Berlin-based food delivery platform Delivery Hero announced on Monday that it has sold $150M (approx €132.4M) worth of stake in the Latin-American delivery company Rappi. In recent months, the company has sold close to its total invested capital in Rappi in a series of transactions.
CEO and co-founder of Delivery Hero, Niklas Östberg, mentioned in a Twitter post that it continues to hold an approximate 7.9 per cent stake in Rappi on a fully diluted basis, which is currently valued at over $400M based on the company’s Series F valuation.
“Rappi’s financial performance is a testament to the company’s overall growth and business model. However, Delivery Hero will continue to exercise a disciplined capital allocation, and focus on investments that are in line with the Group’s strategic vision. Over time, the remaining Rappi shares will be monetised at an appropriate valuation,” Delivery Hero mentions in a statement.
About Delivery Hero
Founded in 2011, Delivery Hero has a network of online food ordering sites operating in 40 countries across Asia, Europe, Latin America, the Middle East, and North Africa. It has also set its foot in the e-commerce sector to bring groceries and household goods to customers’ doorsteps in under seven minutes.
Delivery Hero has been listed on the Frankfurt stock exchange since 2017 and became part of the leading index DAX (Deutscher Aktienindex) in 2020. It is backed by investors including Insight Venture Partners, Luxor Capital Group, Kite Ventures, Team Europe, ru-Net, Tengelmann Ventures, Point Nine Capital, Vostok Nafta, and Phenomen Ventures.
Earlier this month, the food delivery platform signed an agreement to acquire a majority stake in Barcelona-based on-demand delivery startup Glovo. The German company also acquired an additional 39.4 per cent stake in Glovo in exchange for Delivery Hero shares.
In December 2021, Delivery Hero announced that it was looking to scale down foodpanda Germany and has plans to divestiture foodpanda Japan in Q1 2022.
According to a statement, Delivery Hero looks to shift its resources to markets where the growth is ‘highly attractive’, especially in quick commerce, that are expected to generate more value for the ecosystem and shareholders.