Germany-based Delivery Hero Group on Tuesday announced the sale of its Foodpanda India business to Ola in return for shares in the Indian ride-hailing app.
Ola, which is flush with funds after raising $1.1 billion in October from Chinese internet behemoth Tencent Holdings, has committed an investment of $200 million into Foodpanda.
“Ola stands to gain from acquiring Foodpanda as it will acquire millions of new customers who it can cross-sell and up-sell in order to garner a larger slice of the customers’ wallet. ‘Travel’ and ‘Food’ constitute two of the biggest spends by customers. With this acquisition, Ola will entrench itself in another major spend area of a customer,” said Sanchit Vir Gogia, Chief Analyst, Founder and CEO of Greyhound Research.
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Sanchit Vir Gogia: Sanchit is the Chief Analyst, Founder & CEO of Greyhound Knowledge Group, a Global Strategy & Transformation Research, Advisory & Consulting Firm. To read more about him, click here.
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