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Ola acquires Foodpanda India; second attempt at food delivery

Ola has announced that it tapping food delivery segment again and is buying Foodpanda India from its Germany-based parent Delivery Hero Group. The company did not share financial details of the deal but said that it includes an exchange of Ola stock. With this deal, Saurabh Kochhar, co-founder and CEO of Foodpanda India has quit the company to pursue other opportunities. Pranay Jivrajka, Founding Partner at Ola, has been appointed as interim CEO of this business unit, supported by the existing leadership team at Foodpanda India. To begin the food delivery segment again, Ola said that it will invest $200 million into the Foodpanda India business. Foodpanda India claims to have around 15,000 restaurant partners across 100 cities in India. Note that, this is Ola's second attempt a food delivery. The cab aggregator had launched OlaCafe in March 2015 in parts of Bangalore, Hyderabad, Delhi and Mumbai, however, the service had shut down after a year. Foodpanda revenues Foodpanda India reported revenues of Rs 62.16 crore for the financial year 2016-2017 (FY 16-17) an increase of 64% from Rs 37.81 crore. Meanwhile, Foodpanda India said that it is working to reduce its losses. For FY16-17, registered a loss of Rs 44.81 crore compared to Rs 142.64  crore in the same year last year. Delivery Hero and Foodpanda history In December 2016, Delivery Hero finally acquired Foodpanda for an undisclosed amount as the food delivery companies decided to consolidate their operations. Note both the companies were housed under Rocket Internet and the two companies had a history of buying…

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