18 March, 2016, Hong Kong: FoodPanda has revealed in its latest statement that it has acquired the operations of delivery.com in Hong Kong. With this merger, FoodPanda is aiming to strengthen its footholds in food delivery business in Hong Kong.
Delivery.com is an online platform and suite of mobile apps that enables users to order from local restaurants and stores for on-demand delivery. With one million active users under its belt, the Delivery.com covers around 12,000 restaurants in Hong Kong. Headquartered in New York, the company pumps its major revenue from its ventures spread across the length and breadth of USA.
On the other hand, FoodPanda, has been rapidly increasing its reach globally and this acquisition marks its ninth one till now. It has also managed to raise a capital of US $310 million in six tranches, as online takeaway food start-ups enjoyed a frenzy of funding.
“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,” said, Didier Bensadoun, President, Delivery.com Hong Kong.
The move shows that online food delivery is moving into a phase of consolidation and cost control amid a wider retreat in venture backing after a wave of costly, pell-mell acquisitions. Foodpanda entered the teeming Hong Kong takeaway market in 2014, around the same time Delivery.com arrived. It subsequently bought up other local delivery startups Koziness and Dial a Dinner, reports Reuters.