M&A advisory for food delivery companies
Food delivery M&A has been shaped by consolidation. Uber Eats, DoorDash, Just Eat Takeaway, Delivery Hero and Deliveroo absorbed most regional and segment operators through 2020-2022, and what remains is concentrated in niche verticals, grocery and convenience, cloud kitchen platforms and restaurant tech adjacencies. Buyers underwrite hard on per-order contribution, restaurant retention and the true cost of delivery once driver pay and incentives are loaded.
The horizontal strategics are a short list - DoorDash, Uber, Just Eat Takeaway, Delivery Hero and Deliveroo - and they remain the natural acquirers for regional operators and adjacent verticals. PE platforms running restaurant and delivery technology theses include KKR, Apollo, Permira and Cinven, alongside the major restaurant and grocery groups looking at delivery as channel control. Flow has direct access to corp-dev at the major delivery platforms and to the PE platforms acquiring in restaurant tech.
Flow team has relevant sector experience and has worked with food delivery companies across restaurant marketplaces, grocery and convenience delivery, cloud and ghost kitchens, restaurant-direct ordering platforms and delivery infrastructure and logistics.
"Food delivery" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing food delivery M&A targets
Orders
GMV
Average basket size
Take rate
Restaurant retention
Delivery cost per order
Courier utilisation
Active couriers
Contribution margin / order
Order frequency
Food delivery valuations in May 2026
Public food delivery comps trade at 1.1x EV/Revenue. Median revenue multiple across food delivery M&A deals was 2.3x in the last 12 months.
1.1x
Median EV/Revenue as of May 2026 for public food delivery companies
3.0x
Uber is the highest valued public food delivery company based on EV/Revenue (excluding outliers)
2.3x
Median EV/Revenue across food delivery M&A deals in the last 12 months
5.8x
Median EV/Revenue across food delivery VC rounds in the last 12 months
Key recent food delivery M&A deals
$2.0B acquisition of Olo by Thoma Bravo was the largest food delivery M&A transaction completed in the last year.
See all food delivery M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | Olo |  | Olo is a New York City-headquartered platform powering online ordering, delivery, and payment systems for restaurant chains throughout the United States. The end-to-end solution handles guest-facing apps, kiosks, and websites while syncing orders with POS systems like Toast and NCR Aloha. Brands including Applebee's, Cheesecake Factory, Chili's, Five Guys, and Shake Shack process millions of transactions weekly through Olo's network. Listed on the NYSE since 2021, the company supports delivery partnerships with DoorDash and Uber Eats, enabling commission-free direct orders. | Thoma Bravo | $2.0B | 6.4x | |
Feb-26 | Dingdong (Cayman) |  | Dingdong (Cayman) Ltd is the fastest growing on-demand e-commerce company in China. The company directly provides users and households with fresh produce, meat and seafood, and other daily necessities through a convenient shopping experience supported by an extensive self-operated frontline fulfillment grid. It recognizes revenues from product sales of fresh groceries and other daily necessities through Dingdong Fresh APP and mini-programs and membership services. | Meituan | $717M | 0.2x | |
Mar-26 | Foodpanda Taiwan |  | Foodpanda Taiwan is an online food and grocery delivery platform operating in Taiwan. | Grab | $600M | - | |
Feb-26 | G | Getir (food delivery unit) |  | Getir's food delivery unit operates as the restaurant meal delivery arm of the Turkish ultrafast logistics company, connecting eateries to consumers via app-based rapid service. | Uber | $435M | - |
Jul-25 | Snoonu |  | Snoonu is a Doha-headquartered personal concierge and on-demand delivery service operating throughout Qatar. Established in April 2019, it began with door-to-door logistics and offline assistance before introducing its eCommerce app in October that year. Customers order groceries, pharmaceuticals, and retail items via the platform, with delivery fees starting at QR10 based on distance. Snoonu collaborates with local retailers and supermarkets, processing thousands of daily orders in Doha, Al Rayyan, and Wakrah. | Jahez International Company | $320M | 2.3x | |
Jan-26 | Jüsto |  | Jüsto is a Mexico City-headquartered dark store grocery chain delivering fresh produce, meats, beauty items, and household goods. Founded in 2020 by former Cornerstone Ventures executives, it operates 10 warehouses serving 50,000 daily orders in CDMX, Guadalajara, and Monterrey within 15 minutes. Jüsto raised $85 million in funding from SoftBank and Jaguar Ventures. | OMNiLabs | $100M | - | |
Mar-26 | Krave Mart |  | Krave Mart is a Mumbai-based quick-commerce startup delivering groceries, essentials, and pharmaceuticals within 10 minutes across urban India. Operating dark stores in Mumbai, Bangalore, and Delhi since 2023, it stocks 3,000 SKUs from brands like Nestlé, Unilever, and Patanjali, fulfilling 50,000 daily orders via a network of 200 stores and 2,000 riders. Backed by Blume Ventures, Krave Mart integrates AI route optimization for hyperlocal coverage in high-density neighborhoods. | inDrive | $45M | - | |
Jun-25 | Takeout7 | | Takeout7 is a U.S.-based restaurant technology provider offering online ordering, marketing automation, and delivery integrations for independent eateries and POS resellers. Its platform supports commission-free ordering sites branded to restaurants, connecting to DoorDash and Grubhub. Features include email campaigns and loyalty programs tracking repeat customers. Deployed nationwide since 2018, Takeout7 equips over 1,000 locations with tools boosting direct sales. | Giftify | $600K | - | |
Apr-26 | 6AM Health | | 6AM Health delivers fresh, nutritious food to office clients. | HUNGRY | - | - | |
Feb-26 | hungerhub |  | hungerhub operates a meal delivery platform for workplaces, integrating ordering technology with logistics for customized, individually packaged meals from local restaurants. | HUNGRY | - | - | |
Feb-26 | Blii Delivery App |  | Blii Delivery App is a multi-service platform delivering food, groceries, parcels, and rides. Operating in select markets, it connects users with local providers for on-demand logistics. | Camcorp | - | - | |
Dec-25 | flavrs | | Flavrs is a shoppable video platform merging premium food content with e-commerce for culinary enthusiasts. Partnering with celebrity chefs, it delivers recipe tutorials integrated with Instacart for one-click ingredient purchases. Users watch videos, shop lists, and replicate dishes at home seamlessly. San Francisco-headquartered since its 2020 founding, Flavrs targets food creators and retailers in North America with scalable commerce features enhancing content monetization. | CookUnity | - | - | |
Dec-25 | Duffl | | Duffl is a Los Angeles-headquartered grocery delivery service targeting college campuses. It provides 10-minute deliveries of snacks, essentials, and meal items to students at UCLA, USC, UCSB, and UC Berkeley. The platform stocks over 1,000 products from brands like Red Bull and Doritos, using on-campus micro-fulfillment centers for rapid fulfillment. Founded in 2019, Duffl expands to additional universities in California with a focus on late-night and event-driven orders. | REV Delivery | - | - | |
Dec-25 | La Tournée |  | La Tournée is a delivery service for food and beverages based in Tunisia. It connects customers in Tunis, Sfax, and other cities with local restaurants through a mobile app for ordering meals, drinks, and groceries. The platform supports a range of cuisines from traditional Tunisian tagines to pizzas and sushi, with emphasis on contactless delivery and real-time tracking. | Le Fourgon | - | - | |
Oct-25 | Peach | | Peach is a Seattle-headquartered corporate catering service partnering with local restaurants to deliver lunch boxes and buffets in Seattle, Boston, Phoenix, and Portland. Focused on healthy meals like salads, grain bowls, and sandwiches, it serves tech offices and enterprises with daily menus. Named to GeekWire's Top 200 Pacific Northwest Startups in 2015 after launching in 2014. | Fooda | - | - |
Most active buyers of food delivery companies
HUNGRY, CookUnity and OrderYoyo are the most active acquirers of food delivery companies in the last three years.
See all food delivery acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
HUNGRY | | - | 6AM HealthhungerhubGarten | 2 | |
CookUnity | | CookUnity is a Brooklyn-headquartered food-tech platform connecting independent chefs with subscribers for chef-crafted, ready-to-heat meals. Founded in 2015, it sources proteins from sustainable farms and seasonal vegetables for weekly deliveries of over 150 dishes like Peruvian ceviche or Korean bibimbap. Operating in 12 US cities including New York and Miami, the service employs 200 chefs and fulfills 50,000 weekly orders through ghost kitchens, emphasizing zero-waste practices and nutritionist-approved menus. | flavrsCookinFraiche | 2 | |
OrderYoyo |  | OrderYoyo is a custom online ordering platform tailored for restaurants and takeaways, featuring iPhone, Android, and web-based modules. Dublin-headquartered, it facilitates direct customer communication via offers and menu updates while integrating with portals like Just Eat to convert portal users to direct orders. The system boosts revenue by streamlining orders and enhancing customer retention for hospitality businesses across Ireland and the UK. | FoodticketApp4 DevelopmentsKingfood | 2 | |
Wonder | | Wonder is a San Francisco-headquartered gaming company building an all-in-one platform for Android devices. Launched in 2020, the platform enables cross-device game play, live streaming, and social sharing features integrated with Google Play services. It supports thousands of titles from developers worldwide, reaching millions of users in Southeast Asia and Latin America through partnerships with carriers like Verizon. | GrubhubRelay DeliveryBlue Ribbon Fried Chicken+2 | 2 | |
Giftify | | Giftify Inc through its wholly-owned subsidiary, has been in the business of connecting digital consumers, businesses and communities with dining and merchant deal options throughout the United States. The company connects digital consumers, businesses, and communities offering dining and merchant deal options nationwide restaurants, and retailers to customers. The Company buys merchant gift cards from the general public and distributors at a discount and then resells them at a markup. | Takeout7CardCashGameIQ | 1 | |
Le Fourgon | | Le Fourgon is a Paris-based beverage delivery service specializing in bulk shipments of bottled water, milk, beer, wine, fruit juices, and sodas to homes and businesses. Customers order via lefourgon.com for free daytime deliveries using electric vehicles from depots in the Paris region. The service stocks brands like Perrier, Heineken, and Orangina, with options for glass, plastic, or returnable containers to minimize packaging waste. | La TournéeRe-pot Market | 1 | |
Thoma Bravo | | Thoma Bravo is a Chicago-headquartered private equity firm focusing on software and cybersecurity investments with over $30 billion in committed capital. Founded in 1980, it has completed more than 400 transactions, pioneering buy-and-build strategies in enterprise software. The firm owns companies like Qlik, ConnectWise, and Darktrace, operating 17 offices globally including London and Sydney. | OloWWEX GroupAzul Systems+2 | 1 | |
E-Fish | | E-Fish is a direct-to-consumer seafood marketplace based in Boston, Massachusetts. The platform sources wild-caught fish like cod, salmon, and scallops from New England fishermen, packaging orders within 24 hours of harvest for overnight shipping. E-Fish connects independent wholesalers to home cooks, offering recipes and sustainability certifications from Marine Stewardship Council. | Foraged | 1 | |
Uber | | Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food couriers, and shippers with carriers. The firm's on-demand technology platform is currently utilized by traditional cars as well as autonomous vehicles, but could eventually be used for additional products and services, such as delivery via drones or electronic vehicle take-off and landing (eVTOL) technology. Uber operates in over 70 countries, with over 202 million users who order rides or food at least once a month. | Getir (food delivery unit)VoiFly Taxi+2 | 1 | |
Meituan | | Meituan is the largest food delivery platform in China, with a 60%-70% share of the market in 2024, according to Morningstar estimates. In the third quarter of 2024, the firm generated 74% of its revenue from the core local commerce segment, which includes on-demand food delivery and retail, in-store services (such as visiting beauty and entertainment stores after purchasing deals on Meituan), and hotel and travel booking. The remaining 26% of revenue came from the new initiatives segment, such as the community group purchase business Meituan Select and the overseas food delivery business. | Dingdong (Cayman)Light Years BeyondCaimomo+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across food delivery and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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