Foodpanda gobbles up Hong Kong operations of delivery.com as growth of food-delivery industry spurs consolidation
Germany headquartered company recorded 500 per cent growth in orders in Hong Kong last year as industry takes off
Online delivery start-up foodpanda, which is headquartered in Berlin but operates in 40 markets, has acquired the Hong Kong operations of New York-based delivery.com, accelerating the consolidation of the city’s crowded food delivery market.
Backed by Frankfurt-listed Rocket Internet, foodpanda said it has acquired the business of one of its local rivals in Hong Kong to grow its base of corporate clients. The size of the deal was not disclosed.
READ MORE: Is Hong Kong ready for food deliveries by drone? Foodpanda talks up full automation and new markets
“The [delivery.com] team has built an excellent operation in one of our key markets and will help foodpanda continue to drive high growth here,” said Ralf Wenzel, chief executive officer of foodpanda.
This is the fourth such acquisition foodpanda has made in Hong Kong after it snapped up food ordering companies Koziness, Dial a Dinner and Maidan last year.
Foodpanda’s acquisitions have been fuelled by more than US$300 million raised through a series of funding rounds.
Online food delivery services have been growing globally and Hong Kong is no exception with foodpanda, its sister company foodora, delivery.com and London-based Deliveroo entering the market in the past two years.