News Start-ups outside India

Delivery Hero Grabs Another $110 Million At $3.1 Billion Valuation

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Berlin-headquartered online takeout food ordering service, Delivery Hero has raised an amount of $110 million in fresh round of funding,  led by two US based undisclosed investors.

Founded in 2011, Delivery Hero has quickly garnered the title of world’s largest food delivery service and offers its services in 34 countries.

Delivery Hero now claims to have connections with 200,000 restaurants and an average processing  of more than 10 million orders each month in its ever-expanding network. The firm makes roughly $165 million in monthly sales for its network of restaurants.

This recent round of funding has garnered Delivery Hero a staggering valuation of $3.1 billion. Including this $110 million, the firm has raised $1 billion so far, with $600 million raised this month alone. This simply highlights the prospective of investors who foresee a great possible return by investing in Delivery Hero.

Investors in previous rounds include Insight Venture Partners, General Atlantic, and Rocket Internet.

For some reason, Delivery Hero has chosen not to disclose the investors of this latest round of funding. Neither did they presented their intentions to mention the names anytime in future. However, what we know is the round was led by two US based investors.

Delivery Hero CEO Niklas Östberg said –

We will not be able to share investors and also not when we will IPO. Our view is that we will be prepared later this year but will wait until we see a clear benefit from it. Right now we enjoy the benefits of being private. We have the same financial backing as our public peers while being able to act very long term. This makes us the worst possible competitor you can have. Therefore no plans to IPO in 2015.

Also, Delivery Hero has provided minimal report on how it intends to use this pile of cash that just came in. It may use it to make selective acquisitions and product innovation.

Last month, Delivery Hero spent $589 million to acquire Yemeksepeti in Turkey. It also acquired Pizza.de in August 2014 at an undisclosed price that valued the Pizza delivery brand at $1 billion.

VIA : TECHCRUNCH

 

Senior Writer


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