(20 Aug 2021)
Teleport, airasia digital’s logistics venture, has
signed an agreement to acquire local Malaysian online food
delivery platform Delivereat valued at USD 9.8 million paid in
both cash and Teleport shares.
Established by a husband and wife team in 2012, Delivereat is a homegrown startup from Penang. It
has since grown to deliver more than one million orders to date,
and offers food and express delivery services on an on-demand
basis from more than 4,000 merchants (consisting of restaurants,
wet markets, pharmacies and groceries), carried out by its fleet
of up to 4,000 registered delivery partners.
Penang and the Klang Valley, offering one of the largest selections
of hawkers in Penang. It was also one of the first to allow customers to combine multiple
orders within the same delivery.
As part of the acquisition, Delivereat’s founders,
Leong Shir Mein and Tan Suan Sear, will join the management
team at Teleport and airasia digital.
Thomas G. Tsao, Chairman and Co-Founder of Gobi
Partners, said, “I met Shir Mein and Suan Sear at their favourite
noodle shop back in 2016. They convinced me that a startup from
Penang – a local food haven – could take on the international
giants and win. Delivereat will now bring their value proposition
to an even larger market through this combination with Teleport.
Gobi is extremely proud to have been a part of Delivereat’s
journey, and we are excited to be long term strategic partners
with Teleport and airasia digital as they reinvent regional
logistics and the Super App.”
Subject to final approvals, Teleport expects the
transaction to close within Q3 2021.
Tony Fernandes, Chief Executive Officer of AirAsia
Group, said, “We are truly excited about this partnership as it
supports our strategy to continue to serve the underserved and
become the best value delivery company in ASEAN, on the ground and
in the air. At the same time, it strengthens airasia digital’s
plan to cover the end-to-end logistics chain, from first mile to
last mile deliveries, providing a complete digital ecosystem.
acquisition comes at an opportune time, as we launched airasia
food in Penang in April this year, where Delivereat was conceived.
With Delivereat joining forces with Teleport, we will be able to
drive further growth of fast and affordable delivery
transportation options within our key markets as e-commerce
continues to surge.
“This deal with Delivereat reinforces strong
industry endorsement of the future direction for AirAsia’s
Teleport. As a long-time investor of Delivereat, Gobi Partners
will also join Teleport’s cap table and we are proud to welcome
them onboard. With a valuation of USD 300 million and the support
from a growing list of strategic partners and investors, Teleport
is well on its way to become the leading logistics player in the
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