Ola is making another entry into the food delivery space by acquiring Foodpanda India from Germany based Delivery Hero Group. . The move will also see Ola invest another $200 million, as it takes on rival UberEats and incumbents like Zomato and Swiggy.
Ola has acquired the third largest player in the food delivery business in India and is focussed on broadening its range of services, including the food delivery segment, after Ola Cafe failed to take off in 2015.
The Delivery Hero Group believes the partnership with Ola, will enable the company to further consolidate markets where it strategically makes sense to collaborate with leading local players.
Saurabh Kochhar, former CEO of Foodpanda India has left the company and Pranay Jivrajka, founding partner at Ola has been appointed as the interim CEO of Foodpanda and will work with the existing leadership team at the company.