ola’s foray into the online food ordering and delivery segment, a business shaped in India by the likes of Zomato and Swiggy, and one where Ola’s biggest rival, Uber Technologies Inc., has been making strides through its unit UberEATS. Ola too tested what it called Ola Cafe in 2014, but shut down the unit shortly after. The collaboration between Ola and Foodpanda India unlocks the power of a partnership that will help Foodpanda India grow as the most preferred online food delivery service in the country, Ola said in a statement Tu…
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