Just-Eat UK, a company that allows customers to order food online from restaurants that deliver, has acquired a 60% stake in Bangalore-based Achindra Online Marketing for US$10 million.
Achindra Online Marketing runs Hungryzone.com, a portal for restaurant listings and online orders. The company has listings for over 10,000 restaurants spread over 10 cities including Bhopal, Chandigarh, Delhi, Goa, Hyderabad, Indore, Jaipur, Kolkata and Mumbai, but online ordering is only available in Bangalore.
This is Just-Eat’s first foray into India. It plans to invest US$5-10 million in Hungryzone over the next three years.
J Sagar Associates, led by partner Sajai Singh and assisted by senior associate Probir Roy Chowdhury and associates Ranganath C and Ankita Ray, advised Just-Eat on the deal. The team conducted a legal due diligence on Hungryzone, drafted the definitive agreements, and made various applications to the Reserve Bank of India to seek approvals required to close the transaction. UK law firm Bird & Bird advised on English law.
Just-Eat.co.uk launched in the UK in March 2006. The Just-Eat Group currently operates in the UK, Denmark, Sweden, Belgium, Spain, the Netherlands, Ireland, Norway and Canada, with over 13,000 restaurants listed online. More than 1.5 million takeaway meals are purchased through the company’s websites each month.
Just-Eat is controlled by Index Ventures and the SM Trust with other investors including London-based private investment firm Venrex and private individuals.
