Teleport, airasia digital’s logistics venture, has signed an agreement to acquire local Malaysian online food delivery platform Delivereat in a deal valued at USD 9.8 million. The deal values Teleport at USD300 million and welcomes prominent investors, including venture capital firm Gobi Partners onboard.
As part of the acquisition, Delivereat’s founders Leong Shir Mein and Tan Suan Sear will be joining the management team at Teleport and Airasia digital. Leveraging on AirAsia’s network, Teleport’s ambition is to deliver door-to-door in under 24 hours across Southeast Asia.
Tony Fernandes, Chief Executive Officer of AirAsia Group says, “We are truly excited about this partnership as it supports our strategy to continue to serve the underserved and become the best value delivery company in Asean, on the ground and in the air. At the same time, it strengthens airasia digital’s plan to cover the end-to-end logistics chain, from first mile to last mile deliveries, providing a complete digital ecosystem.
This acquisition comes at an opportune time, as we launched airasia food in Penang in April this year, where Delivereat was conceived. With Delivereat joining forces with Teleport, we will be able to drive further growth of fast and affordable delivery transportation options within our key markets as e-commerce continues to surge.
“This deal with Delivereat reinforces strong industry endorsement of the future direction for AirAsia’s Teleport. As a long-time investor of Delivereat, Gobi Partners will also join Teleport’s cap table and we are proud to welcome them onboard. With a valuation of USD300 million and the support from a growing list of strategic partners and investors, Teleport is well on its way to become the leading logistics player in the region.“
