Rocket Internet Expands Stake in Delivery Hero and Foodpanda
It increased its shares in Delivery Hero to close to 40 percent and increased share in foodpanda to 52 percent.
Rocket Internet AG (Rocket Internet) announced key strategic transactions to further strengthen its position in the global online takeaway market.
Capitalizing on the significant and rapidly developing opportunities in the online food & groceries sector, Rocket increased its ownership in Delivery Hero through the contribution of the recently acquired Middle Eastern online food takeaway company Talabat and the acquisition of shares from existing Delivery Hero investors for EUR 52 million.
Upon closing of these transactions, Rocket’s stake in Delivery Hero amounts to around 39 percent. Based on its scale and geographic coverage, Delivery Hero, with its 24 countries and 62.6 million annualised orders (based on December 2014 figures) is a key component of the Global Online Takeaway Group, complementing foodpanda and the two recent investments in La Nevera Roja (Spain) and Pizzabo (Italy).
The Delivery Hero management foresees order and gross merchandise volume growth of more than 150 percent relative to the same quarter of the year before with GMV in Q1 expected to amount to around EUR 250 million and net revenues in excess of EUR 30 million (+120 percent compared to Q1 2014). Rocket furthermore announced a EUR 104 million funding round in foodpanda to capitalise on the significant growth opportunities and to allow for further selective investments in key markets.
Rocket which is participating with an investment of EUR 37 million in this funding round, is purchasing additional shares from existing shareholders and has received shares formerly held through Latam Internet Group through a share dividend thus increasing its direct ownership stake in foodpanda from below 50 percent to approximately 52 percent.
Rocket intends to contribute its 11.4% stake in Yemeksepeti, the online takeaway market leader in Turkey, to the Global Online Takeaway Group. Yemeksepeti is present in 63 cities in Turkey and cooperates with nearly 10,000 restaurants.
Combining all investments in the sector including foodpanda, Delivery Hero, Talabat, La Nevera Roja, Pizzabo and Yemeksepeti, the Global Online Takeaway Group operates today in 71 countries – being number one in 58 of them – and works with 142 thousand restaurants and processes 84 million orders based on annualized December 2014 figures.
