Newly established entity, 4YOU Innovation announced its launch to market following the strategic acquisition of last mile delivery provider, Drive Yello and order ahead platform, Hey You. An unlisted public company, 4You Innovation brings together the two businesses with a united goal of helping retailers meet the ever-increasing consumer demand for convenience.
What do the two companies bring to portfolio?
Drive Yello’s Founding CEO, Steve Fanale and co-CEO Asheesh Chacko, will head up 4You Innovation while both companies’ respective leadership teams will remain with the group.
Established in 2015 and experiencing 150% YoY growth on average over the past two years, Drive Yello serves some of Australia’s largest retailers like Woolworths, Endeavour Drinks and Coles. Established in 2015, Hey You continues to expand its network of cafes to provide its much-loved daily order ahead purchase experience for over 100,000 cafe goers nationally.
With ambitious growth plans, 4YOU Innovation is forecast to achieve a $100 million turnover in the financial year ending 2023 with 5,000 active vendors, 5,500 active couriers, 10 million orders and 100,000 active customers. The newly established company is seeking to undergo capital raising activity to support its growth strategy and welcomes investor enquiries.
Why did Drive Yello and Hey You merge?
Peter Hammond, Chairman of Hey You said, “There are many synergies between our businesses so this merger makes sense. Bringing our teams together will enable us to develop new services to our client base and expand our total addressable market.”
Steve Fanale, Founder and CEO, 4You Innovation said, “Consumers want convenience when they shop online. Flexibility, speed & certainty at an affordable price is what Aussies expect.”
“By merging Drive Yello and Hey You into one powerhouse, we will provide a single local ecommerce enablement experience for retailers that delivers best-in-class technology, services and products. This will help retailers keep up with consumer expectations.”
Fanale concluded, “4You Innovation has a strong and sustainable business growth plan that includes continued expansion nationally and the development of new convenience products that will help us attain greater market share and a more diversified convenience offering.”