Brazil delivery startup iFood announced it had bought a controlling stake in Colombian Domicilios.com. With the agreement, iFood targets Rappi, the also Colombia-based and SoftBank-backed startup with largest network in South America, according to a Reuters report. The transaction, however, still requires Colombia’s competition watchdog approval, which may take two months.
Domicilios.com is a subsidiary of German holding Delivery Hero. For iFood, the company will have the largest geographic coverage of any food delivery company in Colombia. Domicilios.com is in 30 cities and attends 12,000 businesses across the country.
“It’s time for us to increase our presence in Colombia, which is a strategic country”.Fabricio Bloisi, iFood’s CEO, in a statement announcing the deal
With this, iFood will control and own 51% of the new venture and Delivery Hero will respond for the remaining 49%.