Indian cab hailing service Ola has snapped up Foodpanda India from its German head company Delivery Hero AG in an all-stock deal to combat rival Uber’s UberEats.
As part of the deal, SoftBank backed Ola will invest $200m in Foodpanda India’s operations. Foodpanda’s India business will be handed over to Ola in exchange for the latter’s stock.
The deal further aims to establish Foodpanda as the most preferred online food delivery service in the country.
Pranay Jivrajka, founding partner at Ola, has been appointed as interim chief executive officer of this business unit Read full story ›
Source: The Drum
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