Control of the Foodpanda business has been sold by parent Rocket Internet, including the remaining Asian operations.

German-based online food-ordering service Delivery Hero Holding, which is active in 33 countries, has acquired Rocket Internet-backed Emerging Markets Online Food Delivery Holding, parent of the shrinking Foodpanda business.

Foodpanda, 49 per cent owned by Rocket Internet, has a presence in 22 countries, but shut its Indonesia business in October in the face of growing competition from app-based ride-hailing services that also offer food delivery, such as Go-Jek and Grab Bike. It has also exited Vietnam but remains operational in Singapore, Hong Kong, Thailand, Malaysia, the Philippines and Taiwan.

In a partial share swap, the deal will see Rocket Internet’s stake in Delivery Hero increase from 30 per cent to 37.7 per cent. The sale will strengthen Delivery Hero’s global leadership position in online food ordering and delivery, with the combined group processing more than 20 million orders a month across 47 countries, says Rocket Internet.

Bloomberg data shows that both companies together have raised more than $1.5 billion across several funding rounds with investors including Goldman Sachs and Insight Venture Partners.

“The combination of Foodpanda and Delivery Hero, one of our most important companies, further consolidates key markets,” says Rocket Internet CEO Oliver Samwer. “Delivery Hero is also acquiring new markets.”