Foodpanda parent Delivery Hero raises $423m by share issue to Naspers

Online food takeaway firm Delivery Hero, one of Europe’s biggest start-ups, has raised 387 million euros ($423 million) by issuing new shares to South African media and e-commerce firm Naspers, shareholder Rocket Internet said on Friday.

The share issue means Rocket’s stake will be diluted to 33 percent from just under 38 percent. Rocket said the valuation was in line with previous valuation rounds, without specifying further.

Berlin-based Delivery Hero, founded in 2011 and now operating across more than 40 countries, had said last month it could consider an initial public offering (IPO) to raise capital to bulk up and face competition from the likes of Uber.

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Reuters