According to foodpanda, its Russian business accounted for about 10% of its global revenue but did not provide any specific reason for the sale other than the return.
foodpanda, which originally acquired Delivery Club in 2014, said it intends to use its return on investment to expand into more developing markets in Eastern Europe, Asia, and the Middle East. It acquired business in Hong Kong earlier this year.
“This transaction is a key milestone for foodpanda and proves our ability to successfully build and scale market-leading food delivery businesses,” said Ralf Wenzel, CEO of foodpanda.
Dmitry Grishin chairman of Mail.Ru Group Chairman added that the acquisition will help the company’s overall mobile strategy as the food delivery market grows in Russia.