Rocket Internet's Foodpanda Makes A Meal Out Of UAE's 24h.ae
This acquisition comes close on the heels of its purchase of Kuwait's Talabat.com for over US$700 million.
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Online food delivery is on the up and up, and the MENA region is hot according to the mammoth foodpanda group- they've already established an influential presence in Jordan and KSA through their hellofood brands. After Rocket Internet acquired Kuwait's Talabat.com (active across the GCC) for over US$170 million, they've opted for UAE's 24h.ae, which has at least 700 restaurants as its partners, has a presence across seven UAE cities: Dubai, Abu Dhabi, Al Ain, Sharjah, Ajman, Fujairah, and Ras Al Khaimah. Thus far, Rocket Internet has refused to disclose the amount of money that they shelled out to acquire the online food delivery platform. Having also acquired companies of competitors in European and Asian markets, the foodpanda group is visible in 40 markets in Africa, Latin America, Asia, Europe, and now the booming Middle East. Having taken a huge bite out of the global online food delivery market, we can only wait and see what their next move will be.