AMSTERDAM–(BUSINESS THREAD)–Prose (Euronext Amsterdam: PRX; JSE: PRX), a global consumer internet group and one of the world’s largest technology investors, today announced that it has entered into an agreement to acquire the remaining 33.3% of iFood, from minority shareholder Just Eat. Holding Limited for €1.5 billion in cash plus contingent consideration of up to €300 million. After the transaction, Prosus and its subsidiary company, Movile (a Brazilian investor in technology companies) will fully own iFood.
iFood has performed exceptionally well since Prosus first invested in the business through Movile, founded by Fabricio Bloisi, in 2013. Starting as an online food ordering website, the company quickly became into an industry leader with a reputation for innovation. iFood stands out among the first to develop its own delivery, which is now profitable. Today, iFood is a leading platform business that includes food delivery, grocery, fast commerce and fintech. Prosus’ nearly decade-long commitment has helped enable iFood’s success.
“We first invested in iFood almost a decade ago and during that time Fabricio and the team have built a world-class food delivery business. They have shaped the sector in Brazil, creating a platform that serves 330,000 restaurant partners, provides revenue opportunities for 200,000 delivery partners and delivers approximately 70 million orders each month.Increasing our stake to full ownership is a demonstration of our committed and disciplined approach to investment and reflects our confidence in iFood’s long-term potential. We are delighted to continue to be an active and supportive partner of iFood as the company enters its next phase of innovation and growth,” said Bob van Dijk, CEO of Prosus.
“The Brazilian food delivery sector has grown significantly over the past four years. There is substantial opportunity for further expansion both in the restaurant food delivery business and through building the platform in areas such as grocery and quick commerce. iFood has established itself as a technology leader in Brazil and its success places it among the most innovative food delivery companies in the world. We are happy to support the company on its way to transform the entire food chain to better serve customers,” said Larry Illg, CEO of Prosus Food.
“Prosus has been a committed partner with iFood and Movile for the past decade. I am delighted that they continue to believe so strongly in our vision and ability to build a successful business that Brazilians can continue to be proud of,” said Fabricio Bloisi, founder of Movile and CEO of iFood. “Together we will build an offering platform that gives Brazilian customers, delivery partners, restaurants and more, the best experience in food, grocery delivery and fintech.”
Prosus has a strong track record of investing in, transforming and scaling food delivery businesses in some of the world’s fastest growing markets. Today, Prosus has a broad global perspective on the food delivery industry with a presence in 57 markets worldwide. Prosus is well positioned at the forefront of the transformation taking place along the food delivery value chain, from how food is sourced to how it is prepared and consumed.
Prosus has built a leading global portfolio of online food delivery companies, including iFood in Latin America, Swiggy in India and Delivery Hero, which has a presence in more than 50 countries. Prosus is also an active investor in adjacent companies such as Flink, Foodics, Oda and Sharebite.
Prosus is a global Internet consumer group and one of the world’s largest technology investors. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer Internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech and education technology sectors in markets such as India and Brazil. Through its team of companies, Prosus invests in areas such as healthcare, logistics, blockchain and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who use technology to improve people’s everyday lives.
Every day, billions of customers use the products and services of companies Prosus has invested in, acquired or built, such as 99minutos, Airmeet, Aruna, AutoTrader, Autovit.ro, Azos, BandLab, Bibit, Biome Makers, Borneo , Brainly, BUX. , BYJU’S, Bykea, Captain Fresh, Codecademy, Collective Credits, Creditas, DappRadar, DeHaat, dott, EduMe, ElasticRun, eMAG, Endowus, Eruditus, EVERY, Facily, Flink, Foodics, Good Glamm Group, GoodHabitz, GoStudent, Honor , , Imovirtual, Klar, Kovi, LazyPay, letgo, Luno, Mensa Brands, Meesho, merXu, Movile, Oda, OLX, Otodom, OTOMOTO, PaySense, PayU, Pharmeasy, Platzi, Property24, Quick Ride, Red Dot Payment, Republic, Shipper , ShopUp, SoloLearn, Stack Overflow, Standvirtual, Superside, Swiggy, Thndr, Tonik, Ula, Urban Company, Wayflyer and Wolt.
Hundreds of millions of people have made Prosus partner platforms part of their everyday lives. For listed companies we have an interest in, please see: Tencent, Delivery Hero, Remitly, Trip.com, Udemy, Skillsoft, Sinch and SimilarWeb.
Today, Prosus companies and associates help improve the lives of more than two billion people worldwide.
Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority owned by Naspers.
For more information, visit www.prosus.com.