India's largest ride-share company Ola is making an entry into the food delivery space.This is the second attemp.After the ola cafe venture failed, this time by acquiring Foodpanda India from Germany based Delivery Hero Group, Ola is making grand comeback.
While the companies did not disclose the details of the deal size, sources have pegged the stock-based acquisition at under $50 million. 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.