Delivery Hero Sells $150M Share in Rappi

German food delivery giant Delivery Hero has sold a $150 million share of its ownership in Latin American delivery company Rappi, representing most of the investment it had made in the company, Reuters reported Monday (Jan. 10).

Delivery Hero is retaining about 8% of Rappi, which is valued at $400 million, and will focus on other investments with the money it makes from selling its Rappi shares over time, according to the report.

Delivery Hero closed out 2021 by announcing its acquisition agreement to become the majority shareholder of Barcelona-based unicorn Glovo, which values the latter at 2.3 billion euros ($2.6 billion), with the deal expected to close in the middle of 2022. It will give Delivery Hero 83.4% ownership in Glovo, up from 44%.

Read more: European Giants Consolidate in Competitive Ultrafast Delivery Space

Glovo purchased delivery companies Lola Market in Spain and Portuguese company Mercadao in September as part of plans to expand to Poland and Italy. That followed a $530 million Series F fundraising round by Glovo, which has 15 million active users in 1,300 cities across 25 countries in southern Europe and Eastern Europe, Middle East and Africa (EEMEA).

Delivery Hero operates in 50 countries across four continents. It touts delivery of groceries and household goods to customers to under an hour, sometimes as quickly as 10 to 15 minutes. It bought 8% of Berlin-based grocery delivery platform Gorillas with a $235 million investment in September 2020.

Meanwhile, Delivery Hero’s Foodpanda unit is leaving six German cities — Cologne, Düsseldorf, Frankfurt, Hamburg, Munich and Stuttgart — and selling its Japanese Foodpanda division in the first quarter of 2022. Just Eat Takeaway.com acquired Delivery Hero’s German operations in 2018.

See more: Delivery Hero Leaves German Cities and Japan, Citing Competition, Driver Shortages

Delivery Hero returned to its home market in May and launched in Japan in September 2020. It will continue operations in central Berlin, via an innovation hub to test new features and technology.