Foodpanda has acquired Mumbai-based cloud kitchen HolaChef, nearly six months after the latter shuttered its operations. Ola had been in advanced talks to acquire HolaChef since August, per Mint. With this acquisition, Foodpanda plans to launch its own brand of food products. Foodpanda will take over Holachef’s kitchens and equipment and also absorb its employees. Holachef’s founders will join Foodpanda’s leadership.
HolaChef was founded in 2014 and delivered ready-to-eat daily meals prepared in its own kitchens. The startup serviced locations in Mumbai and Pune. The company had cumulatively raised $9.6 million in funding, the last cash infusion of Rs 2 crore was contributed by an individual investor in February this year, per Crunchbase.
- Rs 13 crore from Kalaari Capital and India Quotient (which was also their first investor) in July 2016
- An undisclosed amount from Ratan Tata in September 2015
- Rs 20 crore from Kalaari Capital and India Quotient in June 2015
- Rs 2 crore from India Quotient in February 2015
Holachef is Ola’s second acquisition this year after it acquired Mumbai-based transport ticketing and commuting service Ridlr. Last year, Ola bought Foodpanda. Foodpanda now claims to have over 125,00 delivery personnel and 25,000 restaurant partners.
Food delivery is a crowded space
Foodpanda faces competition from Alibaba and Infoedge owned Zomato and Swiggy, both companies have received cash infusions within the this year:
- This week, Zomato raised $210 million from Alibaba’s payments arm Ant Financial, displacing InfoEdge as majority stakeholder.
- This was a few months after Swiggy raised $210 million from Naspers and DST Global.