Thu, 27 Jan 2022 | BUSINESS SALE
On-demand grocery and alcohol delivery company Beelivery has acquired London-based counterpart Pinga for an undisclosed amount. The deal sees Congleton-based Beelivery acquire Pinga’s approximately 600 drivers and riders, as well as more than 5,000 customers.
The acquisition comes in the wake of several investments in Beelivery over the past year, which has enabled the company to rapidly scale its growth plans. The firm is looking to complete more deals as it raises a further £25 million in a funding round.
In April 2021, Beelivery received a £2 million investment from the venture capital arm of broadcaster UKTV, before an investment of more than £1 million from Canadian merchant bank GreenBank Capital the following June.
Following the acquisition of Pinga, Beelivery joint CEO and co-founder Yazan Bin Mohamed commented: "This acquisition enables Beelivery to leverage the driver capacity and loyal customers of Pinga in Central London and extend our lead in this competitive market."
"The company is now exploring further M&A deals, and in particular we are now open towards further strategic alignment with our closest competitors. We are open towards mergers or strategic acquisition in the UK or worldwide while we are raising our £25m round."
The GS Verde Group acted as advisers to Pinga on the deal.
The acquisition is the latest deal in a period of rapid growth for the on-demand delivery sector in the UK, which has been booming since the beginning of the COVID-19 pandemic and attracting huge amounts of investor interest and M&A activity.
While takeaway delivery has been a high growth market for many years, the pandemic has been particularly beneficial for the grocery delivery sector. Beelivery is one of several businesses in the grocery delivery space to have experienced strong growth, along with the likes of Getir and Gorillas.
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Read more about the impact of COVID-19 on the delivery sector.
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