July 30, 2019 - 15:47 AMT
PanARMENIAN.Net - 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.
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.