Foodpanda raises EUR 387 million from Naspers

NEW DELHI: Online food delivery app Foodpanda said that that Naspers is investing EUR 387 million ($431.45 million USD) into parent company Delivery Hero, primarily into newly issued shares and at a valuation in line with Delivery Hero’s previous valuation.

This investment will help fuel foodpanda fuel growth plans and strengthen India position.

On the announcement, Saurabh Kochhar, CEO, foodpanda India, said, “We are constantly looking to strengthen and enhance our food ordering and delivery experience. We recently launched the India app and have made significant investments in technology and delivery ecosystem. This funding will help further our goals in making the foodpanda experience impeccable, for each of our customer. ”

With this development, Naspers will also be represented with one member on Delivery Hero‘s Supervisory Board. Niklas Östberg, CEO of Delivery Hero, said: “We are delighted to welcome such a renowned and strong investor with a proven track record in building successful platforms around the world. Naspers’ capital and knowhow will support our growth momentum as we continue to focus on creating an amazing takeaway experience.”

Bob van Dijk, CEO of Naspers, said, “Food ordering and delivery presents an attractive opportunity for us. It is a large, underpenetrated, and growing market with potential for success across a broad range of geographies that Naspers knows well. Delivery Hero has already achieved significant traction in some markets, but we believe that the vast majority of high-growth markets are at the beginning of the opportunity cycle.”