Mail.Ru Group agreed to purchase of service-hour delivery food Delivery Club. The sum of transaction will make $ 100 million Is too much even taking into account the prospects of the market of delivery of food, analysts say.
Mail.Ru Group agreed to purchase of service-hour delivery food Delivery Club, said in a statement. The transaction amount is $ 100 million, $ 90 million will be paid in November for 90% of the company, the remaining 10% Delivery Club will be paid and repurchased at the beginning of 2017.
Delivery Club carries out delivery of the 4.5 thousand restaurants and cafes, the number of orders is 20 thousand daily revenue of the service for the first half of 2016 totaled RUB 296 mln, the Share of orders in Delivery Club through mobile devices grew by 2.7 times over the past three years and is more than 72%.
the Service was founded in 2009 Levon Hovhannisyan and Anne of Skarinou. In 2011 Delivery Club invested AddVenture, Phenomen Ventures and then and Guard Capital. All funds the company raised $ 12 million In 2014, AddVenture and partners sold the German service FoodPanda. The amount of the transaction were not disclosed. Vedomosti wrote, citing sources, that it could be $ 30-50 million.
As explained by the Chairman of the Board of Directors and co-founder Mail.Ru Group Dmitry Grishin, the purchase of a service gives them “a new large segment foodtech, which is worldwide gaining popularity for mobile services”. “Market ordering and food delivery is on the rise and steady growth. We are confident that the pooling of resources and accumulated expertise will enable us to strengthen the leading positions of the service and bring it to a new level”, — States the message of the Internet company words Grishina.
Delivery Club will be the fourth non-core asset for Mail.Ru Group. In 2014, the company acquired Maps.me — free app for mobile devices based on geographical free maps OpenStreetMap. In August of this year, the company received a controlling stake in the educational online platform for programmers GeekBrains. The amount of both deals were not disclosed. In October acquired mobile game developer Pixonic for $ 30 million.
in addition, from the data to EGRUL it follows that Mail.Ru Group in September became the owner of 40% of OOO “Fumat”, which develops the food delivery service for restaurants. This company was created by former executives of Delivery Club — Konstantin Zakharov (was COO) and Andrew Lukashevich (was managing Director of new business). They have left 30% “Fumat”. However, in Mail.Ru Group does not comment on the logic of this transaction.
According to Raiffeisenbank analyst Sergei Libin, the acquisition of Delivery Club doesn’t look too attractive to Mail.Ru Group. “This is non-core to their business, it is neither communication nor entertainment. Perhaps the company sees potential in the market of food delivery, the volume of which is estimated at $ 1.5 billion, but the amount of the transaction seem to be too much,” said Libin. According to him, Mail.Ru Group will pay for Delivery Club a sum equivalent to 10 proceeds, and, for example, Pixonic was estimated at 1.5 revenue. The analyst “Uralsiba” Konstantin Belov called Delivery Club “is not quite a non-core asset”. “Still, we are talking about services for mobile users. The logic in buying such a service is — it can then be integrated into the user base of the Internet company,” — says Belov. However, he, as well as Libin, “there are questions” to the amount of the transaction. The analyst & #8220;Uralsiba” does not understand how Mail.Ru will be able to recoup the investment.
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