Global Internet and entertainment group Naspers has increased its stake in online food ordering and delivery marketplace, Delivery Hero to 23.6%, thereby making it the largest shareholder. The company will buy 22,359,857 shares of Delivery Hero from Rocket Internet for €660 million (USD775 million) at a price of €29.50 per share. The deal is subject to regulatory approval and is expected to be completed in the first quarter of 2018.

This is Naspers’ second investment in Delivery Hero, following the $421.3 million it had invested in the company, in May 2017. Following this investment, it held a 10.6% stake.

Note that Rocket Internet’s Delivery Hero had acquired group company Foodpanda, in December last year. At the time, Rocket Internet had a 37.7% stake in Delivery Hero, up from 37.3% in May 2016. While, Rocket Internet held a 49.1% stake in Foodpanda. Surprisingly, earlier this year, Naspers also invested $80 million in the Indian online food ordering and delivery platform, Swiggy.

Foodpanda India

In June this year, Foodpanda launched a third party delivery service for restaurants. The company will now handle delivery of orders placed through both its platform and other competing platforms. The service is currently live in Delhi, Mumbai, Gurgaon, Hyderabad, Mumbai, Pune and Bangalore. Partner restaurants can get all orders delivered by Foodpanda’s logistics team, or opt for the service on a need-to-need basis.

Meanwhile, both its primary competitors – Zomato and Swiggy – have also been busy. While Swiggy picked up investment from Naspers and appointed a new CFO, Zomato consolidated its business by acquiring logistics startup Runnr and home-cooked meals delivery service Tinmen. Recently, it also turned profitable.

When Naspers first invested in Delivery Hero, the company had said that a part of it would be invested in its India operations (read Foodpanda). However, in the same month, Naspers also invested in a direct competitor, which is surprising to say the least. So, it’ll be interesting to watch what happens with Foodpanda’s operations in India.