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Foodpanda buys’s Hong Kong assets

Online takeaway delivery firm Foodpanda is acquiring the Hong Kong assets of US-based as it consolidates its position in key markets while shedding assets elsewhere.

Founded in 2012, Berlin-based Foodpanda expanded rapidly worldwide through nine acquisitions fuelled by USD310 million in capital it raised in six tranches, as online takeaway food startups enjoyed a frenzy of funding.

Foodpanda, which is 49pc owned by German emerging market e-commerce investor Rocket Internet, was active in up to 40 markets a year ago but has pared this back to focus on 24 markets in Asia, Eastern Europe, and the Middle East.

(Source: Economic Times )

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