Global consumer internet group Prosus, which is majority-owned by South Africa internet group Naspers, has announced that it has entered into an agreement to acquire the remaining 33.3% stake in iFood. iFood is a Brazilian online food delivery service with a market share of over 80% in Brazil’s food delivery sector.

The stake will be bought from minority shareholder Just Eat Holding Limited for €1.5 billion (~$1.5 billion) in cash plus contingent consideration of up to €300  million (~$300 million). After the transaction, iFood will be fully owned by Prosus and its affiliate company, Movile (a Brazilian investor in technology companies).

Founded in 2013 by Fabricio Bloisi, iFood started as an online food ordering website and rapidly developed into an industry leader with a reputation for innovation. Today the company’s range of businesses includes food delivery, grocery, quick commerce, and fintech.

Speaking on the acquisition, Prosus Food CEO Larry Illg stated that iFood has established itself as a technology leader in Brazil and that its success places it among the most innovative food delivery companies across the globe.

“The Brazilian food delivery sector has grown significantly over the past four years. There is substantial opportunity for further expansion in both the restaurant food delivery business and in building out the platform in areas such as grocery and quick commerce. We are thrilled to be fully backing the company on its path to transform the entire food chain to better serve customers,” he added.

For iFood founder Bloisi: “Prosus has been a committed partner to iFood and Movile over the last decade. I am delighted that they continue to have such a strong belief in our vision and ability to build a successful business that Brazilians can continue to be proud of. Together we will build a platform of offerings that provide Brazilian customers, delivery partners, restaurants and more, with the best experience in food, grocery delivery and fintech.”

iFood joins Prosus’ extensive portfolio of online food delivery companies which include Swiggy in India, and Delivery Hero which has a presence in more than 50 countries. The company is also an active investor in adjacent businesses including Flink, Foodics, Oda and Sharebite.

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