International shopper web group Prosus, which is majority-owned by South Africa web group Naspers, has introduced that it has entered into an settlement to accumulate the remaining 33.3% stake in iFood. iFood is a Brazilian on-line meals supply service with a market share of over 80% in Brazil’s meals supply sector.

The stake will likely be purchased from minority shareholder Simply Eat Holding Restricted for €1.5 billion (~$1.5 billion) in money plus contingent consideration of as much as €300  million (~$300 million). After the transaction, iFood will likely be totally owned by Prosus and its affiliate firm, Movile (a Brazilian investor in expertise corporations).

Based in 2013 by Fabricio Bloisi, iFood began as an internet meals ordering web site and quickly developed into an business chief with a popularity for innovation. At the moment the corporate’s vary of companies contains meals supply, grocery, fast commerce, and fintech.

Talking on the acquisition, Prosus Meals CEO Larry Illg said that iFood has established itself as a expertise chief in Brazil and that its success locations it among the many most progressive meals supply corporations throughout the globe.

“The Brazilian meals supply sector has grown considerably over the previous 4 years. There may be substantial alternative for additional growth in each the restaurant meals supply enterprise and in constructing out the platform in areas corresponding to grocery and fast commerce. We’re thrilled to be totally backing the corporate on its path to rework your entire meals chain to raised serve prospects,” he added.

For iFood founder Bloisi: “Prosus has been a dedicated associate to iFood and Movile during the last decade. I’m delighted that they proceed to have such a robust perception in our imaginative and prescient and skill to construct a profitable enterprise that Brazilians can proceed to be pleased with. Collectively we’ll construct a platform of choices that present Brazilian prospects, supply companions, eating places and extra, with the most effective expertise in meals, grocery supply and fintech.”

iFood joins Prosus’ intensive portfolio of on-line meals supply corporations which embrace Swiggy in India, and Delivery Hero which has a presence in additional than 50 nations. The corporate can also be an lively investor in adjoining companies together with Flink, Foodics, Oda and Sharebite.