Kuwaiti food delivery startup Carriage has been acquired by Delivery Hero for about a US$100 Million!
The acquisition has been made earlier this year back in May, but the financial details of the acquisition were not disclosed. However, Delivery Hero just published their financial report which included the acquisition details of Carriage:
“The acquisition of the Carriage Group (Carriage) on June 14, 2017, represents a strategic investment in the MENA region. Carriage is based in Kuwait and operates an innovative and fast growing food ordering portal in several countries of the Middle East. Carriage pursues a hybrid strategy and offers delivery of the order for the restaurants in addition to ordering platform.
In the course of acquisition, 100% of the shares in Carriage Logistics General Trading Company LLC (Kuwait), Carriage Delivery Services LLC (UAE), Carriage Logistics SPC (Bahrain) and Carriage Trading & Services Co. WLL (Qatar) were acquired directly and indirectly.
he shares acquired also represent voting rights. The consideration for the acquisition amounted to a total of EUR 84.8 million in cash.”
The startup is co-founded by Abdallah Al-Mutawa, Musab Al Mutawa, Khaled Al Qabandi & Jonathan Lau. What differentiated Carriage from its competitor Talabat is the fact they didn’t only act as a medium between restaurants and customers to receive their orders, but they also have their own fleet that takes care of the deliveries.
What makes this acquisition astonishing is it’s super rare for a young company such as Carriage (founded in March 2016) to get such a big exit and get acquired for $100 million after raising only $1.3 investments in 14 months since its launch.
Click here for more information about the acquisition.