Axon Partners Group exits JUST EAT India

International investment firm, Axon Partners Group, has exited JUST EAT India, a leading food ordering portal in India; with foodpanda, one of the global leaders in the online food-ordering industry, now taking full charge of the operations of JUST EAT India.

The deal is part of foodpanda’s strategy to increase its global footprint. Foodpanda operates in 39 countries, five continents and has been present in the Indian market since May 2012.

JUST EAT India was launched in 2011. Since then it has seen steady growth with more than 3000 restaurants signed up across 7 cities in India. With the support of Axon Partners Group, JUST EAT India has restructured its team and significantly grown its market share to become one of the top players in the country. Axon’s prior experience of investing and exiting companies in the online food delivery space in emerging markets (ClickDelivery in Latin America for example) helped it steer JUST EAT India into a high growth phase, more than trebling the order numbers since investment in the span of a year, which led it to achieve this successful exit.


Francisco Velazquez, Managing Partner of Axon Partners Group, comments: “We are extremely pleased to have achieved so much with the JUST EAT India team since we invested in 2013. The idea of developing a leading company in this sector in India came about as a result of Axon’s work to integrate JUST EAT Holdings and a local partner. With the support of Axon, the growth of the company has been rapid, achieving a 4-fold increase in orders in just a year, demonstrating again Axon’s investment model of combining global strategy with local execution.”


Axon Partners Group, an emerging markets specialist, manages over USD 200m in Funds worldwide, with The India Opportunities Fund (Gurgaon, Delhi) being one of its largest, through which it is has recently invested in iYogi.  Axon is perfectly positioned to support Indian SMEs in their international expansion due to its on-the-ground presence and experience in geographies such as Latin America, Europe and the U.S.  Axon plans to increase its investment activity throughout 2015, concentrating on companies in the growth or expansion stages in the healthcare and technology sectors.


Axon has been involved in numerous exits and transaction in the online food delivery space in the last 12 months, including in the sale of La Nevera Roja and Pizzabo in January 2015, and in the exit of ClickDelivery, selling its stake in the company to Delivery Hero in 2014.


The online food delivery sector in India can take advantage of India’s growing Internet population (currently around 164m people), and growing 20% year on year; its strong Quick Service Restaurants industry, which is worth 100 billion US dollars; as well as its delivery market, which management estimates to be greater than 1.6 billion US dollars, and is growing at an extremely fast rate.

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