KUALA LUMPUR – AirAsia’s digital logistics venture Teleport has signed an agreement to acquire 100% equity interest in local online food delivery platform Delivereat for US$9.8 million (RM41.5 million) to strengthen its delivery service in the country.
Teleport chief executive officer Pete Chareonwongsak said the acquisition will be satisfied via a combination of cash and the company’s shares.
He said the exercise will provide an opportunity for Teleport to grow its unique logistics ecosystem alongside Delivereat, which has carefully developed an extensive and cost-competitive delivery network over the last nine years.
Teleport wants to do this as quickly as possible, starting with all major cities in Malaysia and then across Asean, he said.
“We are all in when it comes to delivering everything in under 24 hours and from anywhere in our core markets, which is our bet on what the future of e-commerce logistics holds in the region – faster, hyperlocal and on-demand,” he told a virtual media round table here today.
“That’s why we are investing to bring an ecosystem of delivery capabilities together, so we can efficiently pair on-demand deliveries with same-day courier arrivals, both domestically and across borders.
“This is also to support local providers, offering the best value and choice to consumers, and creating more job opportunities for our delivery partners in the process.”
Chareonwongsak said the deal with Delivereat has valued Teleport at US$300 million, and he welcomed prominent investors, including venture capital firm Gobi Partners, on board as long-term strategic partners.
Established in 2012, Delivereat is a home-grown start-up from Penang that offers food and express delivery services on an on-demand basis from more than 4,000 merchants, comprising restaurants, wet markets, pharmacies and groceries, carried out by its fleet of up to 4,000 registered delivery partners. – Bernama, August 18, 2021
