LONDON, July 30, 2019 /PRNewswire/ -- Menu Group, a
UK-registered food delivery startup operating in Armenia, Georgia, and Belarus, completes the acquisition of Eda.ua.
Eda.ua, its largest competitor in Ukraine, allows Menu Group to enter the
promising Ukrainian market, which is growing by 20-25% per
year.
Strategic acquisition provides Menu Group with access to
Eda.ua's established business operations in Ukraine, which cover 29 cities and unite over
1500 restaurants on a single platform. Founded in 2014, Eda.ua is
the largest food-ordering marketplace in Ukraine with over 500,000 of its existing
users spreading across 29 different cities. In 2018, the company
generated $5.5 million in GMV, and
aims to show a 200% growth increase in 2019.
Following the acquisition, Menu Group plans to integrate its own
logistics system with Eda.ua and gradually begin to use the Menu.ua
platform, offering all other restaurants attractive terms to grow
their sales by 10-50%. In the next year, Menu.ua will deliver food
in at least 5 Ukrainian cities using a hybrid business model,
combining a marketplace and its own delivery chain.
Menu Group has noticed high potential in the Ukrainian market
due to its growth rate of 20-25% a year. Demand for food delivery
is growing exponentially in Ukraine, powered by the adoption of mobile
Internet. Over 60% of the Ukrainian population use mobile Internet
and approximately 15-20% of that 25 million place at least one
online order each year. Local restaurants have a significant
incentive to cooperate with food delivery services; currently they
generate up to 20% of sales online, with a potential growth of up
to 50%.
"We are excited to have an opportunity to work for the clients
in Ukraine. The work that the
professional Eda.ua team led by CEO Evgeny
Kazantsev is doing on the Ukrainian market is an inspiration
for us, and we are thrilled to welcome them to Menu's winning
team," says Vahan Kerobyan, CEO
at Menu Group.
"As a cofounder of Eda.ru, ChernoteskyIntestmentGroup was always
vouching for scaling and new partnerships, so we see a tremendous
opportunity in this acquisition," says Vladimir Krivko, Managing
Partner at ChernoteskyIntestmentGroup, explaining that the deal
included share swap component, too.
For Menu Group, this deal is a part of strategic expansion in
FSU. First launched in Armenia in
2012, the company is now also dominating in Georgia and Belarus. Since the start, Menu Group has
raised a modest $6 million in
investments from angels and early stage investors, as well as
efficiently expanded and then dominating in 4 countries of FSU
region ex-Russia. In 2019, the
company is aiming for a GMV of $35
million and $10 million in
revenue.
"Acquisition of Eda.ua is a part of the Menu Group expansion
strategy in FSU for the next 3 years, approved by the company's
board of directors," says Levon
Oganesyan, Managing Partner at SOLventures and a founder of
Delivery Club. Additionally, Menu Group is on track to
successfully raising $10 million
towards launching operations in Kazakhstan and other countries of the
region.
About Menu Group
First launched in Armenia in
2012, Menu Group is now a leader among food delivery services in
Georgia, Belarus and Ukraine. Menu Group has raised a
modest $6 million in investment from SOLventures, Granatus
Ventures, Perea Capital Partners, Hayastan 1 and others.
About Eda.ua
Eda.ua is a leading Ukrainian food delivery service. Founded in
2014, the project now covers 29 cities and is working with over
1500 restaurants in Ukraine.
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SOURCE Menu Group