Prosus (Euronext Amsterdam: PRX; JSE: PRX), a global consumer internet group and one of the largest technology investors in the world, today announced it has entered into an agreement to acquire the remaining 33.3% stake in iFood, from minority shareholder Just Eat Holding Limited for €1.5bn in cash plus a contingent consideration of up to €300m. Following the transaction, Prosus and its affiliate company, Movile (a Brazilian investor in technology companies) will fully own iFood.
Food 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 rapidly developed into an industry leader with a reputation for innovation. iFood stands out among the first to develop own-delivery, which is now profitable. Today, iFood is a leading platform business which includes food delivery, grocery, quick commerce, and fintech. The nearly decade-long commitment from Prosus has helped to enable iFood’s success.
‘’We first invested in iFood nearly a decade ago and during this time Fabricio and 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 income opportunity for 200,000 delivery partners, and delivers approximately 70 million orders every month. Increasing our stake to full ownership is a demonstration of our committed and disciplined approach to investment and reflects our confidence in the long-term potential of iFood. We are excited to continue to be a supportive and active partner for iFood as the company steps into its next phase of innovation and growth,” said Bob van Dijk, CEO, Prosus.
“The Brazilian Food Delivery sector has grown significantly over the past four years. There is substantial opportunity for further expansion in both the restaurant food delivery business and through building out 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 across the globe. We are thrilled to be fully backing the company on its path to transform the entire food chain to better serve customers,” said Larry Illg, CEO of Prosus Food.
“Prosus has been a committed partner to iFood and Movile over the last decade. I am delighted that they continue to have such strong belief in our vision and ability to build a successful business that Brazilians can continue to be proud of,” said Fabricio Bloisi, Movile founder and iFood CEO. “Together we will build a platform of offerings that provide Brazilian customers, delivery partners, restaurants and more, with 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 highest growth markets. Today, Prosus has a broad global perspective on the food delivery industry with a presence in 57 markets globally. Prosus is well-positioned at the forefront of the transformation that is happening across 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 businesses including Flink, Foodics, Oda and Sharebite.