BERLIN: Delivery Hero has offloaded another $150 million worth of shares in Columbia based delivery company, Rappi.
With the latest divestment, Delivery Hero holds a stake of approximately 8% in Rappi on a fully diluted basis. The holding is valued at more than $400 million.
Rappi is headquartered in Colombia and delivers orders from a wide range of restaurants such as Subway, Papa Johns and Burger King, according to its website.
In a statement, Delivery Hero said: “Rappi’s financial performance is a testament to the company’s overall fantastic growth and strong business model.
“However, Delivery Hero will continue to exercise a disciplined capital allocation, and focus on investments that are in line with the group’s strategic vision.”
The company plans to only operate Foodpanda in several German cities, including Cologne, Düsseldorf, Frankfurt, Hamburg, Munich and Stuttgart. However, it will continue to operate its Berlin-based hub to trial new product features and technologies.
The divestiture of Foodpanda Japan is said to be part of Delivery Hero’s focus on other growth priorities.