CURRENT AFFAIRS

Detailed explanation-1: -The cat is out of the bag, Tencent-backed Ola has acquired Foodpanda for mere Rs 28 crore. Three weeks ago, the Bengaluru-based company announced the acquisition of Foodpanda.

Detailed explanation-2: -In December of 2017, Ola had announced the acquisition of foodpanda from Delivery Hero for approx $200 Mn in order to strengthen its food delivery business.

Detailed explanation-3: -What happened to Foodpanda in India? Foodpanda entered India in 2015 to capture the food delivery market but failed to do so, later in 2017 the company was acquired by Ola for a 100 percent equity at a valuation of around 40 to 50 million dollars.

Detailed explanation-4: -On 10 December 2016, Delivery Hero acquired Singapore-based Foodpanda, a company valued at an estimated $3 billion at that time. In December 2016, the company announced the sale of its UK business Hungryhouse to Just Eat for at least £200m.

Detailed explanation-5: -Story outline. Zomato has acquired the Indian operations of Uber Eats, the food delivery biz run by Uber, for around $350 million.