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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Digital voice-based banking to become the new reality in 2022?

    Digital voice-based banking to become the new reality in 2022?

    Led by Apax Digital, ClearBank raises ยฃ175m to accelerate global expansion

    Led by Apax Digital, ClearBank raises ยฃ175m to accelerate global expansion

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    An Ode to the 5 Arab Women Reigning the Business World

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UKโ€™s Morrisons to buy McCollโ€™s ahead of Asda owners

    UKโ€™s Morrisons wins race to buy McCollโ€™s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

  • Markets
    • All
    • Brokerage
    • Energy
    • Forex
    • Ultility
    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    Worldโ€™s No.2 producer of wheat, India, bans wheat exports in new move

    Worldโ€™s No.2 producer of wheat, India, bans wheat exports in new move

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

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    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

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    Crisis talks in EU after Russia cuts gas to 2 member countries

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    • All
    • Education
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    • Transportation
    Egyptโ€™s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

    Egyptโ€™s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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    Vodafone shares up after USD 4.4 billion UAE stake buy

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    For 2022, BT and Warner Bros Discovery jointly create new pay-TV sport business

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    Egyptโ€™s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

    Egyptโ€™s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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    Saudi government likely to add to its USD500 billion NEOM commitment

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    Deutsche Hospitality unveils big Middle East expansion plans for 2022

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    Meta for MENA; SMEs receive boost in 2022

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An 8-month old ๐Ÿ‡ฌ๐Ÿ‡ง UK start-up Dija acquired by American grocery delivery firm Gopuff

American grocery delivery firm Gopuff signed a deal agreeing to purchase Dija, a British competitor.

Archana Karumanchi by Archana Karumanchi
August 13, 2021
in Digital, Finance, Hospitality, Mergers & Acquisitions, Technology, The Global Economics, Top Stories, Wealth & Asset Management
Reading Time: 2 mins read
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An 8-month old UK start-up Dija acquired by American grocery delivery firm Gopuff

An 8-month old UK start-up Dija acquired by American grocery delivery firm Gopuff

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American grocery delivery firm Gopuff signed a deal agreeing to purchase Dija, a British competitor. Gopuff is hoping that the acquisition would assist it in developing its presence exponentially in Europe by first establishing itself within the United Kingdom. The company plans to make a foray into France and Spain shortly.

Gopuff hopes to combine Dijaโ€™s extensive infrastructure, its team of industry veterans, and its local expertise to complement Gopuffโ€™s proprietary technology to create a leading platform in Europe.

The start-up Dija was founded by the enterprising former employees of Deliveroo, another food delivery firm just eight months ago. Dija is a new start-up that promises to deliver groceries to peopleโ€™s doors in minutes.

The Covid-19 pandemic and the subsequent lockdowns created a business idea of delivering groceries to consumers. The fear of contracting the coronavirus has made people turn to online platforms to order their groceries from the safety of their homes. Grocery apps have grown exponentially the same as food delivery apps over the past year.

Dija has raised $20 million in seed money from Index Ventures, Blossom Capital, and Crandum. Most of these companies have billions of dollars as venture capital pumped into them. Other rivals include a Turkish firm Getir, valued at $7.5 billion, and German start-ups Flink and Gorilla.

The Philadelphia-based firm Gopuff, backed by SoftBank, raised $1 billion in a financing spherical valuing it at around $15 billion.

Grocery delivery companies like Dija use small warehouses called โ€˜dark storesโ€™. Couriers go to these warehouses and collect the products ordered by customers and complete the delivery quickly. Grocery delivery companies buy products in bulk and then sell them at a premium through their apps.

Gopuffโ€™s acquisition of Dija is on a fast track, and the deal is expected to be completed within 30 days. The agreement will give Gopuff a mega reach into Europe, and it will operate about 40 dark stores with around 200 employees.

Industry experts are skeptical about the sustainability of this business model. Experts believe that there will inevitably be a lot of consolidation among these start-ups in the future.

 

 

 

 

 

Tags: acquiresAmerican Grocery FirmBritish FirmDeliverooDijaGopuff
Archana Karumanchi

Archana Karumanchi

Archana Das Karumanchi is our content writer with a Master's degree in English Literature. She is not only well versed in the English language but also has a degree in Economics. Her key strength is the ability to write articulately about economic issues and trends keeping the target audience in mind.

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Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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