Japan's SoftBank Group Corp.-backed ride-hailing firm in India is foraying into the food delivery business, by acquiring online food delivery service Foodpanda GmbH's local business from Germany-based Delivery Hero AG in exchange for its shares.
ANI Technologies Pvt. Ltd., the provider of the leading ride-hailing app Ola, also plans to invest $200 million in Foodpanda India to expand the business while building an online food delivery ecosystem in the country in partnership with Delivery Hero AG, a global leader in online food delivery, the companies said.
The investment in Foodpanda India "will help the business be focused on growth by creating value for customers and partners," Bhavish Aggarwal, co-founder and CEO of the Ola operator, said in a recent statement.