[THE INVESTOR] Germany's Delivery Hero that owns Korea's top delivery apps Yogiyo and Baedaltong said on Sept. 20 it has acquired another major delivery app FoodFly.
RGP Korea, the Korean arm of the Berlin-based firm, purchased the entire stake in FoodFly from Fast Track Asia, a local venture capital firm. The buying price was not revealed.
Delivery Hero founded Yogiyo, the second-largest delivery app, in 2012 and acquired Baedaltong, the third-largest, in 2014. Currently, the No. 1 is Baedal Minjok, owned by local startup Woowa Brothers.
The top three players are estimated to control 20 percent of the nation’s soaring food delivery market worth 15 trillion won (US$13.20 billion).
With the market getting crowded, companies are diversifying their business models, competing to attract popular restaurants that do not offer delivery services.
In August, Uber Technologies launched its restaurant delivery app UberEats in Korea.
“I believe we can create synergies with our know-how and FoodFly’s own delivery system and staff,” said RGP Korea CEO Kang Shin-bong.
By Park Ga-young (firstname.lastname@example.org)