Online takeaway delivery firm Foodpanda is acquiring the Hong Kong assets of US-based Delivery.com as it consolidates its position in key markets while shedding assets elsewhere.
Founded in 2012, Berlin-based Foodpanda expanded rapidly worldwide through nine acquisitions fuelled by $310 million in capital it raised in six tranches, as online takeaway food start-ups enjoyed a frenzy of funding.
Foodpanda, which is 49 per cent owned by German emerging market e-commerce investor Rocket Internet, was active in up to 40 markets a year ago but has pared this back to focus on 24 markets in Asia, Eastern Europe, and the Middle East.
It split off its 10-country Africa business and last month sold its Latin American operations to UK rival Just-Eat.
The merger of Foodpanda with Delivery.com, which focused from the start on takeaway food delivery for office workers, promises to beef up Foodpanda’s corporate business.
“Foodpanda and delivery.com Hong Kong were the first two entrants in this market and working together we will continue to solidify a position of leadership,” President Delivery.com Hong Kong, Didier Bensadoun, said in a statement on Friday.