Indian Investment Update
JUST EAT plc, the world’s leading online and mobile marketplace for takeaway food, today announces the sale of its investment in Just Eat India to foodpanda, in exchange for a minority holding in foodpanda’s Indian holding company.
Further to this agreement, Just Eat India’s co-investors, Axon Partners Group and Forum Synergies (India) PE Fund, will sell their respective stakes to foodpanda India. Upon completion of this transaction, foodpanda India will assume full ownership of Just Eat India.
Just Eat’s investment in Just Eat India was held as an associate and as a consequence the sale will have no impact on revenue and a small positive impact on underlying EBITDA as Just Eat’s share of the losses are no longer recognised.
Commenting on the announcement, David Buttress, Just Eat’s CEO, said:
“Given the strength of our other businesses we felt it would create greater long-term value and optionality to take a stake in what is now the clear market leader in online takeaway in India.”
Ralf Wenzel, Co-Founder and CEO of foodpanda group said:
“India is a big and exciting market. Our clear leadership in the Indian market sets the foundation for strong future growth. Our customers in India will now benefit from a much broader offering of food delivery and takeaway offerings.”