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German giant buys Turkey's largest online food delivery firm

Berlin-based online food multinational takes over Turkey's largest Internet food delivery Yemeksepeti in $589 million deal.

05.05.2015 - Update : 05.05.2015
German giant buys Turkey's largest online food delivery firm

ANKARA

German online food giant Delivery Hero, which operates in 29 markets across five continents, has now moved into Turkey with the acquisition of Yemeksepeti. 

 Delivery Hero agreed on Tuesday to buy Yemeksepeti, Turkey's largest online food company, in a deal valued at $589 million.

Yemeksepeti was launched 15 years ago and became market leader in Turkey, processing over 3 million orders each month and growing at 60 percent each year. 

After the deal, Yemeksepeti will continue to be run by Yemeksepeti’s CEO and cofounder Nevzat Aydin who joins Delivery Hero as a senior advisor.

Berlin-based Delivery Hero is one of the fastest-growing new companies on record, and was awarded the Best European Startup award by Emerce in 2014. Created in 2011, Delivery Hero now has the largest food network in the world with more than 100,000 participating restaurants. More than 12 million meals are delivered globally each month through the company.

Investors have placed more than $1 billion in Delivery Hero to date. The company raised $350 million in venture capital in September 2014, and Rocket Internet put €496 million for a 30 percent stake in the company in February 2015.

In March, Delivery Hero announced its interest in expanding further in the Middle East. “We have looked at many businesses in our industry around the world, but we have rarely seen Key Performance Indicators as exceptional as those displayed by Yemeksepeti: Customer cohorts and reorder rates are among the best in the world and far superior to those shown by our listed peers," Niklas Ostberg, CEO of Delivery Hero said.  

"We are very proud to have built a company that has changed the way people think and order food in Turkey. During our 15 year history, we have had many approaches from global and local investors, however we were waiting for the right time and the right partner," Nevzat Aydin, CEO and co-founder of Yemeksepeti said.

"Today, I am delighted to team up with a company whose global ambitions, corporate culture and way of doing business are so aligned with ours. We are very excited to leverage our 15 years of know-how and innovative business approach to new regions with Delivery Hero," Aydin added. 

Besides Turkey, Yemeksepeti also operates in total of 8 countries including United Arab Emirates, Saudi Arabia, Jordan, Lebanon, Oman, Qatar and Greece.

Last March, Delivery Hero acquired Talabat.com, which operates in Kuwait, Saudi Arabia, United Arab Emirates, Bahrain, Oman and Qatar.

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