Grace Ashiru
It was recently disclosed that the global consumer internet firm Prosus, which is majority-owned by the South African online group Naspers, has agreed to purchase the remaining 33.3% ownership in iFood.
iFood is an online food delivery business that operates in Brazil and currently holds more than 80 percent of the market share in the country’s food delivery industry.
The minority investment in the company will be purchased from Just Eat Holding Limited for a total price of €1.5 billion (about $1.5 billion) in cash, with additional potential consideration of up to €300 million (approximately $300 million). After the purchase, Prosus and Movile, an affiliated company of Prosus, will possess iFood in its entirety (a Brazilian investor in tech firms).
iFood was initially an online meal ordering service when it was established in 2013 by Fabricio Bloisi. Since its inception, iFood has rapidly expanded into a market leader with a reputation for innovation.Today, the company operates in a variety of industries, including but not limited to food delivery, supermarket, rapid commerce, and fintech.
Prosus Food CEO Larry Illg made these remarks about the impending acquisition: “iFood has established itself as a technological leader in Brazil,” and “its success places it among the most inventive food delivery companies around the globe.”
The Brazilian meal delivery market has risen dramatically over the previous four years. I am ecstatic that they maintain such a strong belief in our vision and ability to build a successful business of which Brazilians can continue to be proud.
Together, we will design a platform of services that will serve Brazilian customers, delivery partners, restaurants, and others with the highest possible satisfaction in food, grocery delivery, and finance.
iFood is the latest addition to the extensive portfolio of online food delivery companies owned by Prosus. Other companies in this portfolio include Swiggy, which operates in India, and Delivery Hero, which operates in more than 50 countries.
Additionally, the corporation is an active investor in neighboring businesses such as Flink, Foodies, Oda, and Sharebite.iFood is the latest addition to the extensive portfolio of online food delivery companies owned by Proses. Other companies in this portfolio include Swiggy, which operates in India, and Delivery Hero, which operates in more than 50 countries. Additionally, the corporation is an active investor in neighboring businesses such as Flink, Foodies, Oda, and Sharebite.
