The U.S.-based owner of Pizza Hut and KFC is buying a Chinese food delivery company.
Yum China Holdings Inc, backed by Chinese private equity firm Primavera Capital Group and Alibaba-linked Ant Financial Services Group, has agreed to acquire a controlling interest in online food delivery company Daojia.com.cn to better serve its Pizza Hut and KFC customers.
China Money Network reports that no financial details were disclosed, but the deal is expected to be completed by the end of May 2017.
Founded in 2010, Daojia.com.cn is an online food delivery service provider focused on higher-end orders in major cities in China, including Beijing, Shanghai, Shenzhen and Guangzhou. It also operates food delivery service Sherpa's, and has partnered with over 6,000 brands and restaurants, providing services for over one million family customers.
Daojia.com.cn previously raised a US$2 million series A round from Morningside Venture Capital in 2010. It secured a US$7.5 million series B round from CDH Investments in 2011, and completed a US$10 million series C round led by JD.com Inc and Morningside in 2013. In 2014, the company received a US$50 million series D round led by JD.com and Macquarie Group Ltd, according to its website.