Tiger Global Management has acquired a 4.4 percent stake in Just Eat Takeaway.com valued at just over 613 million euros ($746 million), Bloomberg reported Friday (Jan. 22).
The hedge fund has 6.5 million shares in Just Eat Takeaway, according to a filing made in the Netherlands, per Bloomberg, making Tiger among the biggest stakeholders in the food delivery platform.
Just Eat Takeaway is the result of a 2020 merger between the U.K.’s Just Eat and Netherlands-based Takeaway. The combined company acquired Grubhub in June for $7.3 billion and is scouting locations for its primary listing. The Grubhub tie-up gives the combined platform inroads to the U.S. market.
Tiger Global has invested in numerous food delivery platforms, leading Postmates as part of a 2018 funding round, as well as India’s Zomato and Turkey’s Getir. In January 2019. The fund invested $18 million in the ResTech startup Olo.
Consumers have embraced the pivot to digital shopping brought about by the worldwide coronavirus pandemic. The latest installment of PYMNTS’ Pandenomics(R) research series shows that people feel vaccines will be a game-changer but most won’t abandon point-and-click food delivery.
The Just Eat Takeaway.com’s acquisition of Grubhub was approved by shareholders in October and is expected to close during the first quarter of this year. The combined company will be the biggest food delivery business outside of China. Jitse Groen, Takeaway founder and CEO, will lead the newly combined platform, which will be based in Amsterdam.