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KUALA LUMPUR: AirAsia’s digital logistics venture Teleport has signed an agreement to acquire 100% equity interest in local online food delivery platform Delivereat for US$9.8 million (RM42 million) to strengthen its delivery service in the country.

The acquisition will be satisfied via a combination of cash and the company’s shares, Teleport CEO Pete Chareonwongsak said.

He said the exercise will provide an opportunity for Teleport to grow its unique logistics ecosystem alongside Delivereat, which has carefully developed an extensive and cost-competitive delivery network over the last nine years. Teleport wants to do this as quickly as possible, starting with all major cities in Malaysia and then across Asean, he said.

“We are all in when it comes to delivering everything in under 24 hours and from anywhere in our core markets, which is our bet on what the future of e-commerce logistics holds in the region – faster, hyperlocal and on-demand. That’s why we are investing to bring an ecosystem of delivery capabilities together so we can efficiently pair on-demand deliveries with same-day courier arrivals – both domestically and across borders – to support local providers, provide the best value and choice to consumers and create more jobs for our delivery partners in the process.”

Chareonwongsak said the deal with Delivereat has valued Teleport at US$300 million and he welcomed prominent investors including venture capital firm Gobi Partners on board as a long-term strategic partner.

Established in 2012, Delivereat is a homegrown startup from Penang which offers food and express delivery services on an on-demand basis from more than 4,000 merchants, comprising restaurants, wet markets, pharmacies, and groceries, carried out by its fleet of up to 4,000 registered delivery partners. – Bernama

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