Delivery Hero reportedly selling stake in Deliveroo

Delivery Hero is reportedly selling its stake in food delivery company Deliveroo as consumer demand wanes. 

The Berlin-based group will reported sell up to US$68 million class A ordinary shares in Deliveroo, according to the Financial Times. This equates to a 4.5% stake and will reportedly mean that it does not hold any stock in the company after the settlement.

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Deliveroo has declined to comment on the matter when MARKETING-INTERACTIVE reached out. 

This comes shortly after Delivery Hero said that it was discussing a potential sale of its Asia business, according to the company when MARKETING-INTERACTIVE reached out at the time. It was reported that tech platform Grab could pay the equivalent of as much as a billion euros for the unit.

"Delivery Hero confirms negotiations with several parties regarding a potential sale of its foodpanda business in selected Southeast Asia markets," it said. "Any discussions or plans are in their preliminary stages."

According to German business magazine Wirtschaftswoche, these markets include Singapore, Cambodia, Laos, Malaysia, Myanmar, the Philippines and Thailand.

The news that talks were underway caused shares in foodpanda to lift as much as 13.5% in September last year, according to Reuters. 

Shortly after the news was announced, foodpanda has confirmed that it will be reducing its team size in the APAC region.

It explained at the time that it was conducting the layoffs because there was a need to "streamline" its operations. "The need to streamline our operations to become leaner and more agile remains critical," a spokesperson at the company said. 

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