UK online takeaway delivery service Just Eat has acquired a Mexican startup for an undisclosed fee as it looks to expand into Central and South America.
SinDelantal Mexico will expand Just Eat’s business into its thirteenth country as the London-based tech firm looks to grow in the Latin American takeaway market.
“We are delighted to be entering the thriving Mexican market, which offers exciting growth opportunities and strengthens our international portfolio,” said Just Eat chief executive David Buttress.
Just Eat also announced that it has increased its stake in Brazil’s iFood from 25 percent to 30 percent.
“An increased stake... supports our commitment to building on our strategy to develop market leading positions and offer more consumers the benefits of a great online takeaway experience with Just Eat,” added Buttress.
Just Eat raised £1.47 billion last year when it went public, becoming the first company to list on the London Stock Exchange’s new High Growth Segment at the same time.
But critics, such as Richard Holway, chairman of TechMarketView, have argued that firms like Just Eat aren't tech companies in the truest sense of the word.
"Clearly Just Eat, AO.com, BooHoo.com and the rest have great business models and are highly disruptive in their respective markets. But they are just companies that use tech in their businesses rather than tech companies in any established definition," he wrote at the time of the company's IPO.
"They have little or no IPR (intellectual property rights). Their models are easy to copy – indeed as Groupon found. They may be fast growing at the moment but we know the totality of the fast food, white goods or fashion markets. We know that growth will slow as market share increases."