Aeroplan Acquisition & Valuation

Talabat Holding PLC is engaged in the on-demand online food ordering, delivery, takeaway and groceries and convenience retail marketplace in the MENA region, with operations in the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq.

Scout24 SE is a German digital company that operates a digital marketplace, ImmoScout24, for residential and business real estate. In addition, it offers software solutions for real estate valuations to banks and the real estate sector. Through ImmoScout24, the company is engaged in developing new products and building a digital ecosystem for rentals, purchases, and commercial real estate in Germany and Austria. It has different brands offering digital services in the real estate industry, such as FlowFact, Vermietet.de, Immoverkauf24, Propstack, BauFi, and others. Its operating segments are Professional, which generates maximum revenue by offering digital real estate products to its professional clients, and Private. Geographically, the group derives its key revenue from Germany.

carsales.com is the flagship Australian online vehicle marketplace within CAR Group Limited, the corporate name adopted by the listed parent in 2023. The business connects private sellers and dealers with buyers and earns revenue from vehicle listings, dealer subscriptions, advertising, data products and related digital services. CAR Group operates wholly owned marketplace businesses in Australia under carsales, South Korea through Encar, the United States through Trader Interactive and Chile through chileautos. It is also the majority shareholder of Webmotors in Brazil. The group's marketplaces cover automotive, commercial, industrial and leisure vehicles, supported by shared data and technology. CAR Group is an ASX 50 company, while the carsales consumer brand remains active in Australia despite the parent's name change. This record should therefore be read as the carsales.com business and historical investor identity within today's CAR Group, not as a separate company unrelated to the listed parent.

Zillow Group Inc is a real estate technology company offering a digital platform that connects real estate customers with sellers, agents, loan officers, and other real estate-related professionals. With its tools and resources, Zillow helps real estate professionals grow their businesses, and for renters and housing providers, it offers a marketplace along with a set of end-to-end products and services to streamline applications, leases, payments, and more. The group operates various brands such as Zillow, Zillow Home Loans, Zillow Rentals, Zillow New Construction, Trulia, StreetEasy, Out East, HotPads, Follow Up Boss, ShowingTime, dotloop, and Zillow Closing. Its ecosystem spans the entire home journey from shopping to renting, buying, selling, and financing real estate.

CTS Eventim AG & Co. KGaA is a diversified media company that focuses on ticketing and live entertainment. The business is divided into two segments: ticketing and live entertainment. The ticketing segment produces, sells, and distributes tickets for a variety of leisure-based events. The company sells tickets for concerts, sports, and theater events, and provides travel services as well. The live entertainment business segment plans and organizes tour events, largely for music-based concerts. The company generates the vast majority of its revenue in Germany.

Kanzhun's Boss Zhipin job platform connects job seekers and employers. Boss Zhipin is China’s largest online recruitment platform based on monthly active users, or MAU, and was established in 2014. Kanzhun earns revenue by providing services to enterprise customers primarily through its mobile app, which promotes engagement between recruiters and workers and operates on a recommendation basis powered by artificial intelligence. The platform specializes in transportation, logistics, construction, and service-based industries. About 85% of the companies looking to hire are small and medium-size enterprises. Its main competitors are 58.com, 51job, and Zhilian Zhaopin. Tencent has a 9.2% stake in Kanzhun.

Lyft is the second-largest ride-sharing service provider in the US and Canada, connecting riders and drivers over the Lyft app. Incorporated in 2013 and public since 2019, Lyft offers a variety of rides via private vehicles, including traditional private rides, shared rides, and luxury ones. Besides ride-share, Lyft has entered the bike- and scooter-share market to bring multimodal transportation options to users.

Ziroom is a Beijing-based residential rental company that leases apartments from individual owners, renovates them into standardised homes and rents them to tenants on long-term contracts. It began in 2011 as a business unit of the residential brokerage Lianjia and also offers cleaning, moving and home repair services, brand apartments, and second-hand home brokerage. The company says it covers more than 30 cities and has served about 5 million tenants. It raised RMB 4 billion in a January 2018 Series A led by Warburg Pincus, Sequoia Capital China and Tencent, followed by a USD 500 million Series B in June 2019 led by General Atlantic and a USD 1 billion investment from SoftBank Vision Fund in November 2019. Its acquisitions include the apartment operator Bestbond in 2020.

Etsy operates a top-10 e-commerce marketplace in the US and the UK, with sizable operations in Germany, France, Australia, and Canada. The firm dominates an interesting niche, connecting buyers and sellers through its online market to exchange vintage and craft goods. With $12.5 billion in 2024 consolidated gross merchandise volume, Etsy has cemented itself as one of the largest players in a quickly growing space, generating revenue from listing fees, commissions on sold items, advertising services, payment processing, and shipping labels. The firm connects about 95 million buyers and 8 million sellers on its marketplace properties: Etsy and Depop (clothing resale).

Snapdeal is an Indian online marketplace founded in February 2010 by Kunal Bahl and Rohit Bansal, headquartered in New Delhi and operated by Jasper Infotech. It began as a daily deals site, moved to a marketplace model in 2012 and by 2015 was among India's largest e-commerce companies, backed by SoftBank, eBay, Alibaba, Foxconn, Temasek and BlackRock. It raised close to 2 billion dollars in total, bought FreeCharge in 2015 and a series of technology start-ups, and sold FreeCharge to Axis Bank and Vulcan Express to Future Supply Chain Solutions in 2017 and 2018. After failed merger talks with Flipkart in 2017 it refocused on value-priced products for smaller towns, selling through hundreds of thousands of sellers, and cut its losses sharply. Revenue from operations was about Rs 380 crore in the year to March 2024.

The CrownX (TCX) is the Ho Chi Minh City-based consumer-retail platform of Vietnam's Masan Group, consolidating Masan Consumer Holdings and the WinCommerce grocery chain. Masan Consumer Holdings makes branded food, beverage and household products sold through general trade across Vietnam, while WinCommerce operates the WinMart supermarkets and WinMart+ minimarts, formerly branded VinMart. The platform's strategy is its 'Point of Life' mini-mall concept, which combines WinMart+ grocery with Phuc Long coffee and tea kiosks, pharmacies, Techcombank banking services and mobile services in one outlet, supported by private-label products, online grocery and a loyalty and payments programme. It earns revenue from product sales through its own stores and third-party retailers. Since its creation in 2020 The CrownX raised more than USD 1.5 billion from Alibaba, Baring Private Equity Asia, SK Group, TPG, the Abu Dhabi Investment Authority and Temasek's SeaTown, the last round in December 2021 valuing it at USD 8.2 billion. Masan owned about 85% of The CrownX after SK bought 4.9% in November 2021.

Match Group Inc is a provider of online dating products. The company's portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and more, each built to increase its user's likelihood of connecting with others. The company has four operating segments: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia. The company generates the majority of its revenue from the Tinder segment.

Back Market is a marketplace company that sells refurbished electronics, connecting consumers and businesses with professional refurbishers of smartphones, laptops, tablets and other devices. It does not refurbish devices itself and positions reconditioned products as a cheaper and lower-waste alternative to new ones. Sellers list inventory on the platform and pay a commission on sales, while buyers pay service fees and can add warranties and protection plans. The company was founded in Paris in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster and Vianney Vaute and is headquartered in Paris. It operates in France, other European countries and the United States, and has added trade-in and business-to-business offers alongside its consumer marketplace.

Autotrader Group PLC is a digital automotive marketplace based in the UK, which provides trading channels for a range of vehicles such as cars, trucks, vans, bikes, and farm machinery, as well as relevant services such as car insurance, loans, valuations, and vehicle check services. The company generates revenue from two streams; Auto Trader: includes the results of Auto Trader and AutoConvert in respect of online classified advertising of motor vehicles and other related products and services in the digital automotive marketplace including share of profit from the Dealer Auction joint venture and Autorama: the results of Autorama in respect of a marketplace for leasing new vehicles and other related products and services.

Vilnius-headquartered Vinted runs a peer-to-peer online marketplace for second-hand fashion, active in 20 countries across Europe and the United States. The platform facilitates buying, selling, and swapping clothing, accessories, and shoes for women, men, and children via mobile apps with chat and bundle discounts. Valued at over 4 billion euros, Vinted processes tens of millions of listings monthly and partners with payment providers like PayPal for secure transactions.

Rightmove PLC provides online property search platforms. The company's customers include agents, buyers, renters, and new home developers. The company provides users with tools such as the house price index, which tracks house prices and analyzes price trends in the U.K. house market, and a mortgage calculator. The company's segments include agencies, new homes, and others. The agency segments of the company provide resale and lettings property advertising services. The new homes segment provides property advertising services to new home developers. Its other segment includes overseas, commercial property, and non-property advertising services. The company generates maximum revenue from the agency segment.

Swiggy Ltd is a consumer-first technology company offering users an easy to use convenience platform, accessible through a unified app to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through on-demand delivery partner network. Its platform can be used to make restaurant reservations (Dineout) and for events bookings (SteppinOut). It has five business segments: Food Delivery, Out of home consumption, Quick commerce. Supply chain and distribution and Platform Innovations. Key revenue is generated from Food delivery business that offer on demand Food Delivery services through a network of restaurant partners and delivery partners, which is available through mobile application and or website.

Rappi is a Colombian super app that connects consumers with restaurants, supermarkets, pharmacies and specialty stores for on-demand delivery. It was founded in Bogota in 2015 by Simon Borrero, Sebastian Mejia and Felipe Villamarin and took part in Y Combinator in 2016. The company operates in Latin American countries including Colombia, Mexico, Brazil, Argentina, Chile, Peru, Uruguay, Ecuador and Costa Rica, with offices in Bogota, Sao Paulo and Mexico City. Beyond delivery it offers a Prime subscription, retail media advertising, a fast-delivery grocery format called Turbo and financial services through RappiPay. Its investors include SoftBank, Sequoia Capital, Andreessen Horowitz, DST Global, T. Rowe Price and Amazon, and it reached unicorn status in 2018. The company has been preparing for a possible public listing.