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Uber TechnologiesannouncedTuesday that it will bribe the Taiwan unit of Delivery Hero ’s Foodpanda for $ 950 million in John Cash . The deal is part of Uber Eats ’ strategy to boom in Asia , specifically by strengthening its position in Taiwan . On the other hand , it also underscore Delivery Hero ’s on-going retreat from that same grocery store : The sales event is coming at the same prison term that Delivery Hero has been try on to sell off a package of its other cognitive operation across Southeast Asia .
As part of the transaction , Uber is also taking a stake in Delivery Hero . It will buy $ 300 million in new issued average shares of the Germany - based business , which operates solid food livery services around the globe .
The deal , one of the biggest cross - border acquisitions out of Taiwan , will be completed in the first half of 2025 , Uber said .
After it close , Foodpanda ’s local consumer , merchant and delivery partners will be transitioned to Uber Eats , per the instruction .
Uber Eats and Foodpanda dominatethe food legal transfer mart in Taiwan . According to a recent paper , from January 2022 to August 2023 , Foodpanda led the market with 52 % of the market share , while Uber Eats had 48%.Other food delivery players , such as Foodomo and a plethora of other degenerate nutrient delivery apps , respectively answer for for less than 2 % and 6 % of Taiwan ’s market part .
“ Taiwan is a ferociously competitive market , where online nutrient delivery platforms today still represent just a small part of the food bringing landscape painting . We ’re so excited about the opportunity to bear even dandy appliance and value that this transaction would unlock in the years ahead , ” enjoin Pierre - Dimitri Gore - Coty , senior vice president of delivery at Uber .
Uber state synergies from the mess are anticipate geographically . “ Consumers support to benefit from the combining of Uber ’s wider selection across northerly Taiwan and in major urban center with Foodpanda ’s comparative long suit in southerly Taiwan and smaller metropolis , ” it mark .
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Taiwan ’s on-line intellectual nourishment deliverymarket is projected to reach around $ 68.5 million by 2029 , up from $ 51.3 million in 2024 .
solid food delivery has seen a heap of ups and down as a wide market : Unit economic science and a struggle to reach better economies of graduated table in competitive market have led to a heap of integration and once - globally - ambitious player retreating to home plate marketplace for the moment .
This has played out in an especially unspeakable way in the “ crying grocery ” market . Collectively , one million million of dollar mark of fund-raise from a wide number of investor have been wiped out as startups fold up or get acquire by bigger players , sometimes for pennies on the buck . Then thosebigger players themselves downsize , as in the case with Getir in April .
Taiwan has a well - established nutrient delivery industry across a hard topography , making it an “ attractive ” marketplace for Uber , psychoanalyst at Bernstein musical note .
“ Top - down , GDP / capita levels are good versus Asia loosely , and Uber chuck is well positioned , ” Bernstein ’s analyst pen , add that Taiwan ’s business funnel shape is especially strong , with an average of seven monthly orders per drug user , versus the 3 - 5x that Bernstein say it typically visit in delivery markets . That also means it go membership contribution in crude booking , too .
Meanwhile , Delivery Hero sound out that the plan is to center its Foodpanda business on other market place .
“ The strength of our Chinese business sector is a testament to the knockout piece of work of many teams over the last eight years , ” said Niklas Östberg , CEO and co - founder of Delivery Hero . “ so as to progress a world - leading service , we have fare to the conclusion that we need to focalize our resource on other part of our global footprint , where we feel we can have the great impact for customers , trafficker and riders . This deal gives foodpanda an exciting rail in Taiwan and we wish them all the best in their next chapter . ”
In February , Delivery Hero , attempting to downsize in Asia , terminated talks with an unrevealed third party regarding the potential saleof Foodpanda in select Southeast Asian market : Singapore , Malaysia , the Philippines , Thailand , Cambodia , Myanmar and Laos . Delivery Hero ’s food legal transfer partitioning competes with Grab in Southeast Asia . Foodpanda ’s partial sales event talks fell through in the aftermath ofits September layoffs , take to streamline operations .
