Our Read on Grab’s US$600 Million foodpanda Taiwan Acquisition

Grab has agreed to acquire Delivery Hero’s foodpanda delivery business in Taiwan for US$600 million in cash, on a cash-free and debt-free basis.

The transaction marks Grab’s first major expansion outside Southeast Asia and is expected to close in the second half of 2026, subject to regulatory approval.

foodpanda Taiwan operated across 21 cities and generated approximately US$1.8 billion in gross merchandise value in 2025. The business was also profitable on an adjusted EBITDA basis before Delivery Hero’s group-level cost allocations.

Grab expects the acquired business to contribute at least US$60 million in adjusted EBITDA by 2028. It plans to migrate foodpanda’s users, merchants, and delivery partners onto the Grab platform by early 2027.

For Delivery Hero, the sale represents an early step in its broader strategic review. The company plans to use the proceeds to repay debt and strengthen its capital structure.

This is not only a food-delivery acquisition.

It is the first meaningful test of whether Grab’s operating system can travel beyond its Southeast Asian home market.

Grab has spent years building capabilities across:

• Consumer acquisition
• Merchant onboarding
• Delivery-partner operations
• Pricing and incentive management